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

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

In 2021, after two years of decline, there was significant growth in the German market for formic acid, its salts and esters, when its value increased by 13% to $X. Overall, consumption, however, continues to indicate a noticeable shrinkage. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in Germany

In value terms, production of formic acid, its salts and esters rose markedly to $X in 2021 estimated in export price. Over the period under review, production recorded a pronounced downturn. The pace of growth appeared the most rapid in 2018 with an increase of 27%. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Germany

In 2021, overseas shipments of formic acid, its salts and esters decreased by -2.7% to X tons, falling for the third year in a row after two years of growth. The total export volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 18%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters expanded rapidly to $X in 2021. Overall, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -24.4% against 2018 indices. The growth pace was the most rapid in 2018 when exports increased by 29%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports of remained at a lower figure.

Exports by Country

Italy (X tons), France (X tons) and the United States (X tons) were the main destinations of exports of formic acid, its salts and esters from Germany, together comprising 32% of total exports. These countries were followed by Denmark, Norway, Poland, the Netherlands, Belgium, Spain, Switzerland, Austria, Romania and the UK, which together accounted for a further 49%.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +25.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and the United States ($X) were the largest markets for formic acid, its salts and esters exported from Germany worldwide, with a combined 31% share of total exports. Poland, Norway, Denmark, Belgium, the Netherlands, Spain, Switzerland, Austria, Romania and the UK lagged somewhat behind, together accounting for a further 45%.

In terms of the main countries of destination, Romania, with a CAGR of +24.2%, 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

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, picking up by 14% against the previous year. Over the period under review, the export price, however, recorded a mild curtailment. The growth pace was the most rapid in 2018 when the average export price increased by 20% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the highest price was recorded for prices to Spain ($X per ton) and Romania ($X per ton), while the average price for exports to Denmark ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+1.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Formic Acid, Its Salts And Esters

Imports into Germany

In 2021, imports of formic acid, its salts and esters into Germany surged to X tons, picking up by 18% compared with 2020. Overall, total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -16.6% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 79% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Over the period under review, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.5% 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 -14.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when imports increased by 50%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

Sweden (X tons), the Netherlands (X tons) and Belgium (X tons) were the main suppliers of imports of formic acid, its salts and esters to Germany, together comprising 68% of total imports. These countries were followed by China, Finland and Turkey, which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +17.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Sweden ($X) and Belgium ($X) constituted the largest formic acid, its salts and esters suppliers to Germany, with a combined 60% share of total imports. China, Finland and Turkey lagged somewhat behind, together comprising a further 26%.

Among the main suppliers, Turkey, with a CAGR of +18.0%, recorded 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

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, jumping by 25% against the previous year. Overall, the import price, however, showed a noticeable descent. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Turkey ($X per ton) and China ($X per ton), while the price for Sweden ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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