Formic Acid: A Market Analysis of Price Trends, Supply, and Demand

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Formic Acid (HCOOH) is a chemical compound comprising a carboxylic acid group attached to its base atom. It is also known as methanoic acid, which is the simplest acid that occurs naturally and is commonly found in ant stings or the venom of bees.

The boiling and melting point of methanoic acid measures around 100.8° C and 8.6° C, respectively. It is a fluid with a pungent odor and is soluble in water, ethyl alcohol, and benzene. It is also slightly corrosive in nature and is an organic synthetic reagent that is efficiently used as an intermediate in several chemical synthesis processes.

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The key importing countries that import Formic Acid are India, the Netherlands, and Brazil. On the other hand, the key exporting countries for the same are Germany, Belgium, and China.

Key Details About the Formic Acid Price Trend:

Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Formic Acid price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.

Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.

The formic acid price chart, including India Formic Acid price, USA Formic Acid price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.

Industrial Uses Impacting Formic Acid Price Trend:

Formic Acid, which is also known as methanoic acid, acts as a crucial intermediate in several chemical synthesis processes. It is primarily used as an antibacterial and preservative agent for producing livestock feeds. Due to its antibacterial properties, it is sprayed over fresh hays or silage, which helps the feed retain its nutritional values for longer.

Moreover, the pharmaceutical industry uses Formic Acid as foaming paste, local stimulation drugs, and astringent. It is also used as a raw material in manufacturing chemicals like camphor, caffeine, analgin, aminophylline, toluene imidazole drugs, vitamin B1, carbamazepine, and aminopyrin drugs. In the leather industry, Formic Acid is used as a leather depilation, ash removal, and soft and expansion agent, which is used in disinfection and dyeing.

Formic Acid is used in various applications, where it is used as a raw material in textile, chemical, pharmaceutical, medical, agricultural, electroplating, and leather industries.

Key Players:

  • BASF SE
  • Feicheng Acid Chemicals Co. Ltd
  • Taminco Corporation
  • Perstorp AB

News & Recent Development

  • Date: May 12, 2023- A study conducted by Tobias Erb, resulted in the development of an artificial metabolic pathway to produce formaldehyde, which is an intermediary product for artificial photosynthesis, using Formic Acid.

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