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

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

In 2021, the Italian market for formic acid, its salts and esters was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, showed a abrupt curtailment. Consumption of peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in Italy

In value terms, production of formic acid, its salts and esters expanded remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a abrupt slump. The growth pace was the most rapid in 2017 with an increase of 47% against the previous year. Over the period under review, production of reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Italy

In 2021, overseas shipments of formic acid, its salts and esters increased by 47% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 95% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2018; however, from 2019 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. In general, exports continue to indicate a measured increase. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Poland (X tons), Algeria (X tons) and Spain (X tons) were the main destinations of exports of formic acid, its salts and esters from Italy, with a combined 47% share of total exports. Morocco, Germany, Argentina, Brazil, Turkey, France, Venezuela, Austria, Azerbaijan and Croatia lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Argentina (with a CAGR of +43.8%), while the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), Poland ($X) and Spain ($X) constituted the largest markets for formic acid, its salts and esters exported from Italy worldwide, together comprising 36% of total exports. These countries were followed by Turkey, Germany, France, Morocco, Azerbaijan, Croatia, Argentina, Brazil, Austria and Venezuela, which together accounted for a further 41%.

Argentina, with a CAGR of +49.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, with an increase of 18% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2017 an increase of 24%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Croatia ($X per ton), while the average price for exports to Poland ($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 Turkey (+15.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Italy

Imports of formic acid, its salts and esters into Italy was estimated at X tons in 2021, surging by 7.9% compared with 2020 figures. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2019 when imports increased by 12%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, imports, however, continue to indicate a slight curtailment. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), China (X tons) and Sweden (X tons) were the main suppliers of imports of formic acid, its salts and esters to Italy, with a combined 84% share of total imports. These countries were followed by Finland, Belgium, Turkey and the Netherlands, which together accounted for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +48.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters suppliers to Italy were Germany ($X), China ($X) and Sweden ($X), with a combined 79% share of total imports. Finland, Belgium, the Netherlands and Turkey lagged somewhat behind, together comprising a further 15%.

Turkey, with a CAGR of +53.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, rising by 38% against the previous year. Overall, the import price, however, continues to indicate a noticeable shrinkage. 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 stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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