Recently, the formic acid field has made new progress in market performance and technological breakthroughs. At the market level, according to the commodity market analysis system of Sino-Trade, as of July 14, the domestic 85% industrial-grade formic acid benchmark price was 2,400 yuan/ton, the same as at the beginning of the month, and at a low level this year. In the upstream, the price of caustic soda can still show a strong operation due to demand, which supports the price of caustic soda; while the demand for liquid ammonia market is relatively light, mainly agricultural and industrial rigid demand, and the overall supply will show a slow increase trend in the future. In the downstream field, the demand for formic acid in the leather and pesticide industries is relatively stable, but the overall sales are general. Since there are no obvious positive signals in both upstream and downstream, it is expected that the formic acid market will maintain a weak operation trend.

In the field of technological innovation, a series of breakthroughs have been made in formic acid-related technologies. The Chemistry Department of Xi'an Thermal Engineering Institute focused on the problem of efficient conversion of carbon dioxide, and successfully built the country's first carbon dioxide electro-reduction amplification test platform with an annual output of tons of formic acid through electrocatalytic reduction technology. The platform integrates three key technologies: highly selective catalysts, highly active electrolytes, and high-power electrolyzers. Based on the traditional three-chamber double-membrane electrolyzer, it innovatively develops a single-membrane electrode electrolyzer, which reduces the overall resistance of the electrolyzer by more than 40%, significantly improves the current conduction efficiency, and greatly reduces energy loss. After studying the electrode structure, flow field design, and material adaptability, a single-stack 500cm² electrolyzer was successfully developed, and 10 stacks were systematically connected in parallel to form a large-scale production unit with a total area of more than 0.5m². The formic acid output reaches 5t/year, and the single-pass utilization rate of carbon dioxide is as high as 58.9%.

In addition, the proton exchange membrane carbon dioxide electrolysis system created by Professor Xia Baoyu's team at Huazhong University of Science and Technology can use waste lead-acid batteries to efficiently convert carbon dioxide into formic acid, with a generation rate of more than 93%. The technology uses acidic electrolytes to improve conversion efficiency, and uses waste lead-acid batteries to produce acid-resistant lead-based electrocatalysts, solving the problem of catalysts not being resistant to acid corrosion. At the same time, the team replaced water with hydrogen to participate in the oxidation reaction, avoiding the corrosion of the proton exchange membrane, improving the stability and life of the electrolysis system, and is expected to achieve industrial application.

The research team of Xiong Yujie and Liu Dong from the University of Science and Technology of China designed a tungsten trioxide-based photocatalyst modified with platinum active sites, which promoted oxygen activation through the proton-coupled electron transfer process, and achieved efficient light-driven methane to formic acid conversion. The formic acid yield reached 17.7 mmol per gram and the selectivity was 84%, providing a new idea for methane conversion.

As an important organic chemical raw material, formic acid is widely used in many fields. In the field of animal nutrition, formic acid can be used to preserve animal feed; in latex extraction, it can achieve efficient coagulation; potassium formate, as a salt of formic acid, is an efficient deicing agent and is often used in roads, commercial buildings and airport runways. In addition, formic acid and potassium formate are also used in the oil field industry and shale gas exploration. At the same time, formic acid is also an efficient decalcifying agent and disinfectant in leather processing.

With the continuous breakthrough of technology, formic acid has shown great potential in carbon dioxide resource utilization and methane conversion, and is expected to promote the green and sustainable development of related industries. As for the market, although it is currently in a weak position, with the expansion of applications brought by new technologies, it may usher in new development opportunities in the future, which deserves continued attention.