Latin America and the Caribbean: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Latin America and the Caribbean

After three years of decline, the Latin American market for formic acid, its salts and esters increased by 9.9% to $X in 2021. The market value increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Latin America and the Caribbean

In value terms, production of formic acid, its salts and esters amounted to $X in 2021 estimated in export price. The total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% 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 -24.2% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 37%. Over the period under review, production of attained the maximum level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Latin America and the Caribbean

After two years of decline, overseas shipments of formic acid, its salts and esters increased by 58% to X tons in 2021. Over the period under review, exports continue to indicate strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 72%. Over the period under review, the exports of reached the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. In general, exports recorded a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina (X tons), Peru (X tons), Mexico (X tons) and Brazil (X tons) represented roughly 65% of total exports in 2021. Chile (X tons) held an 8.2% share (based on physical terms) of total exports, which put it in second place, followed by Colombia (5.9%). Ecuador (X tons), Bolivia (X tons), Guatemala (X tons), Uruguay (X tons) and Panama (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Bolivia (with a CAGR of +41.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Argentina ($X) and Peru ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 66% share of total exports. These countries were followed by Brazil, Chile, Colombia, Guatemala, Bolivia, Ecuador, Panama and Uruguay, which together accounted for a further 34%.

Bolivia, with a CAGR of +44.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Mexico ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+4.2%), while the other leaders experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports in Latin America and the Caribbean

In 2021, purchases 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. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 48%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Brazil represented the major importer of formic acid, its salts and esters in Latin America and the Caribbean, with the volume of imports recording X tons, which was near 47% of total imports in 2021. Argentina (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (9.4%), Colombia (5.3%) and Chile (4.7%). Ecuador (X tons) and Guatemala (X tons) held a relatively small share of total imports.

Imports into Brazil increased at an average annual rate of +2.1% from 2012 to 2021. At the same time, Guatemala (+5.7%), Argentina (+4.6%) and Ecuador (+1.7%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +5.7% from 2012-2021. Chile experienced a relatively flat trend pattern. By contrast, Colombia (-1.2%) and Mexico (-3.9%) illustrated a downward trend over the same period. While the share of Argentina (+5.9 p.p.) and Brazil (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Mexico (-5.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported formic acid, its salts and esters in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was taken by Argentina ($X), with a 17% share of total imports. It was followed by Mexico, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value in Brazil stood at +1.9%. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (+0.4% per year) and Mexico (-6.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 27% against the previous year. Overall, the import price, however, showed a slight reduction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Guatemala ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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