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

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

In 2021, the ASEAN market for formic acid, its salts and esters increased by 14% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in ASEAN

In value terms, production of formic acid, its salts and esters amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 31%. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in ASEAN

In 2021, the amount of formic acid, its salts and esters exported in ASEAN soared to X tons, with an increase of 217% on the previous year's figure. Over the period under review, exports continue to indicate a tangible expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2016 when exports increased by 4,953% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Thailand was the main exporter of formic acid, its salts and esters in ASEAN, with the volume of exports resulting at X tons, which was near 45% of total exports in 2021. Vietnam (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (18%), Singapore (11%) and Malaysia (8.4%).

Thailand was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +36.2% from 2012 to 2021. At the same time, Vietnam (+19.2%) displayed positive paces of growth. By contrast, Malaysia (-3.2%), Indonesia (-7.7%) and Singapore (-9.0%) illustrated a downward trend over the same period. Thailand (+42 p.p.) and Vietnam (+13 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia, Singapore and Indonesia saw its share reduced by -5.5%, -21.7% and -27.1% from 2012 to 2021, respectively.

In value terms, Vietnam ($X), Singapore ($X) and Indonesia ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 70% share of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +42.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, shrinking by -5.9% against the previous year. Over the period under review, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2016 an increase of 2,860%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+19.3%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in ASEAN

In 2021, supplies from abroad of formic acid, its salts and esters increased by 41% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Over the period under review, imports, however, saw a noticeable reduction. The pace of growth was the most pronounced in 2016 with an increase of 163% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) and Vietnam (X tons) represented the largest importers of formic acid, its salts and esters in ASEAN, together resulting at approx. 62% of total imports. Malaysia (X tons) took the next position in the ranking, distantly followed by Indonesia (X tons) and Singapore (X tons). All these countries together held near 31% share of total imports. The following importers - the Philippines (X tons) and Lao People's Democratic Republic (X tons) - together made up 4.6% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +78.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters importing markets in ASEAN were Thailand ($X), Vietnam ($X) and Singapore ($X), with a combined 71% share of total imports. These countries were followed by Malaysia, Indonesia, the Philippines and Lao People's Democratic Republic, which together accounted for a further 27%.

Among the main importing countries, Lao People's Democratic Republic, with a CAGR of +57.9%, saw the highest rates of growth with regard to 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

The import price in ASEAN stood at $X per ton in 2021, increasing by 21% against the previous year. In general, the import price, however, continues to indicate a pronounced contraction. The growth pace was the most rapid in 2016 when the import price increased by 192% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the Philippines ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform