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

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

In 2021, after two years of decline, there was significant growth in the Europe market for formic acid, its salts and esters, when its value increased by 23% to $X. The market value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Formic Acid, Its Salts And Esters in Europe

In value terms, production of formic acid, its salts and esters rose slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 13% against the previous year. Over the period under review, production of hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Europe

In 2021, shipments abroad of formic acid, its salts and esters was finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.5% over the period 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 surged to $X in 2021. Total exports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Finland (X tons), Germany (X tons) and the Netherlands (X tons) was the largest exporter of formic acid, its salts and esters in Europe, achieving 64% of total export. Belgium (X tons) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by Spain (8.3%) and Norway (6.3%). Lithuania (X tons) held a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading 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, the largest formic acid, its salts and esters supplying countries in Europe were Germany ($X), the Netherlands ($X) and Finland ($X), with a combined 58% share of total exports.

In terms of the main exporting countries, Finland, with a CAGR of +53.4%, 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 export price in Europe amounted to $X per ton, with an increase of 7.7% against the previous year. Over the period under review, the export price, however, saw a slight reduction. The most prominent rate of growth was recorded in 2018 when the export price increased by 26% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.6%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in Europe

After three years of decline, purchases abroad of formic acid, its salts and esters increased by 14% to X tons in 2021. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 17%. Over the period under review, imports of reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports of hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the Netherlands (X tons), distantly followed by Belgium (X tons), Italy (X tons), Russia (X tons), Germany (X tons), Spain (X tons), Poland (X tons) and France (X tons) were the major importers of formic acid, its salts and esters, together achieving 78% of total imports. Denmark (X tons), the UK (X tons), Norway (X tons) and Sweden (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to formic acid, its salts and esters imports into the Netherlands stood at +7.5%. At the same time, Spain (+10.6%), Poland (+8.5%), Germany (+4.9%), Denmark (+4.3%), France (+2.4%), the UK (+1.5%) and Italy (+1.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in Europe, with a CAGR of +10.6% from 2012-2021. Russia and Sweden experienced a relatively flat trend pattern. By contrast, Belgium (-2.9%) and Norway (-3.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Netherlands, Spain and Poland increased by +6.8, +3.2 and +2.1 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) appeared to be the countries with the highest levels of imports in 2021, with a combined 35% share of total imports. These countries were followed by Germany, Russia, Spain, the UK, France, Poland, Norway, Denmark and Sweden, which together accounted for a further 52%.

Among the main importing countries, Spain, with a CAGR of +8.6%, 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

The import price in Europe stood at $X per ton in 2021, increasing by 29% against the previous year. Over the period under review, the import price, however, showed a slight shrinkage. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform