South Korea Formic Acid Market Size, Share, and COVID-19 Impact Analysis, By Production Method (Oxalic Acid and Carbonylation of Methanol) and By Application (Rubber, Leather Production, Cleaning Agent, Finishing Textile, Reservations, Dyeing, Animal Feed, and Others), and South Korea Formic Acid Market Insights, Industry Trend, Forecasts to 2035

South Korea Formic Acid Market Insights Forecasts to 2035

• The South Korea Formic Acid Market Size Was Estimated at USD 85.31 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 14.24% from 2025 to 2035
• The South Korea Formic Acid Market Size is Expected to Reach USD 368.93 Million by 2035

According to a research report published by Spherical Insights and Consulting, The South Korea Formic Acid Market Size is anticipated to reach USD 368.93 Million by 2035, growing at a CAGR of 14.24% from 2025 to 2035. The molecular formula HCOOH, formic acid is an organic acid that is colorless, strong, and extremely caustic. It is referred to as methanoic acid, it is the most basic carboxylic acid. Since some ants' venom naturally contains formic acid, the word "formic" is derived from the Latin word for ant, "Formica." Numerous industries, including agriculture, textiles, leather, and rubber production, frequently employ it.

Market Overview

The term "formic acid market" describes the worldwide market for simple carboxylic acid (HCOOH) formic acid. It includes formic acid production, distribution, and consumption across a range of sectors and uses. Its many applications, such as in textile dyeing, leather tanning, animal feed, and as a chemical intermediary, are what propel the market. To produce high-quality leather goods that satisfy international standards, formic acid is essential to the tanning and coloring processes. For this, India, a significant exporter of leather, uses formic acid. In the textile industry, formic acid is utilized in dye fixing and fabric treatment procedures to guarantee fabric strength and color endurance. Animal feed is enhanced in quality and shelf life by the use of formic acid as a preservative and antibacterial agent. A crucial component of silage that improves its nutritional content and preservation is formic acid. Formic acid production using biomass-derived feedstock is being researched and developed, which will help decarbonize a number of sectors. Favorable conditions for market expansion are being created by governments supporting industrial development, particularly investments in manufacturing capacities. To maintain market competitiveness, governments support technology developments and strategic alliances.

Report Coverage

This research report categorizes the market for South Korea formic acid market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea formic acid market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each South Korea formic acid market sub-segment.

Driving Factors

The antimicrobial qualities, formic acid is an essential preservative for animal feed, especially in the dairy sector, helping to preserve nutritional content and prolong shelf life. Formic acid improves fabric quality, durability, and color retention by acting as a dye-fixing agent in textiles and as a tanning agent in the leather industry. Formic acid is used in many different industries, such as fuel cell technology, rubber manufacturing, and pH regulation. The market is expanding as a result of rising environmental consciousness and the use of eco-friendly chemicals, of which formic acid can be a biodegradable substitute.

Restraining Factors

High-purity formic acid must be purified by a rigorous distillation and filtering process that is expensive and energy-intensive. In many applications, high-purity formic acid is less cost-competitive than conventional grades, which restricts its widespread use. The capacity of smaller producers to generate high-purity grades may be further hampered by their lack of funding for specialized production infrastructure and regulatory compliance. When exposure to high-grade formic acid surpasses safe limits, it can cause irritation, dyspnea, nausea, and vomiting, among other health problems.

Market Segmentation

The South Korea Formic Acid Market share is classified into production method and application.

• The oxalic acid segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea formic acid market is segmented by production method into oxalic acid and carbonylation of methanol. Among these, the oxalic acid segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The formulation made from oxalic acid is noteworthy for its function as a precursor, and its significance is further enhanced by recent advancements in green chemistry, which reflect a global movement in chemical manufacture toward sustainable processes. The effectiveness and comparatively minimal environmental impact, oxalic acid-based methods continue to be widely used, supporting South Korea's efforts to be more environmentally friendly.

• The rubber segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea formic acid market is segmented by application into rubber, leather production, cleaning agent, finishing textile, reservations, dyeing, animal feed, and others. Among these, the rubber segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. In the manufacturing of rubber, formic acid is widely used to improve the flexibility and durability of rubber products, which are essential to the nation's auto sector.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea formic acid market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• LG Chem
• Lotte Chemical
• Hyosung Chemical
• Kumho Petrochemical
• KCC Corporation
• Korea Research Institute of Chemical Technology (KRICT)
• SK Innovation
• Hanwha Solutions
• Samsung Fine Chemicals
• OCI Company Ltd.
• Daelim Industrial
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea formic acid market based on the below-mentioned segments:

South Korea Formic Acid Market, By Production Method

• Oxalic Acid
• Carbonylation Of Methanol

South Korea Formic Acid Market, By Application

• Rubber
• Leather Production
• Cleaning Agent
• Finishing Textile
• Reservations
• Dyeing
• Animal Feed
• Others