Formic Acid Market: Size, Share, And Analysis Projections For 2023-2030

The formic acid market, valued at $216.86 million in 2022 and projected to grow at a CAGR of 4.2% over the forecast period, is heavily influenced by its extensive utilization in the textile and leather industries. With its versatile properties, formic acid plays a pivotal role in textile manufacturing, being integral to dyeing and finishing processes. The burgeoning growth of the textile sector, propelled by escalating global demand for apparel and fabrics, serves as a significant catalyst for formic acid demand. Moreover, in the leather industry, formic acid is indispensable for tanning and dyeing procedures, aligning with the rising global appetite for leather products, particularly in fashion and automotive sectors, thereby further augmenting the demand for formic acid in leather processing.