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Formic Acid price index

This post is a summary of the Formic acid price developments. The price developments of Formic acid are expressed in US$ prices converted FX rates applicable at the time when the price was valid. Formic acid price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.

The outlook for Formic acid prices, on the second tab, is generated from different inputs including:

  • Very recent price developments of immediate cost drivers of Formic acid prices
  • Recent price developments of underlying feedstocks which drive the price of Formic acid
  • Market futures for both cost drives and feedstocks of Formic acid prices
  • Adjustment of current supply/demand imbalances in the Formic acid market
  • Longer term trends in likely demand conditions

Further information on the Formic Acid price index

 

What is Formic acid

Formic acid, also known as methanoic acid, is a colorless, corrosive liquid that is widely used in a variety of industrial and chemical applications. It is the simplest carboxylic acid, with the chemical formula HCOOH. Formic acid has a pungent, sharp odor and is highly reactive, making it a strong acid. It is soluble in water and many organic solvents, and it has a melting point of 8.4 degrees Celsius and a boiling point of 100.8 degrees Celsius.

Formic acid is produced through the fermentation of sugars or the chemical synthesis of methanol and carbon monoxide. It is used in a variety of applications, including the production of pesticides, preservatives, and dyes, as well as in the leather tanning and rubber industries. It is also used as a pH adjustment agent in the production of textiles, paper, and other products, and as a food preservative in some countries. Formic acid is classified as a hazardous chemical and should be handled with caution to avoid skin and eye irritation and other adverse health effects.

 

How is Formic acid produced

Formic acid is produced through the fermentation of sugars or the chemical synthesis of methanol and carbon monoxide.

Fermentation is a biological process that converts sugars into formic acid and other products through the action of microorganisms. This process is typically carried out in large fermenters, where the microorganisms are supplied with a suitable substrate (such as glucose or molasses) and the necessary nutrients and conditions for growth. The formic acid is then separated and purified through a series of distillation and crystallization steps.

Chemical synthesis is another method of producing formic acid, which involves the reaction of methanol and carbon monoxide in the presence of a catalyst, such as copper or silver. This process is typically carried out in a reactor at high temperatures and pressures, and the formic acid is then purified and recovered through a series of distillation and crystallization steps.

Both of these methods of producing formic acid have their own advantages and disadvantages, and the choice of method depends on the availability of raw materials and the desired scale of production. Formic acid is classified as a hazardous chemical and should be handled with caution to avoid skin and eye irritation and other adverse health effects.

 

What is Formic acid used for

Formic acid is used in a variety of industrial and chemical applications. Some common uses of formic acid include:

Production of pesticides

Formic acid is used as an active ingredient in some pesticides, including ant and insect baits, as it is toxic to a variety of pests.

Leather tanning

Formic acid is used in the leather tanning industry as a tanning agent and pH adjuster. It helps to soften the leather and improve its strength and durability.

Rubber industry

Formic acid is used in the rubber industry as a vulcanizing agent, which helps to improve the strength and elasticity of rubber products.

Production of preservatives

Formic acid is used as a preservative in some food products, including silage and animal feed, as it helps to inhibit the growth of bacteria and other microorganisms.

Production of dyes

Formic acid is used as a starting material in the production of some dyes and pigments.

pH adjustment

Formic acid is used as a pH adjustment agent in the production of textiles, paper, and other products. It is also used in the treatment of drinking water and wastewater to adjust the pH and remove impurities.

Formic acid is classified as a hazardous chemical and should be handled with caution to avoid skin and eye irritation and other adverse health effects.

 

Further reading

 

Formic acid market size information

The global market for formic acid is large and growing, driven by increasing demand for formic acid-based products in a variety of industries, including agriculture, leather tanning, and rubber production. According to data from industry research firm MarketsandMarkets, the global formic acid market was valued at around $1.5 billion in 2020 and is expected to reach a value of $2.1 billion by 2025, at a compound annual growth rate of 6.6% over the forecast period.

The Asia Pacific region is the largest market for formic acid, accounting for more than half of global demand. China is the largest market in the region and is also the world’s largest producer of formic acid. Other major markets for formic acid include Europe, North America, and the Middle East and Africa.

According to https://oec.world/ :

Formic acid are the world’s 3435th most traded product.

In 2020, the top exporters of Formic acid were China ($72.1M), Germany ($55.7M), Finland ($31M), Netherlands ($22.5M), and United States ($11.9M).

In 2020, the top importers of Formic acid were Netherlands ($27.5M), Germany ($17.1M), Belgium ($13.1M), Italy ($12.9M), and Spain ($11.8M).

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Notes on the price-data

  • We are continually improving our data collection and processing methods and data will be updated from time to time as we improve the accuracy
  • We are working hard to upgrade the algorithm before April 1, 2023 and a further fine-tune by July 1, 2023
  • This the index trend of the price of the product group in general and not a single specification in particular
  • The data is presented in US$
  • The chart shows the price trend,  nearly always taken from many statistically-correlated sources