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

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

The Indian market for formic acid, its salts and esters was estimated at $X in 2021, growing by 3.8% against the previous year. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +9.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +3.3% against 2018 indices. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Production of Formic Acid, Its Salts And Esters in India

In value terms, production of formic acid, its salts and esters contracted slightly to $X in 2021 estimated in export price. In general, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.4% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 30% against the previous year. Production of peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from India

In 2021, shipments abroad of formic acid, its salts and esters increased by 110% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 169% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Over the period under review, exports enjoyed a prominent increase. The growth pace was the most rapid in 2018 when exports increased by 121%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Brazil (X tons), Bangladesh (X tons) and Vietnam (X tons) were the main destinations of exports of formic acid, its salts and esters from India, together comprising 54% of total exports. These countries were followed by Italy, South Korea, Iran, China, Japan, Australia, Switzerland, the United States, Nepal and the Netherlands, which together accounted for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +112.6%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) remains the key foreign market for formic acid, its salts and esters exports from India, comprising 51% of total exports. The second position in the ranking was held by Brazil ($X), with a 14% share of total exports. It was followed by the Netherlands, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy totaled +25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+105.3% per year) and the Netherlands (-17.4% per year).

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, falling by -26.1% against the previous year. Over the period under review, export price indicated modest growth from 2012 to 2021: its price 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. The most prominent rate of growth was recorded in 2019 an increase of 45% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then declined rapidly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while the average price for exports to Bangladesh ($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 Brazil (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into India

In 2021, imports of formic acid, its salts and esters into India surged to X tons, rising by 31% against 2020 figures. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +87.8% against 2017 indices. The most prominent rate of growth was recorded in 2018 with an increase of 41%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, imports of formic acid, its salts and esters rose rapidly to $X in 2021. In general, imports posted a notable expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 62%. 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, China (X tons) constituted the largest supplier of formic acid, its salts and esters to India, accounting for a 60% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), fivefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+11.8% per year) and Taiwan (Chinese) (+9.6% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to India, comprising 71% of total imports. The second position in the ranking was taken by South Korea ($X), with a 3.6% share of total imports. It was followed by Germany, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.3% per year) and Germany (-6.4% 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 a decrease of -13% against the previous year. Overall, the import price recorded a noticeable downturn. The pace of growth was the most pronounced in 2017 when the average import price increased by 102%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+7.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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