formic acid Pricing Assessment

Markets Covered:

China

Germany

Turkey

India

Japan

Saudi Arabia

Vietnam

Korea

Netherlands

Formic Acid Price Trend, Analysis and Forecast

As of July 2024, Formic Acid prices in China fluctuated around USD 330 per metric ton, reflecting a slight decrease of 6.52% from USD 353 in June. In Q1 2024, prices averaged USD 396 per metric ton, marking an increase of 2.27% to USD 387 in Q2. This rise was driven by recovering demand from key sectors such as agriculture and preservation. Throughout Q1 and Q2, global Formic Acid supply faced challenges due to maintenance shutdowns at crucial production facilities, leading to output reductions.

Geopolitical tensions in Europe further disrupted the availability of essential feedstocks for Formic Acid production, tightening the market and contributing to upward price pressure. In Q3 2024, the Formic Acid market was expected to continue experiencing price pressure due to strong demand from various applications, particularly in agriculture and chemical manufacturing. As economies recovered, the need for Formic Acid was projected to rise, especially for feed preservation and as an eco-friendly disinfectant.

Additionally, supply chain constraints and rising feedstock costs may limit availability. Regulatory trends favouring environmentally friendly preservatives are expected to enhance Formic Acid’s market position, ensuring sustained demand. Seasonal spikes in agricultural activity are likely to reinforce these trends, further supporting price momentum.

Looking ahead to Q4 2024 and beyond, anticipated expansions in production capacity in North America may help stabilize prices. However, the market is projected to remain volatile through 2030, influenced by geopolitical developments, supply chain adjustments, and evolving demand dynamics. Stakeholders will need to navigate these complexities to effectively manage pricing strategies and investments.

Why ?

is your trusted resource for tracking global benzene price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the benzene market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, keeps you fully informed of market dynamics.

In addition, provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With , you gain a competitive edge in understanding all the elements that influence benzene prices worldwide. Stay ahead of the curve with ’s reliable, accurate, and timely Lactic Acid market data.

Track ‘s benzene price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

is your trusted resource for tracking global formic acid price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the formic acid market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, keeps you fully informed of market dynamics.

In addition, provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With , you gain a competitive edge in understanding all the elements that influence formic acid prices worldwide. Stay ahead of the curve with ’s reliable, accurate, and timely formic acid market data.

Track 's formic acid price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Historically, several events have caused significant fluctuations in formic acid prices

Israel-Hamas Conflict (2023-Present): The ongoing conflict has disrupted trade routes and supply chains in the Middle East, affecting the availability and costs of raw materials critical for Formic Acid production, impacting markets globally, including South Africa and South Korea.

Russia-Ukraine Conflict (2022-Present): This war has severely disrupted production and supply chains across Europe, particularly impacting Belgium, and the Netherlands. These disruptions have led to increased costs and heightened global price volatility for Formic Acid, affecting importing markets like India and China.

COVID-19 Pandemic (2020-Present): The pandemic caused initial disruptions in production and a sharp decline in demand across several sectors. As economies recovered, demand surged in markets such as India and China, significantly impacting Formic Acid prices.

Geopolitical Tensions and Trade Wars (2018-Present): Ongoing trade tensions, particularly between the U.S. and China, have created uncertainties in global supply chains. This has affected import/export dynamics for Formic Acid, especially in South Africa, South Korea, and key importing markets like Belgium and Singapore.

Environmental Regulations and Protests (2019-Present): Stricter environmental regulations in South Korea and India, along with protests against industrial pollution, have led to increased production costs and compliance challenges, contributing to price increases in the Formic Acid market.

These events underscore the Formic Acid market’s vulnerability to global disruptions and highlight the importance of continuous monitoring of supply-demand dynamics.

Methodology and Specifications

formic acid Pricing Assessment Research Methodology

Data Collection and Sources

Real-Time Market Data: aggregates real-time pricing data from various sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures our assessments reflect the most current market conditions for Formic Acid.

On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users across major Formic Acid production hubs. This ground-level intelligence is crucial for understanding localized market dynamics.

Supply Chain Monitoring: We track the entire Formic Acid supply chain, from raw material availability to production and distribution channels, including monitoring feedstock prices, production capacities, and transportation logistics.

Event Tracking and Impact Analysis

Geopolitical Tensions: continuously monitors global geopolitical developments, such as conflicts or trade disputes, that can significantly impact Formic Acid prices. Our analysis considers potential disruptions to supply chains and their immediate and long-term effects on pricing.

Natural Disasters and Climate Events: We assess the impact of natural disasters on Formic Acid production facilities, particularly in vulnerable regions. These events are factored into our price forecasts and supply outlooks.

Economic Shifts: evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand, to predict shifts in Formic Acid demand and corresponding price movements.

Production Capacity and Supply Analysis

Current Production Monitoring: We maintain a comprehensive database of global Formic Acid production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to accurately assess current supply availability.

