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

Market Size for Formic Acid, Its Salts And Esters in the EU

After two years of decline, the EU market for formic acid, its salts and esters increased by 22% to $X in 2021. In general, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in the EU

In value terms, production of formic acid, its salts and esters rose to $X in 2021 estimated in export price. Overall, production, however, saw a deep reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21%. Over the period under review, production of attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in the EU

In 2021, overseas shipments of formic acid, its salts and esters increased by 39% to X tons for the first time since 2017, thus ending a three-year declining trend. The total export volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Total exports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the three major exporters of formic acid, its salts and esters, namely Finland, Germany and the Netherlands, represented more than two-thirds of total export. Belgium (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Spain (9%). The following exporters - Lithuania (X tons) and Italy (X tons) - each recorded a 4.4% 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 Finland (with a CAGR of +65.9%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Finland ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 67% of total exports.

In terms of the main exporting countries, Finland, with a CAGR of +53.4%, recorded 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

The export price in the European Union stood at $X per ton in 2021, surging by 9.2% against the previous year. Over the period under review, the export price, however, showed a mild decrease. The growth pace was the most rapid in 2018 when the export price increased by 21% against the previous year. 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 Italy ($X per ton), while Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+2.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in the EU

In 2021, purchases abroad of formic acid, its salts and esters was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 22% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports of reached the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the Netherlands (X tons), distantly followed by Belgium (X tons), Italy (X tons), Germany (X tons), Spain (X tons), Poland (X tons), France (X tons) and Denmark (X tons) represented the key importers of formic acid, its salts and esters, together committing 89% of total imports.

Imports into the Netherlands increased at an average annual rate of +7.5% from 2012 to 2021. At the same time, Spain (+10.6%), Poland (+8.5%), Germany (+4.9%), Denmark (+4.3%), France (+2.4%) and Italy (+1.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the European Union, with a CAGR of +10.6% from 2012-2021. By contrast, Belgium (-2.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Netherlands, Spain and Poland increased by +7.3, +3.7 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X), Belgium ($X) and Italy ($X) constituted the countries with the highest levels of imports in 2021, with a combined 46% share of total imports. These countries were followed by Germany, Spain, France, Poland and Denmark, which together accounted for a further 40%.

In terms of the main importing countries, Spain, with a CAGR of +8.6%, saw 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 the European Union amounted to $X per ton, rising by 33% against the previous year. Over the period under review, the import price, however, showed a mild descent. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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