Argentina: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Argentina

In 2021, the Argentinian market for formic acid, its salts and esters increased by 105% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Argentina

Exports of formic acid, its salts and esters from Argentina skyrocketed to X tons in 2021, increasing by 197% compared with 2020 figures. Overall, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 242% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Over the period under review, exports recorded a remarkable increase. Over the period under review, the exports of attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Bolivia (X tons) and Uruguay (X tons) were the main destinations of exports of formic acid, its salts and esters from Argentina, with a combined 95% share of total exports. These countries were followed by Chile and Switzerland, which together accounted for a further 5%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +47.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for formic acid, its salts and esters exports from Argentina, comprising 65% of total exports. The second position in the ranking was taken by Bolivia ($X), with a 28% share of total exports. It was followed by Uruguay, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (+17.1% per year) and Uruguay (+23.1% per year).

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, rising by 59% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Uruguay (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Argentina

In 2021, supplies from abroad of formic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), the United States (X tons) and Sweden (X tons) were the main suppliers of imports of formic acid, its salts and esters to Argentina, together accounting for 84% of total imports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +24.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Sweden ($X) constituted the largest formic acid, its salts and esters suppliers to Argentina, with a combined 76% share of total imports.

Among the main suppliers, the United States, with a CAGR of +20.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, rising by 14% against the previous year. Overall, the import price, however, showed a pronounced slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 81%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Finland ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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