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

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

In 2021, the Iranian market for formic acid, its salts and esters decreased by -6.9% to $X, falling for the third year in a row after five years of growth. Overall, consumption continues to indicate a abrupt downturn. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Iran

In 2021, shipments abroad of formic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 105%. Over the period under review, the exports of reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 97% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey (X tons), Georgia (X tons) and Pakistan (X tons) were the main destinations of exports of formic acid, its salts and esters from Iran, with a combined 78% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of +25.7%), while the other leaders experienced more modest paces of growth.

In value terms, Georgia ($X) remains the key foreign market for formic acid, its salts and esters exports from Iran, comprising 47% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 14% share of total exports. It was followed by Uzbekistan, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Georgia totaled +22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-6.2% per year) and Uzbekistan (+25.2% per year).

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, waning by -7.7% against the previous year. In general, the export price continues to indicate a mild reduction. The pace of growth appeared the most rapid in 2013 when the average export price increased by 57% 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 failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Georgia ($X per ton), while the average price for exports to Turkey ($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 Nigeria (+39.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Iran

In 2021, purchases abroad of formic acid, its salts and esters decreased by -7.9% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 36% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, imports of formic acid, its salts and esters expanded slightly to $X in 2021. Overall, imports showed a deep slump. The most prominent rate of growth was recorded in 2017 when imports increased by 32%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X tons), China (X tons) and Turkey (X tons) were the main suppliers of imports of formic acid, its salts and esters to Iran, together comprising 66% of total imports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +19.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Germany ($X) and the United Arab Emirates ($X) appeared to be the largest formic acid, its salts and esters suppliers to Iran, together comprising 65% of total imports.

Germany, with a CAGR of +7.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, increasing by 11% against the previous year. In general, import price indicated a measured expansion from 2012 to 2021: its price 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, import price for formic acid, its salts and esters decreased by -6.1% against 2018 indices. The pace of growth was the most pronounced in 2018 when the average import price increased by 45% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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