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

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

In 2021, the East Asian market for formic acid, its salts and esters decreased by -0.3% to $X, falling for the third year in a row after three years of growth. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

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

In value terms, production of formic acid, its salts and esters expanded to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 27%. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Eastern Asia

In 2021, the amount of formic acid, its salts and esters exported in Eastern Asia soared to X tons, surging by 19% compared with the previous year. Total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 43% against the previous year. Over the period under review, the exports of attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Total exports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China prevails in esters structure, finishing at X tons, which was approx. 95% of total exports in 2021. Taiwan (Chinese) (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +5.5% from 2012 to 2021. Taiwan (Chinese) experienced a relatively flat trend pattern. China (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -1.8% from 2012 to 2021, respectively.

In value terms, China ($X) remains the largest formic acid, its salts and esters supplier in Eastern Asia, comprising 94% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 2.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +2.7%.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, picking up by 40% against the previous year. Overall, the export price, however, recorded a pronounced setback. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while Taiwan (Chinese) amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.6%).

Imports of Formic Acid, Its Salts And Esters

Imports in Eastern Asia

In 2021, imports of formic acid, its salts and esters in Eastern Asia skyrocketed to X tons, growing by 19% compared with the previous year's figure. Total imports indicated a temperate expansion from 2012 to 2021: its volume 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, imports decreased by -29.7% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 40%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Overall, imports posted a slight increase. The pace of growth appeared the most rapid in 2019 when imports increased by 100%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

South Korea represented the major importer of formic acid, its salts and esters in Eastern Asia, with the volume of imports finishing at X tons, which was near 49% of total imports in 2021. It was distantly followed by Japan (X tons), Taiwan (Chinese) (X tons) and China (X tons), together making up a 51% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +5.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 87% of total imports.

Among the main importing countries, Japan, with a CAGR of +2.8%, 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

In 2021, the import price in Eastern Asia amounted to $X per ton, picking up by 15% against the previous year. Overall, the import price, however, recorded a noticeable slump. The growth pace was the most rapid in 2019 when the import price increased by 43% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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