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

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

In 2021, the Indonesian market for formic acid, its salts and esters decreased by -0.6% to $X, falling for the third year in a row after three years of growth. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Indonesia

In value terms, production of formic acid, its salts and esters contracted to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 20%. Over the period under review, production of reached the peak level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Indonesia

In 2021, overseas shipments of formic acid, its salts and esters increased by 3,740% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2017 when exports increased by 4,064% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2017 when exports increased by 3,953%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for exports of formic acid, its salts and esters from Indonesia, accounting for a 58% share of total exports. Moreover, exports of formic acid, its salts and esters to India exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The third position in this ranking was held by Vietnam (X tons), with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume to India amounted to +148.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+35.6% per year) and Vietnam (+12.1% per year).

In value terms, India ($X) remains the key foreign market for formic acid, its salts and esters exports from Indonesia, comprising 51% of total exports. The second position in the ranking was held by Malaysia ($X), with a 23% share of total exports. It was followed by Bangladesh, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to India amounted to +83.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+32.5% per year) and Bangladesh (+2,803.6% per year).

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, reducing by -9.6% against the previous year. In general, the export price saw a pronounced reduction. The growth pace was the most rapid in 2013 when the average export price increased by 432% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Bangladesh ($X per ton), while the average price for exports to India ($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 Bangladesh (+6.4%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Indonesia

In 2021, overseas purchases of formic acid, its salts and esters were finally on the rise to reach X tons after two years of decline. Over the period under review, total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +2.6% 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 -34.0% against 2016 indices. The pace of growth was the most pronounced in 2016 with an increase of 62% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 85%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of formic acid, its salts and esters to Indonesia, with a 80% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sevenfold. The United States (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.5% per year) and the United States (+7.9% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Indonesia, comprising 62% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Germany, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.3% per year) and Germany (+11.6% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, with an increase of 31% against the previous year. In general, the import price, however, saw a pronounced curtailment. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Taiwan (Chinese) ($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 (+2.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :