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

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

In 2021, the Asia-Pacific market for formic acid, its salts and esters was finally on the rise to reach $X after two years of decline. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 reached the peak level at $X in 2018; afterwards, it flattened through to 2021.

Production of Formic Acid, Its Salts And Esters in Asia-Pacific

In value terms, production of formic acid, its salts and esters stood at $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. The level of production peaked 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 Asia-Pacific

In 2021, approx. X tons of formic acid, its salts and esters were exported in Asia-Pacific; increasing by 20% against 2020. Total exports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 43%. The volume of export peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Total exports indicated a perceptible increase 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. Based on 2021 figures, exports decreased by -20.1% against 2018 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 88% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China prevails in esters structure, resulting at X tons, which was approx. 93% of total exports in 2021. Taiwan (Chinese) (X tons) held a minor share of total exports.

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. From 2012 to 2021, the share of China increased by +5.3 percentage points.

In value terms, China ($X) remains the largest formic acid, its salts and esters supplier in Asia-Pacific, comprising 86% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 2% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China amounted to +2.7%.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, jumping by 38% against the previous year. Overall, the export price, however, continues to indicate a pronounced descent. The growth pace was the most rapid in 2016 an increase of 139% 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 remained at a lower figure.

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-Pacific

Imports of formic acid, its salts and esters skyrocketed to X tons in 2021, with an increase of 30% against 2020 figures. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.2% 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. Total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -33.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 60% against the previous year. 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) was the key importer of formic acid, its salts and esters, mixing up 34% of total imports. It was distantly followed by South Korea (X tons), Pakistan (X tons), Thailand (X tons), Vietnam (X tons), Bangladesh (X tons) and Japan (X tons), together constituting a 48% share 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%), 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-Pacific, with a CAGR of +15.4% from 2012-2021. While the share of India (+9.5 p.p.), Bangladesh (+3.6 p.p.) and Vietnam (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Pakistan (-1.8 p.p.) and Thailand (-1.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported formic acid, its salts and esters in Asia-Pacific, comprising 38% of total imports. The second position in the ranking was held by Thailand ($X), with a 9.4% share of total imports. It was followed by South Korea, with an 8.3% share.

In India, imports of formic acid, its salts and esters increased at an average annual rate of +4.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+2.2% per year) and South Korea (+1.7% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, approximately reflecting the previous year. In general, the import price continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2016 when the import price increased by 69%. As a result, import price reached 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 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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