Formic Acid quotes lower in Mumbai market (Business Opportunities - Advertising Service)
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Formic Acid quotes lower in Mumbai market | |
The Mumbai market has witnessed a downturn in formic acid prices today, marking a notable shift in pricing trends. This decrease comes despite a combination of steady supply conditions and increasing demand from downstream industries, particularly in the production of chemicals. As of October 10, 2025, prices in the Mumbai market dropped to Rs.63/kg, reflecting a Rs.1.5/kg decline from the previous rate of Rs.64/kg. Formic acid, a versatile organic acid, is widely produced and utilized across the globe. In India, key players such as Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC) and Tata Chemicals dominate the market, producing formic acid for applications in textiles, leather, and agriculture. BASF India and Perstorp Chemicals also contribute significantly by catering to niche demands and distributing imported formic acid. Globally, BASF SE, headquartered in Germany, leads the production of formic acid with its extensive manufacturing capabilities and diverse application portfolio. Chinese manufacturers, including Luxi Chemical Group and Feicheng Acid Chemicals, play a pivotal role in meeting the increasing demand, particularly in the Asia-Pacific region. Regionally, Asia-Pacific dominates the market, with China and India contributing significantly due to their expanding agricultural and textile sectors. The global market for formic acid is experiencing robust growth. Currently valued at approximately $1.9 billion in 2024, it is projected to reach $2.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.5%. This growth is driven by increasing demand for eco-friendly chemicals, particularly in agriculture and textiles, and the rising adoption of formic acid in animal feed and leather industries. #FormicAcidPricesinIndia #IndianFormicAcidPrices #IndianPricesFormicAcid #IndianPetrochem | |
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| Target State: All States Target City : Delhi Last Update : Oct 10, 2025 7:21 AM Number of Views: 26 | Item Owner : Indianpetrochem Contact Email: Contact Phone: (None) |
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2025-10-13 (0.649 sec)