Australia and Oceania: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Australia and Oceania

The market for formic acid, its salts and esters in Australia and Oceania contracted notably to $X in 2021, declining by -36.3% against the previous year. In general, consumption, however, posted a remarkable increase. As a result, consumption reached the peak level of $X, and then fell dramatically in the following year.

Production of Formic Acid, Its Salts And Esters in Australia and Oceania

In value terms, production of formic acid, its salts and esters fell modestly to $X in 2021 estimated in export price. Overall, production posted a prominent expansion. The growth pace was the most rapid in 2013 when the production volume increased by 70% against the previous year. The level of production peaked at $X in 2020, and then shrank modestly in the following year.

Exports of Formic Acid, Its Salts And Esters

Exports in Australia and Oceania

In 2021, overseas shipments of formic acid, its salts and esters increased by 30% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports, however, showed a abrupt downturn. The growth pace was the most rapid in 2015 with an increase of 125% against the previous year. Over the period under review, the exports of reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Overall, exports, however, saw a abrupt setback. The growth pace was the most rapid in 2019 with an increase of 66%. Over the period under review, the exports of reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, New Zealand (X tons) represented the largest exporter of formic acid, its salts and esters in Australia and Oceania, generating 100% of total export.

New Zealand was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of -17.1% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X) also remains the largest formic acid, its salts and esters supplier in Australia and Oceania.

From 2012 to 2021, the average annual growth rate of value in New Zealand stood at -4.6%.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2021, increasing by 12% against the previous year. In general, the export price saw buoyant growth. The pace of growth appeared the most rapid in 2014 when the export price increased by 891%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for New Zealand.

From 2012 to 2021, the rate of growth in terms of prices for New Zealand amounted to +15.2% per year.

Imports of Formic Acid, Its Salts And Esters

Imports in Australia and Oceania

Imports of formic acid, its salts and esters shrank markedly to X tons in 2021, which is down by -49.4% on the previous year's figure. In general, imports, however, saw measured growth. The pace of growth appeared the most rapid in 2020 with an increase of 193% against the previous year. As a result, imports attained the peak of X tons, and then contracted significantly in the following year.

In value terms, imports of formic acid, its salts and esters dropped rapidly to $X in 2021. Overall, imports, however, showed a tangible increase. The most prominent rate of growth was recorded in 2020 with an increase of 256% against the previous year. As a result, imports reached the peak of $X, and then shrank remarkably in the following year.

Imports by Country

In 2021, Australia (X tons) was the largest importer of formic acid, its salts and esters, creating 78% of total imports. It was distantly followed by New Zealand (X tons), achieving an 18% share of total imports. Papua New Guinea (X tons) took a little share of total imports.

Australia was also the fastest-growing in terms of the formic acid, its salts and esters imports, with a CAGR of +6.3% from 2012 to 2021. Papua New Guinea experienced a relatively flat trend pattern. New Zealand (-1.6%) illustrated a downward trend over the same period. While the share of Australia (+14 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Papua New Guinea (-2.1 p.p.) and New Zealand (-11.7 p.p.) displayed negative dynamics.

In value terms, Australia ($X) constitutes the largest market for imported formic acid, its salts and esters in Australia and Oceania, comprising 77% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia totaled +5.7%. In the other countries, the average annual rates were as follows: New Zealand (-1.1% per year) and Papua New Guinea (-4.0% per year).

Import Prices by Country

In 2021, the import price in Australia and Oceania amounted to $X per ton, waning by -11% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 44%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Papua New Guinea ($X per ton), while New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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