The Global Methanoic Acid Market was valued at USD 251.1 Million in 2022 and is projected to reach USD 318.2 Million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period (2023–2030). This steady growth is primarily driven by its extensive use in animal feed preservation, the leather tanning industry, and its role as a key intermediate in chemical synthesis. As industries worldwide pivot towards eco-friendly and efficient processes, the demand for this versatile organic acid is set to expand significantly.

Methanoic acid, also known as formic acid, is a fundamental chemical building block with applications spanning agriculture, textiles, and pharmaceuticals. In this blog, we profile the Top 10 Companies in the Methanoic Acid Industry—a group of chemical giants and specialized producers that are driving innovation, ensuring supply chain stability, and developing sustainable production methods to meet global demand.

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: High-purity Formic Acid (85%, 94%, 99%)

BASF is the undisputed global leader in the methanoic acid market, operating one of the world’s largest and most advanced production facilities. The company’s global footprint and integrated production processes allow it to serve a diverse customer base across all key application segments, from silage preservation to rubber coagulation.

Market Initiatives & Strengths:

• Global production capacity exceeding 200,000 tons per annum
• Strong R&D focus on sustainable production technologies
• Integrated value chain from basic chemicals to downstream specialties

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9️⃣ 2. Luxi Chemical Group Co., Ltd.

Headquarters: Liaocheng, Shandong, China
Key Offering: Formic Acid (85%, 90%), Derivatives

As one of China’s leading chemical enterprises, Luxi Chemical Group has a significant presence in the methanoic acid market. Leveraging its strong domestic position and competitive production costs, the company is a key supplier both within Asia and for international markets, particularly serving the growing demands of the agriculture and pharmaceutical sectors.

Market Initiatives & Strengths:

• Major producer in the world’s largest consuming region
• Competitive pricing and large-scale production capabilities
• Expanding export footprint across Southeast Asia and Europe

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8️⃣ 3. Eastman Chemical Company

Headquarters: Kingsport, Tennessee, USA
Key Offering: High-Purity Formic Acid, Specialty Formates

Eastman is a prominent global specialty materials company that produces high-purity methanoic acid for demanding applications. The company’s focus on quality and innovation makes it a preferred supplier for the pharmaceutical and fine chemical industries, where stringent specifications are required.

Market Initiatives & Strengths:

• Strong focus on high-value, specialty applications
• Robust R&D capabilities for developing new derivatives
• Established distribution network across the Americas and Europe

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7️⃣ 4. Rashtriya Chemicals and Fertilizers Ltd. (RCF)

Headquarters: Mumbai, Maharashtra, India
Key Offering: Technical and Agricultural Grade Formic Acid

RCF is a leading Indian public sector enterprise with a significant stake in the methanoic acid market. The company leverages its expertise in fertilizer production to serve the agricultural sector, where formic acid is increasingly used as a preservative and antibacterial agent in animal feed.

Market Initiatives & Strengths:

• Strategic focus on serving the agricultural sector
• Strong distribution network throughout India
• Government-backed initiatives supporting agricultural productivity

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Methanoic Acid Market – View in Detailed Research Report

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6️⃣ 5. Tianyuan Group Co., Ltd.

Headquarters: Zibo, Shandong, China
Key Offering: Formic Acid (85%, 94%), Sodium Formate

Tianyuan Group is a major Chinese chemical manufacturer with substantial production capacity for methanoic acid and its key derivatives. The company has established itself as a reliable exporter, capitalizing on the cost advantages of China’s integrated chemical industry to compete effectively in the global market.

Market Initiatives & Strengths:

• Large-scale, cost-competitive production facilities
• Strong presence in the Asian market
• Vertical integration with upstream methanol production

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5️⃣ 6. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)

Headquarters: Bharuch, Gujarat, India
Key Offering: Technical and Pharma Grade Formic Acid

GNFC is a leading Indian fertilizer and chemical company that has diversified into methanoic acid production. The company benefits from its established position in the chemical industry and its ability to serve both domestic and international markets with a focus on quality and consistency.

Market Initiatives & Strengths:

• Diversified chemical portfolio providing operational synergies
• Strong foothold in the rapidly growing Indian market
• Investment in environmentally friendly production processes

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4️⃣ 7. Feicheng Acid Chemicals Co., Ltd.

Headquarters: Feicheng, Shandong, China
Key Offering: Various Grades of Formic Acid, Formate Salts

Specializing in organic acids, Feicheng Acid Chemicals is a significant player in the global methanoic acid landscape. The company’s dedicated focus on acid production has enabled it to achieve technical expertise and economies of scale, making it a key supplier, especially in the leather tanning and textile industries.

Market Initiatives & Strengths:

• Specialization in a broad range of organic acids
• Competitive production costs and efficient logistics
• Established relationships with downstream industries

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3️⃣ 8. Perstorp Holding AB

Headquarters: Malmö, Sweden
Key Offering: High-Purity Formic Acid, Sustainable Solutions

Perstorp is a global specialty chemicals leader with a strong focus on sustainability. The company produces high-quality methanoic acid and is actively involved in developing greener chemical solutions, including bio-based and circular economy approaches for its product portfolio.

Market Initiatives & Strengths:

• Strong emphasis on sustainability and eco-friendly products
• Leading position in the European specialty chemicals market
• Innovation-driven approach with patented technologies

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2️⃣ 9. Chongqing Chuandong Chemical (Group) Co., Ltd.

Headquarters: Chongqing, China
Key Offering: Formic Acid, Acetic Acid, and other chemicals

As a major chemical producer in Southwest China, Chongqing Chuandong Chemical holds a significant share of the domestic methanoic acid market. The company’s strategic location and integrated production facilities allow it to efficiently serve customers in various industrial sectors.

Market Initiatives & Strengths:

• Strategic location serving central and western China markets
• Integrated production of multiple basic chemicals
• Strong regional distribution network

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1️⃣ 10. Shandong Baoyuan Chemical Co., Ltd.

Headquarters: Zibo, Shandong, China
Key Offering: Formic Acid, Oxalic Acid, Sodium Formate

Shandong Baoyuan Chemical rounds out the top ten with its dedicated production of methanoic acid and related chemicals. The company competes effectively by focusing on operational efficiency and serving specific application segments, particularly in the rubber and chemical processing industries.

Market Initiatives & Strengths:

• Focus on cost-effective production for bulk applications
• Strong presence in the Chinese domestic market
• Diversified product portfolio mitigating market risks

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Methanoic Acid Market – View in Detailed Research Report

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🌍 Outlook: The Trajectory of the Methanoic Acid Market is Shaped by Sustainability and Diversification

The methanoic acid market is experiencing a steady transformation. While traditional applications in animal feed and leather processing continue to dominate consumption, the industry is witnessing increased innovation in production technologies and the exploration of new, high-value applications.

📈 Key Trends Shaping the Market:

• Growing demand for antibiotic-free animal feed additives, boosting formic acid use as a natural preservative.
• Shifts in the leather industry towards more efficient and environmentally benign tanning processes.
• Increasing research into formic acid as a potential hydrogen carrier for energy storage solutions.
• Geographic expansion of production capacities, particularly in Asia-Pacific, to meet regional demand.

Read Full Report:
Methanoic Acid Market – View in Detailed Research Report

The companies profiled above are not only supplying a critical industrial chemical—they are actively shaping a more efficient and sustainable future for multiple global industries.