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

Formic acid, valued at $216.86 million in 2022 and projected to grow at a CAGR of 4.2% over the forecast period, serves as a crucial component in both the textile and leather industries. Its versatility finds extensive application in textile manufacturing, particularly in dyeing and finishing processes, buoyed by the burgeoning global demand for apparel and fabrics. Moreover, it plays a vital role in leather processing, contributing significantly to tanning and dyeing procedures. With the rising demand for leather products, particularly in fashion and automotive sectors, the need for formic acid in leather processing is expected to escalate in tandem with market growth.