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

The formic acid market, valued at 216.86 million in 2022 and anticipated to grow at a CAGR of 4.2% over the forecast period, finds extensive application in the textile and leather industries. Renowned for its versatility, formic acid plays a pivotal role in textile manufacturing, aiding in dyeing and finishing processes. With the textile sector witnessing a surge in demand globally, driven by the growing appetite for apparel and fabrics, the demand for formic acid is poised for steady growth. Moreover, formic acid serves as a crucial ingredient in leather processing, facilitating tanning and dyeing procedures. As the demand for leather products escalates, particularly in the fashion and automotive sectors, the need for formic acid in leather processing is expected to parallelly increase.