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

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

The Brazilian market for formic acid, its salts and esters soared to $X in 2021, growing by 59% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +62.1% against 2019 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Brazil

In 2021, overseas shipments of formic acid, its salts and esters increased by 114% to X tons, rising for the second consecutive year after two years of decline. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 240%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Overall, exports showed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina (X tons) was the main destination for exports of formic acid, its salts and esters from Brazil, with a 73% share of total exports. Moreover, exports of formic acid, its salts and esters to Argentina exceeded the volume sent to the second major destination, Paraguay (X tons), sixfold. Bolivia (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Argentina stood at +35.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (+67.0% per year) and Bolivia (+31.9% per year).

In value terms, Argentina ($X) remains the key foreign market for formic acid, its salts and esters exports from Brazil, comprising 59% of total exports. The second position in the ranking was taken by Bolivia ($X), with a 19% share of total exports. It was followed by Paraguay, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Argentina stood at +28.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (+47.6% per year) and Paraguay (+64.2% per year).

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, jumping by 32% against the previous year. Over the period under review, the export price, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 73% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Oman ($X per ton), while the average price for exports to Argentina ($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 Bolivia (+11.9%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Brazil

Imports of formic acid, its salts and esters into Brazil soared to X tons in 2021, picking up by 25% against 2020 figures. Over the period under review, total imports indicated perceptible growth from 2012 to 2021: its volume 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, imports increased by +34.2% against 2019 indices. The pace of growth was the most pronounced in 2018 when imports increased by 64% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. In general, total imports indicated a slight expansion 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. Imports peaked at $X in 2018; afterwards, it flattened through to 2021.

Imports by Country

In 2021, China (X tons) constituted the largest formic acid, its salts and esters supplier to Brazil, accounting for a 51% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Spain (X tons), with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+32.4% per year) and Spain (+6.6% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Brazil, comprising 51% of total imports. The second position in the ranking was held by the United States ($X), with a 20% share of total imports. It was followed by Sweden, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+26.4% per year) and Sweden (-1.7% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, rising by 46% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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