Report Update Nov 1, 2024

Ecuador - Formic Acid, Its Salts and Esters - Market Analysis, Forecast, Size, Trends and Insights

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

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

The Ecuadorian market for formic acid, its salts and esters soared to $X in 2021, with an increase of 36% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a notable increase. Consumption of peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Ecuador

In 2021, overseas shipments of formic acid, its salts and esters increased by 6.8% to X tons, rising for the fourth year in a row after four years of decline. In general, exports recorded noticeable growth. The pace of growth was the most pronounced in 2020 when exports increased by 135%. Over the period under review, the exports of reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters declined rapidly to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 141% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Colombia (X tons) was the main destination for exports of formic acid, its salts and esters from Ecuador, with a 84% share of total exports. Moreover, exports of formic acid, its salts and esters to Colombia exceeded the volume sent to the second major destination, Saudi Arabia (X tons), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia was relatively modest.

In value terms, Colombia ($X) remains the key foreign market for formic acid, its salts and esters exports from Ecuador, comprising 70% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Colombia totaled -3.9%.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, shrinking by -21.3% against the previous year. In general, the export price showed a pronounced descent. The growth pace was the most rapid in 2014 an increase of 53%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Colombia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+356.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Formic Acid, Its Salts And Esters

Imports into Ecuador

In 2021, the amount of formic acid, its salts and esters imported into Ecuador skyrocketed to X tons, jumping by 19% compared with the year before. In general, imports saw a slight increase. The pace of growth appeared the most rapid in 2018 when imports increased by 56%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Overall, imports enjoyed a measured increase. The pace of growth was the most pronounced in 2018 with an increase of 55%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of imports of formic acid, its salts and esters to Ecuador, with a combined 70% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +72.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and the United States ($X) constituted the largest formic acid, its salts and esters suppliers to Ecuador, together accounting for 61% of total imports. Costa Rica, Spain, Sweden, Norway, Colombia, Peru, Belgium and the Netherlands lagged somewhat behind, together accounting for a further 24%.

Costa Rica, with a CAGR of +51.9%, recorded the highest growth rate of the value of imports, among the main suppliers 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, picking up by 19% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 39%. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Norway ($X per ton), while the price for Sweden ($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 (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for formic acid, its salts and esters in the world?

China remains the largest formic acid, its salts and esters consuming country worldwide, comprising approx. 26% of total volume. Moreover, consumption of formic acid, its salts and esters in China exceeded the figures recorded by the second-largest consumer, India, twofold. The third position in this ranking was occupied by the United States, with a 9.8% share.

What are the largest producers of formic acid, its salts and esters in the world?

China remains the largest formic acid, its salts and esters producing country worldwide, comprising approx. 41% of total volume. Moreover, production of formic acid, its salts and esters in China exceeded the figures recorded by the second-largest producer, the United States, fourfold. The third position in this ranking was occupied by India, with an 8.1% share.

What are the leading suppliers of formic acid, its salts and esters to Ecuador?

In value terms, China, Germany and Sweden appeared to be the largest formic acid, its salts and esters suppliers to Ecuador, together accounting for 86% of total imports. These countries were followed by the United States and Swaziland, which together accounted for a further 10%.

What are the leading importers of formic acid, its salts and esters from Ecuador?

In value terms, the largest markets for formic acid, its salts and esters exported from Ecuador were Saudi Arabia and Oman.

What is the average export price for formic acid, its salts and esters in Ecuador?

The average export price for formic acid, its salts and esters stood at $2,185 per ton in 2020, surging by 19% against the previous year.

What is the average import price for formic acid, its salts and esters in Ecuador?

The average import price for formic acid, its salts and esters stood at $586 per ton in 2020, shrinking by -17.8% against the previous year.

This report provides an in-depth analysis of the market for formic acid, its salts and esters in Ecuador. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143250 - Formic acid, its salts and esters

Country coverage:

Ecuador

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Ecuador
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023