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

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

The Canadian market for formic acid, its salts and esters fell to $X in 2021, reducing by -12.1% against the previous year. In general, consumption showed a perceptible curtailment. Consumption of peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Canada

In value terms, production of formic acid, its salts and esters reduced to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a mild decline. The pace of growth was the most pronounced in 2013 when the production volume increased by 31% against the previous year. Production of peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Canada

In 2021, the amount of formic acid, its salts and esters exported from Canada skyrocketed to X tons, increasing by 44% against 2020 figures. Over the period under review, exports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2020 when exports increased by 182% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Overall, exports recorded a modest expansion. The pace of growth was the most pronounced in 2020 with an increase of 636%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons), Norway (X tons) and the United States (X tons) were the main destinations of exports of formic acid, its salts and esters from Canada, together comprising 92% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +3.3%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) emerged as the key foreign market for formic acid, its salts and esters exports from Canada, comprising 56% of total exports. The second position in the ranking was taken by Norway ($X), with a 27% share of total exports. It was followed by the United States, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK totaled +13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (-4.1% per year) and the United States (+15.9% per year).

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, growing by 19% against the previous year. Overall, the export price continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 an increase of 161% against the previous year. The export price peaked in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Singapore ($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 the United States (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Canada

In 2021, overseas purchases of formic acid, its salts and esters decreased by -37.2% to X tons, falling for the third year in a row after three years of growth. In general, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 114%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of formic acid, its salts and esters declined to $X in 2021. Overall, imports continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2014 when imports increased by 120%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

China (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of imports of formic acid, its salts and esters to Canada, with a combined 88% share of total imports. These countries were followed by Spain, Sweden, Turkey and Germany, which together accounted for a further 9.1%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +44.7%), 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 Canada were China ($X), the United States ($X) and Germany ($X), together comprising 88% of total imports. These countries were followed by the Netherlands, Sweden, Turkey and Spain, which together accounted for a further 8.4%.

Turkey, with a CAGR of +38.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, with an increase of 44% against the previous year. Over the last nine years, it increased at an average annual rate of +4.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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