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

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

In 2021, the East European market for formic acid, its salts and esters was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

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

In value terms, production of formic acid, its salts and esters reached $X in 2021 estimated in export price. Over the period under review, production, however, saw a mild contraction. The pace of growth was the most pronounced in 2013 with an increase of 26% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production of growth remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Eastern Europe

After four years of decline, overseas shipments of formic acid, its salts and esters increased by 95% to X tons in 2021. Total exports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Total exports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports of reached the peak figure at $X in 2013; afterwards, it flattened through to 2021.

Exports by Country

Lithuania was the key exporter of formic acid, its salts and esters in Eastern Europe, with the volume of exports reaching X tons, which was approx. 45% of total exports in 2021. It was distantly followed by Poland (X tons) and Russia (X tons), together generating a 44% share of total exports. Latvia (X tons) and Hungary (X tons) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Latvia (with a CAGR of +53.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters supplying countries in Eastern Europe were Lithuania ($X), Poland ($X) and Russia ($X), with a combined 86% share of total exports. These countries were followed by Hungary and Latvia, which together accounted for a further 7.7%.

Latvia, with a CAGR of +49.4%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2021, surging by 7.7% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 22%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Hungary ($X per ton), while Latvia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+1.9%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in Eastern Europe

In 2021, the amount of formic acid, its salts and esters imported in Eastern Europe skyrocketed to X tons, jumping by 25% against the previous year's figure. Total imports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +3.4% 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 -6.2% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 25%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Russia (X tons) was the largest importer of formic acid, its salts and esters, making up 45% of total imports. Poland (X tons) held the second position in the ranking, distantly followed by Lithuania (X tons) and Ukraine (X tons). All these countries together took approx. 39% share of total imports. The following importers - Romania (X tons), Hungary (X tons) and the Czech Republic (X tons) - each reached a 9.3% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Lithuania (with a CAGR of +8.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters importing markets in Eastern Europe were Russia ($X), Poland ($X) and Lithuania ($X), with a combined 76% share of total imports. Ukraine, Romania, the Czech Republic and Hungary lagged somewhat behind, together accounting for a further 16%.

Romania, with a CAGR of +7.6%, saw the highest growth rate of the value of imports, among the main importing countries 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 Europe amounted to $X per ton, rising by 46% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the Czech Republic ($X per ton) and Romania ($X per ton), while Russia ($X per ton) and Lithuania ($X per ton) were 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 mixed trends in the import price figures.

Source: IndexBox Platform

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