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

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

The Hungarian market for formic acid, its salts and esters skyrocketed to $X in 2021, growing by 33% 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). Over the period under review, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +38.3% against 2019 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from Hungary

In 2021, approx. X tons of formic acid, its salts and esters were exported from Hungary; with an increase of 36% on 2020 figures. In general, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2013 with an increase of 114% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Over the period under review, exports showed a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 129% 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

Turkey (X tons) was the main destination for exports of formic acid, its salts and esters from Hungary, with a 70% share of total exports. Moreover, exports of formic acid, its salts and esters to Turkey exceeded the volume sent to the second major destination, Poland (X tons), sixfold. The third position in this ranking was held by Romania (X tons), with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Turkey stood at +62.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+40.6% per year) and Romania (-14.0% per year).

In value terms, Turkey ($X) remains the key foreign market for formic acid, its salts and esters exports from Hungary, comprising 75% of total exports. The second position in the ranking was taken by Poland ($X), with a 12% share of total exports. It was followed by Romania, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value to Turkey amounted to +54.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+36.3% per year) and Romania (-14.0% per year).

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 21% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2021: its price 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. Based on 2021 figures, export price for formic acid, its salts and esters decreased by -2.5% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 51%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Turkey ($X per ton), while the average price for exports to Romania ($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 Romania (-0.1%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Hungary

In 2021, supplies from abroad of formic acid, its salts and esters increased by 5.4% to X tons, rising for the second year in a row after two years of decline. Overall, total imports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +4.5% 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 increased by +18.1% against 2019 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 20%. Over the period under review, imports of reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest formic acid, its salts and esters supplier to Hungary, with a 55% share of total imports. Moreover, imports of formic acid, its salts and esters from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. Sweden (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Germany totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+43.1% per year) and Sweden (+9.7% per year).

In value terms, Germany ($X) constituted the largest supplier of formic acid, its salts and esters to Hungary, comprising 58% of total imports. The second position in the ranking was taken by China ($X), with a 10% share of total imports. It was followed by Sweden, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+40.9% per year) and Sweden (+7.5% per year).

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, with an increase of 48% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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