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

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

In 2021, after three years of decline, there was growth in the Central Asian market for formic acid, its salts and esters, when its value increased by 1.6% to $X. The total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -27.1% against 2017 indices. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Central Asia

In value terms, production of formic acid, its salts and esters contracted to $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.1% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 36% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production of growth remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Central Asia

In 2021, overseas shipments of formic acid, its salts and esters increased by 58% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, continue to indicate a dramatic descent. The growth pace was the most rapid in 2017 when exports increased by 271%. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Over the period under review, exports, however, faced a precipitous contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 156%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Kazakhstan was the main exporting country with an export of about X tons, which finished at 71% of total exports. It was distantly followed by Uzbekistan (X tons), comprising a 29% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to formic acid, its salts and esters exports from Kazakhstan stood at -32.7%. Uzbekistan experienced a relatively flat trend pattern. Uzbekistan (+29 p.p.) significantly strengthened its position in terms of the total exports, while Kazakhstan saw its share reduced by -29.4% from 2012 to 2021, respectively.

In value terms, the largest formic acid, its salts and esters supplying countries in Central Asia were Kazakhstan ($X) and Uzbekistan ($X).

Uzbekistan, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2021, rising by 19% against the previous year. Overall, the export price continues to indicate a pronounced increase. The pace of growth appeared the most rapid in 2015 an increase of 141%. Over the period under review, the export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Uzbekistan ($X per ton), while Kazakhstan stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+0.1%).

Imports of Formic Acid, Its Salts And Esters

Imports in Central Asia

In 2021, approx. X tons of formic acid, its salts and esters were imported in Central Asia; picking up by 48% compared with 2020 figures. In general, imports saw a strong expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 241% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2017 with an increase of 446%. Over the period under review, imports of hit record highs in 2021 and are likely to continue growth in the near future.

Imports by Country

Kazakhstan represented the largest importing country with an import of about X tons, which reached 57% of total imports. Uzbekistan (X tons) took the second position in the ranking, distantly followed by Kyrgyzstan (X tons). All these countries together held near 38% share of total imports. Mongolia (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +15.1%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Kazakhstan ($X) constitutes the largest market for imported formic acid, its salts and esters in Central Asia, comprising 76% of total imports. The second position in the ranking was taken by Uzbekistan ($X), with a 17% share of total imports. It was followed by Kyrgyzstan, with a 2.8% share.

In Kazakhstan, imports of formic acid, its salts and esters increased at an average annual rate of +15.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Uzbekistan (-19.9% per year) and Kyrgyzstan (+13.7% per year).

Import Prices by Country

In 2021, the import price in Central Asia amounted to $X per ton, jumping by 65% against the previous year. Overall, the import price saw a modest increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Kazakhstan ($X per ton), while Kyrgyzstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mongolia (+11.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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