Future Capacity Projections: Our research includes detailed forecasts of upcoming Formic Acid production capacities, factoring in new plant constructions, expansions, and technological advancements.

Demand Forecasting

Sectoral Demand Analysis: provides in-depth analysis of demand trends across key sectors. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments.

Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global Formic Acid pricing, including shifts in manufacturing bases and trade policies.

Pricing Model Development

Dynamic Pricing Models: utilizes advanced econometric models to forecast Formic Acid prices, incorporating real-time data, historical trends, and projected market conditions.

Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions, helping our clients prepare for a range of market outcomes.

Reporting and Client Support

Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers.

Ongoing Support: offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions.

This research methodology ensures that delivers the most accurate, timely, and actionable Formic Acid pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.

Specifications

Molecular Weight[g/mol]

46.03

CAS No

64-18-6

HS Code

29151100

Molecular Formula

HCOOH

formic acid

Formic Acid is a colourless, pungent liquid widely used in industrial and agricultural applications. As a versatile chemical, it serves as a preservative in animal feed, a key component in leather production, and a powerful cleaning agent. Formic Acid is also used in the production of formate salts, which have applications in textiles, rubber, and pharmaceuticals. Known for its strong acidity and reducing properties, it is effective in various chemical reactions, making it essential in industries such as agriculture, food processing, and manufacturing.

Packaging Type

Iso tanks, Drums (India)

Grades Covered

Industrial Grade (85%, 99%)

Incoterms Used

FOB China, FOB Germany, CIF Mersin (China, Germany), CIF Nhava Sheva (China), CIF Busan (China), CIF Tokyo (China), CIF Jeddah (China), CIF Haiphong (China), FD Rotterdam (Germany)

Synonym

Methanoic acid, Formylic acid

Quotation Terms:

25-28 MT, 10-15 MT (India)

Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.

Property	Value	Units
Appearance	Colourless to transparent liquid
Formic Acid	85 min, 99 min	%
Chloride	0.006	%
Sulphate	0.001	%
Iron	0.0001	%
Evaporation Residue	0.060	%

Applications

Formic Acid is a highly versatile compound with numerous industrial applications that span various sectors. One of its primary uses is in the production of superabsorbent polymers, which are essential for manufacturing disposable diapers and feminine hygiene products. The unique ability of Formic Acid to absorb significant amounts of liquid makes it invaluable in personal care applications. Additionally, its properties allow it to act as a pH regulator and preservative, enhancing the overall performance of these products. In the construction industry, Formic Acid is utilized in paints, coatings, and emulsions. It improves flexibility, adhesion, and weather resistance, making coatings more durable and extending their lifespan. Formic Acid also plays a critical role in the formulation of adhesives and sealants, where its excellent bonding characteristics ensure strong and lasting applications. This is particularly important in both residential and commercial construction, where long-lasting performance is crucial. The automotive sector is another significant consumer of Formic Acid, using it in the production of lightweight composite materials. These materials contribute to improved fuel efficiency and reduced emissions, aligning with the industry’s sustainability goals. The use of Formic Acid in automotive applications highlights its importance in promoting more eco-friendly manufacturing processes. With the growing emphasis on sustainability, bio-based or green Formic Acid has emerged as an eco-friendly alternative. Derived from renewable resources such as biomass, bio-Formic Acid not only reduces reliance on fossil fuels but also minimizes the carbon footprint of industrial processes. Its integration into various applications further underscores the commitment to sustainable practices across multiple sectors, including textiles and agriculture, where it enhances product performance while being environmentally friendly.

Disclaimer

Formic Acid price provided by is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for formic acid. disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

Request a Price Watch Demo

Frequently asked questions

What factors influence the pricing of formic acid in the global market? +

The pricing of formic acid is influenced by several factors, including the cost of raw materials such as methanol and carbon monoxide, production capacities, and transportation expenses. Additionally, fluctuations in demand from key industries like agriculture, textiles, and pharmaceuticals, along with geopolitical events and environmental regulations, can significantly impact pricing. Procurement heads should monitor these factors to make informed purchasing decisions.

How do regional price variations for formic acid affect procurement strategies? +

Regional price variations for formic acid can arise from differences in raw material availability, production capabilities, and local demand. For example, regions with abundant feedstock resources may offer lower prices compared to areas with limited access. Understanding these regional differences allows procurement heads to optimize sourcing strategies, potentially reducing costs by exploring opportunities in cost-competitive markets and adjusting supply chains accordingly.

What is the price outlook for formic acid, and how should procurement heads plan for future costs? +

The price outlook for formic acid is shaped by trends in raw material costs, supply-demand dynamics, and global economic conditions. In the near term, procurement heads should expect potential price volatility due to fluctuations in feedstock prices and changes in regulatory policies. To plan effectively, they should monitor market reports, consider long-term contracts with suppliers, and explore alternative sourcing options to hedge against price increases and ensure cost stability.