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

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

In 2021, after two years of decline, there was growth in the Finnish market for formic acid, its salts and esters, when its value increased by 0.9% to $X. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in Finland

In value terms, production of formic acid, its salts and esters contracted to $X in 2021 estimated in export price. In general, production, however, faced a abrupt descent. The pace of growth appeared the most rapid in 2020 when the production volume increased by 6.2%. Over the period under review, production of reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from Finland

In 2021, overseas shipments of formic acid, its salts and esters increased by 8,871% to X tons, rising for the second consecutive year after two years of decline. In general, exports showed a significant increase. As a result, the exports reached 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. Over the period under review, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for exports of formic acid, its salts and esters from Finland, with a 48% share of total exports. Moreover, exports of formic acid, its salts and esters to the Netherlands exceeded the volume sent to the second major destination, Norway (X tons), fourfold. Italy (X tons) ranked third in terms of total exports with a 6.8% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (0.0% per year) and Italy (+197.6% per year).

In value terms, the Netherlands ($X), Norway ($X) and Italy ($X) were the largest markets for formic acid, its salts and esters exported from Finland worldwide, together accounting for 57% of total exports. These countries were followed by Germany, Spain, India, Switzerland, the UK, Poland, Sweden, Denmark, Brazil and Belgium, which together accounted for a further 33%.

In terms of the main countries of destination, Switzerland, with a CAGR of +209.3%, recorded the highest growth rate of 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 average export price for formic acid, its salts and esters stood at $X per ton in 2021, reducing by -48.2% against the previous year. Overall, the export price showed a deep slump. The pace of growth appeared the most rapid in 2019 an increase of 110%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (-1.3%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Finland

Imports of formic acid, its salts and esters into Finland expanded significantly to X tons in 2021, surging by 13% on the previous year. Overall, imports, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2015 with an increase of 78%. Imports peaked at X tons in 2016; however, from 2017 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. In general, imports, however, recorded a abrupt setback. The growth pace was the most rapid in 2016 when imports increased by 47% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Sweden (X tons), Germany (X tons) and Belgium (X tons) were the main suppliers of imports of formic acid, its salts and esters to Finland, together accounting for 80% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +204.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters suppliers to Finland were Denmark ($X), Sweden ($X) and Belgium ($X), with a combined 83% share of total imports.

Belgium, with a CAGR of +175.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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, increasing by 20% against the previous year. In general, the import price, however, saw a slight curtailment. The growth pace was the most rapid in 2019 when the average import price increased by 101%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Denmark ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+34.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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