Formic Acid Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Formic Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Formic Acid Price Trend for the Q1 of 2024


In China, the domestic industrial-grade formic acid market experienced a period of stability with minor declines during the first quarter of 2024. Upstream methanol prices showed a general increase before the holiday season set in, while sulfuric acid prices remained steady, providing only minimal cost support to the formic acid price trend. The downstream demand was managed through orderly stocking based on demand, with a focus on market stabilization. Some companies offered discounts to stimulate purchasing, maintaining market stability despite weak conditions.

Formic Acid Price Chart

Formic Acid Price Trends and Forecast

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Post-holiday, upstream sulfuric acid prices initially rose before stabilizing, while methanol prices narrowed down, resulting in the oscillations of overall production costs of formic acid. With the gradual recovery in downstream demand, inquiries and purchases picked up, leading to a sustainable incline in the pricing trajectory of formic acid as the quarter progressed. The export profit margins of formic acid also improved in the latter half of the quarter with the rising interest of overseas players and increasing trading challenges.


In European countries, formic acid prices have witnessed an uneven trajectory throughout the first quarter of 2024, attributed to ample product stocks and decreasing natural gas prices. Initially, the market incurred the challenges of sluggish demand from downstream ventures and decreasing trading volumes due to disruption of the trading routes.

The low purchasing activities and limited engagement from downstream ventures also contributed to a drop in formic acid prices. The cost of feedstock methanol also plummeted in the region during Q1 of 2024, extending only limited support to the formic acid price trend. The production rates remained steady amidst weak spot purchasing, leading to an oversupplied market and raising the concerns of the trading community. Suppliers thus started to prioritize destocking activities over their own profit margins, further dampening trading activity and fueling uncertainty among participants.

North America

In the USA, formic acid prices dipped primarily due to ample supply, prompting producers to lower their offers to protect margins. To clear existing stocks, premium offers of formic acid cargoes were negotiated with South Korean and other Asian buyers. The weak demand also constrained the capacity to import the product from overseas suppliers, with downstream markets like MTBE also exhibiting weakness and reduced spot trading.

Amid these ripples of the market, freight costs from the USA to South Korea surged by a significant margin in March compared to February 2023. The market players also seemed to be under the stress of the rising number of stockpiles at the ports and congestion there due to a reduction in the trading capacity of the Panama Canal and the ongoing rerouting of the Red Sea trade route.

Analyst Insight

According to Procurement Resource, the price trend of Formic Acid is expected to trail the pathway paved by its feedstock methanol as the current market trend offers only a little hope to the traders and manufacturers of formic acid.

Formic Acid Price Trend for the October - December of 2023


In the final quarter of 2023, the Asian formic acid market exhibited a fluctuating trend as the dynamics were influenced by the oscillating costs of its feedstock methanol. The Asian countries adopted norms to reduce their carbon footprints and thus boosted methanol blending capacities with fuels.

Based on these consistent improvements in the industrial sector, the traders and manufacturers expected a smooth growth in formic acid prices. However, contrary to their belief, the formic acid prices, after some stagnancy in the initial phase, steeply moved southwards. The most striking causes that the traders could point out were slow offtakes from the downstream industries and the pessimistic approach of direct consumers.


As compared to the other two regions, the formic acid price trend had a better run in the European countries. However, relative to the third quarter’s bullish trend, the formic acid prices in the fourth quarter moved with caution. The support for the product came from its feedstock methanol as it raised the cost of production and, in turn, the formic acid price graph. The end-user industries also presented appreciable demand for formic acid, and amid financial struggles, the trading sector performed well throughout the quarter, keeping the formic acid price graph above the red zone.

North America

In the US, the formic acid prices took a downturn as the rate of procurement from the downstream industries headed southwards in the fourth quarter of 2023. The feedstock costs acquired a significant appreciation, but the other market determinants stumbled. Additionally, there was an added pressure of export delays as drought-like conditions in the Panama Canal and excessive downfall in the crude oil prices called for a substantial reduction in formic acid prices, particularly in the middle of the said quarter.

