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

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

The Chilean market for formic acid, its salts and esters skyrocketed to $X in 2021, picking up by 53% 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). Over the period under review, consumption, however, recorded a slight contraction. Consumption of peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Chile

In 2021, shipments abroad of formic acid, its salts and esters increased by 232% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 994% against the previous year. Over the period under review, the exports of hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. In general, exports recorded a pronounced expansion. The pace of growth was the most pronounced in 2017 with an increase of 1,212% against the previous year. Over the period under review, the exports of reached the maximum in 2021 and are likely to see steady growth in years to come.

Exports by Country

Bolivia (X tons), Peru (X tons) and Colombia (X tons) were the main destinations of exports of formic acid, its salts and esters from Chile, with a combined 88% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Peru (with a CAGR of +37.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X) emerged as the key foreign market for formic acid, its salts and esters exports from Chile, comprising 72% of total exports. The second position in the ranking was taken by Argentina ($X), with a 22% share of total exports. It was followed by Bolivia, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value to Peru amounted to +49.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (-1.8% per year) and Bolivia (-17.7% per year).

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, surging by 12% against the previous year. In general, the export price posted noticeable growth. The most prominent rate of growth was recorded in 2018 an increase of 73%. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was Peru ($X per ton), while the average price for exports to Colombia ($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 Peru (+9.1%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Chile

In 2021, purchases abroad of formic acid, its salts and esters increased by 23% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 34%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Overall, imports, however, showed a noticeable decline. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest formic acid, its salts and esters supplier to Chile, with a 68% 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), fivefold. The third position in this ranking was held by Germany (X tons), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.7% per year) and Germany (-14.3% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Chile, comprising 54% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by Germany, with a 3.2% share.

From 2012 to 2021, the average annual growth rate of value from China totaled -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.8% per year) and Germany (-21.7% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, picking up by 71% against the previous year. Overall, the import price, however, saw a noticeable shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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