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

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

After two years of decline, the Asian market for formic acid, its salts and esters increased by 3.3% to $X in 2021. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in Asia

In value terms, production of formic acid, its salts and esters amounted to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.3% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 27% against the previous year. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports in Asia

Exports of formic acid, its salts and esters surged to X tons in 2021, growing by 20% against the previous year. Total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 43%. The volume of export peaked in 2021 and is likely to continue growth in the near future.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Total exports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.0% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 80% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China prevails in esters structure, finishing at X tons, which was near 92% of total exports in 2021. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +5.5% from 2012 to 2021. Taiwan (Chinese) experienced a relatively flat trend pattern. While the share of China (+7.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-1.5 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest formic acid, its salts and esters supplier in Asia, comprising 84% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 2% share of total exports.

In China, exports of formic acid, its salts and esters increased at an average annual rate of +2.7% over the period from 2012-2021.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, increasing by 39% against the previous year. In general, the export price, however, saw a pronounced decline. The growth pace was the most rapid in 2016 an increase of 134% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was China ($X per ton), while Taiwan (Chinese) totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.6%).

Imports of Formic Acid, Its Salts And Esters

Imports in Asia

In 2021, the amount of formic acid, its salts and esters imported in Asia skyrocketed to X tons, increasing by 34% against the previous year's figure. Total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, 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 skyrocketed to $X in 2021. Total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -30.7% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 52%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, India (X tons), distantly followed by Turkey (X tons), South Korea (X tons), Pakistan (X tons), Thailand (X tons), Vietnam (X tons), Bangladesh (X tons) and Japan (X tons) were the key importers of formic acid, its salts and esters, together achieving 81% of total imports.

Imports into India increased at an average annual rate of +9.0% from 2012 to 2021. At the same time, Bangladesh (+15.4%), Vietnam (+8.7%), Turkey (+8.1%), Japan (+5.8%), South Korea (+3.7%), Pakistan (+3.2%) and Thailand (+2.8%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Asia, with a CAGR of +15.4% from 2012-2021. From 2012 to 2021, the share of India, Turkey, Bangladesh and Vietnam increased by +8.5, +3.3, +3 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported formic acid, its salts and esters in Asia, comprising 31% of total imports. The second position in the ranking was taken by Turkey ($X), with a 13% share of total imports. It was followed by Thailand, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to +4.6%. In the other countries, the average annual rates were as follows: Turkey (+5.5% per year) and Thailand (+2.2% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, rising by 6.1% against the previous year. Over the period under review, the import price, however, recorded a noticeable reduction. The pace of growth appeared the most rapid in 2016 an increase of 57% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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