Analyst Insight

According to Procurement Resource, the price trend of Formic Acid are estimated to obtain some stagnancy given that the fumbling demand from the downstream industries is to be balanced by the rising cost of production.

Formic Acid Price Trend for the July-September of 2023


After a consistent inclination in the formic acid prices in the last two quarters, the trend bore a bearish trajectory in the third quarter of 2023. The most significant cause of this downward trend in formic acid prices was the poor demand from the end-user industries and the fall in the number of offtakes from overseas industries. In addition to this, the depreciating cost of raw materials also posed a hurdle for the traders, and due to this, they had to reduce their profit margins, hurting the overall dynamics of the formic acid market.


The northward trajectory of the formic acid price graph was influenced by the rise in demand, strong appetite, and increased purchasing potential of the consumers. In addition to this, due to limited manufacturing activities and high export rates, the depleting level of inventories also forced the prices of formic acid to move in a positive direction. However, as the quarter approached the end phase, the demand for formic acid declined consistently, increasing the stockpiles of inventories and leading to a fall in the prices of formic acid.

North America

Similar to the observations in the Asia-Pacific region, the prices of formic acid in North America also faced a consistent decline. The southwards movement of the formic acid price trend was the direct consequence of weak demand and feeble economic growth of the region. Additionally, the added competition caused by the influx of products from the European region and increased pressure of limited trading activities led to the bearish movement of the formic acid price trend.

Analyst Insight

According to Procurement Resource, the price trend of Formic acid are estimated to follow a declining trajectory in the upcoming months as the market dynamics are negatively affected by the decline in demand from the end-user industries.

Formic Acid Price Trend for the First Half of 2023


In the first quarter, the prices of formic acid fell gradually due to weak trading activities and low support from the downstream industries. Not only in the first quarter but in the second quarter also, the performance of the end-user industries was feeble. Along with the poor procurement rates in the domestic sector, the extent of exports also declined, indicating the dull sentiments of the international sector, too. In addition to this, the feedstock market also failed to provide any support to the market sentiments of formic acid, causing its price trend to face southwards.


The high level of inventories posed a challenge to the growth of the prices of formic acid during the initial phase of the first quarter, but soon, with the rise in demand and rates of exports, the trend set on its positive journey. This momentum of prices was also maintained in the second quarter too, as despite the weak feedstock costs, the prices of formic acid surged. This was supported by the consistent rise in demand, high production, and overall rise in the market activities of the downstream industries.

North America

The upscale in the price trend of formic acid was the direct result of efficient trading and a rise in the purchasing potential of buyers in North America in the first quarter of 2023. The trend, however, lost track in the second quarter, where the incline in the number of inventories and poor condition of the US economy caused by the failure of two major banks challenged the growth of formic acid prices. In addition to this, the cost of methanol, which acts as a feedstock in the production of formic acid, also declined consistently, leading to the negative movement of formic acid prices.

Analyst Insight

According to Procurement Resource, the price trend of Formic Acid is expected to oscillate as the global formic acid market will be dictated by the uncertain demand and support from the downstream industries.

Procurement Resource provides latest prices of Formic Acid. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

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Formic acid is a colourless liquid with a pungent odour. It is corrosive in nature and miscible in water. It has its application in the dyeing and tanning industries and is also used as a reducing agent.

Product Details

Report Features Details
Product Name Formic Acid
Industrial Uses Pharmaceuticals, food additives, pesticides, textile industry, tanning, leather industry
Chemical Formula CH2O2
HS Number 29151100
CAS Number 64-18-6
Synonyms Methanoic acid
Molecular Weight 46.03 g/mol
Supplier Database BASF SE, Feicheng Acid Chemicals Co. Ltd, Taminco Corporation, Perstorp AB
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Production Processes

Formic acid is produced by the direct hydrolyzation of carbon monoxide or reacting with alcohol. The obtained formic acid then goes through distillation to give crude formic acid.


The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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