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

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

In 2021, the Danish market for formic acid, its salts and esters increased by 42% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in Denmark

In value terms, production of formic acid, its salts and esters rose sharply to $X in 2021 estimated in export price. In general, production, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 61% against the previous year. Over the period under review, production of hit record highs in 2021 and is likely to continue growth in the near future.

Exports of Formic Acid, Its Salts And Esters

Exports from Denmark

In 2021, overseas shipments of formic acid, its salts and esters increased by 47% to X tons, rising for the second consecutive year after two years of decline. In general, exports recorded a relatively flat trend pattern. Over the period under review, the exports of attained the maximum 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 skyrocketed to $X in 2021. Over the period under review, exports, however, saw a slight shrinkage. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons), Faroe Islands (X tons) and Norway (X tons) were the main destinations of exports of formic acid, its salts and esters from Denmark, together comprising 80% of total exports. Sweden, Poland, the Czech Republic, Iceland and Finland lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +78.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Faroe Islands ($X) and Norway ($X) constituted the largest markets for formic acid, its salts and esters exported from Denmark worldwide, together accounting for 81% of total exports. These countries were followed by Sweden, Iceland, Poland, the Czech Republic and Finland, which together accounted for a further 15%.

Among the main countries of destination, the Czech Republic, with a CAGR of +71.5%, 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, with an increase of 11% against the previous year. Over the period under review, the export price, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 21% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Finland ($X per ton), while the average price for exports to the Czech Republic ($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 Finland (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Denmark

In 2021, supplies from abroad of formic acid, its salts and esters was finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 with an increase of 34%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Overall, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), China (X tons) and Norway (X tons) were the main suppliers of imports of formic acid, its salts and esters to Denmark, with a combined 67% share of total imports. Sweden, Hong Kong SAR, Turkey, Finland and Spain lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +178.5%), 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 Denmark were Germany ($X), Norway ($X) and China ($X), with a combined 62% share of total imports. These countries were followed by Sweden, Spain, Hong Kong SAR, Turkey and Finland, which together accounted for a further 29%.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of +256.5%, saw the highest growth rate of 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

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, jumping by 26% against the previous year. Overall, the import price, however, continues to indicate a slight downturn. The pace of growth was the most pronounced in 2018 an increase of 31% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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