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

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

The Bulgarian market for formic acid, its salts and esters soared to $X in 2021, rising by 33% 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). In general, consumption continues to indicate a remarkable increase. 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 Bulgaria

In 2021, approx. X tons of formic acid, its salts and esters were exported from Bulgaria; rising by 1,531% on the year before. Over the period under review, exports continue to indicate a mild increase. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Overall, exports continue to indicate a perceptible increase. Over the period under review, the exports of hit record highs at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Hungary (X tons) was the main destination for exports of formic acid, its salts and esters from Bulgaria, with a 75% share of total exports. Moreover, exports of formic acid, its salts and esters to Hungary exceeded the volume sent to the second major destination, Belgium (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Hungary was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and Greece (-6.9% per year).

In value terms, Belgium ($X), Hungary ($X) and Greece ($X) were the largest markets for formic acid, its salts and esters exported from Bulgaria worldwide, together accounting for 98% of total exports.

In terms of the main countries of destination, Belgium, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, rising by 30% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +2.2% 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 average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Belgium ($X per ton), while the average price for exports to Hungary ($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 Greece (+4.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Formic Acid, Its Salts And Esters

Imports into Bulgaria

In 2021, imports of formic acid, its salts and esters into Bulgaria rose notably to X tons, picking up by 14% on 2020 figures. Overall, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +9.5% 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 increased by +13.0% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 47%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, imports recorded a buoyant expansion. The pace of growth was the most pronounced in 2018 when imports increased by 62% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

Germany (X tons), China (X tons) and Poland (X tons) were the main suppliers of imports of formic acid, its salts and esters to Bulgaria, together comprising 91% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +22.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters suppliers to Bulgaria were Germany ($X), China ($X) and Poland ($X), with a combined 89% share of total imports.

In terms of the main suppliers, China, with a CAGR of +21.1%, recorded the highest growth rate of 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

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, rising by 38% against the previous year. Overall, the import price, however, showed a mild setback. The most prominent rate of growth was recorded in 2017 an increase of 47% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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