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

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

In 2021, after three years of decline, there was significant growth in the CIS market for formic acid, its salts and esters, when its value increased by 6.6% to $X. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in CIS

In value terms, production of formic acid, its salts and esters rose modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 28% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports in CIS

In 2021, approx. X tons of formic acid, its salts and esters were exported in the CIS; picking up by 107% against the previous year's figure. Overall, exports posted a remarkable increase. The volume of export peaked at X tons in 2013; afterwards, it flattened through to 2021.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, exports posted a modest increase. Over the period under review, the exports of hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Russia prevails in esters structure, recording X tons, which was near 94% of total exports in 2021. Belarus (X tons) took a little share of total exports.

Russia was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +23.5% from 2012 to 2021. At the same time, Belarus (+2.3%) displayed positive paces of growth. From 2012 to 2021, the share of Russia increased by +69 percentage points.

In value terms, Russia ($X) remains the largest formic acid, its salts and esters supplier in the CIS, comprising 91% of total exports. The second position in the ranking was taken by Belarus ($X), with a 5.7% share of total exports.

In Russia, exports of formic acid, its salts and esters increased at an average annual rate of +19.4% over the period from 2012-2021.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2021, surging by 16% against the previous year. Over the period under review, the export price, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2015 an increase of 50%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Belarus ($X per ton), while Russia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (+4.2%).

Imports of Formic Acid, Its Salts And Esters

Imports in CIS

In 2021, the amount of formic acid, its salts and esters imported in the CIS surged to X tons, jumping by 31% on the previous year. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.3% 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 decreased by -20.5% against 2017 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 46%. Over the period under review, imports of attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Overall, imports posted a measured increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia dominates esters structure, amounting to X tons, which was approx. 90% of total imports in 2021. Kazakhstan (X tons), Belarus (X tons) and Uzbekistan (X tons) followed a long way behind the leaders.

Russia experienced a relatively flat trend pattern with regard to volume of imports of formic acid, its salts and esters. At the same time, Kazakhstan (+11.7%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +11.7% from 2012-2021. By contrast, Belarus (-2.8%) and Uzbekistan (-11.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kazakhstan and Uzbekistan increased by +2.2 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported formic acid, its salts and esters in the CIS, comprising 83% of total imports. The second position in the ranking was held by Kazakhstan ($X), with an 8.8% share of total imports. It was followed by Belarus, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value in Russia amounted to +4.4%. The remaining importing countries recorded the following average annual rates of imports growth: Kazakhstan (+15.0% per year) and Belarus (-2.1% per year).

Import Prices by Country

The import price in the CIS stood at $X per ton in 2021, growing by 54% against the previous year. Import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 importing countries. In 2021, the country with the highest price was Kazakhstan ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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