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

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

In 2021, the Croatian market for formic acid, its salts and esters decreased by -28.7% to $X, falling for the second consecutive year after four years of growth. In general, consumption, however, continues to indicate a relatively flat trend pattern. Consumption of peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Croatia

In value terms, production of formic acid, its salts and esters rose markedly to $X in 2021 estimated in export price. In general, production saw a abrupt slump. Production of peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from Croatia

In 2021, the amount of formic acid, its salts and esters exported from Croatia skyrocketed to X tons, rising by 304% against the previous year. Overall, exports recorded significant growth. The growth pace was the most rapid in 2017 when exports increased by 1,573% against the previous year. Over the period under review, the exports of hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. In general, exports showed significant growth. The pace of growth was the most pronounced in 2017 with an increase of 1,821% against the previous year. Over the period under review, the exports of hit record highs in 2021 and are likely to see steady growth in years to come.

Exports by Country

Ukraine (X tons), Serbia (X tons) and Poland (X tons) were the main destinations of exports of formic acid, its salts and esters from Croatia, with a combined 79% share 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 Serbia (with a CAGR of +58.9%), while the other leaders experienced more modest paces of growth.

In value terms, Serbia ($X), Ukraine ($X) and Poland ($X) appeared to be the largest markets for formic acid, its salts and esters exported from Croatia worldwide, together comprising 86% of total exports.

Among the main countries of destination, Serbia, with a CAGR of +59.8%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, approximately reflecting the previous year. In general, the export price, however, recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2017 when the average export price increased by 15% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Serbia ($X per ton), while the average price for exports to Austria ($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 Serbia (+0.6%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Croatia

In 2021, imports of formic acid, its salts and esters into Croatia soared to X tons, rising by 45% on 2020. Overall, imports recorded a prominent increase. Over the period under review, imports of attained the maximum at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, imports recorded prominent growth. The pace of growth appeared the most rapid in 2017 when imports increased by 47%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Sweden (X tons), Italy (X tons) and Lithuania (X tons) were the main suppliers of imports of formic acid, its salts and esters to Croatia, together accounting for 69% of total imports. These countries were followed by Austria, Slovenia, Belgium, Poland and Germany, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +99.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Italy ($X) and Lithuania ($X) appeared to be the largest formic acid, its salts and esters suppliers to Croatia, together comprising 68% of total imports. Slovenia, Austria, Germany, Belgium and Poland lagged somewhat behind, together accounting for a further 28%.

Among the main suppliers, Belgium, with a CAGR of +92.8%, recorded the highest rates of growth with regard to 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

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, approximately equating the previous year. Overall, the import price recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 8.3% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Belgium ($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 (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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