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 driven primarily by its extensive use in the textile and leather industries. Renowned for its versatile properties, formic acid plays a pivotal role in textile manufacturing, particularly in dyeing and finishing processes, benefiting from the burgeoning global demand for apparel and fabrics. Additionally, its significance in leather processing, utilized in tanning and dyeing procedures, aligns with the escalating demand for leather products, notably in fashion and automotive sectors, amplifying the need for formic acid in this realm.