Northern America: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Northern America

The North American market for formic acid, its salts and esters fell to $X in 2021, dropping by -7.8% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2021; however, 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 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Northern America

In value terms, production of formic acid, its salts and esters contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 30%. Over the period under review, production of hit record highs at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Northern America

In 2021, the amount of formic acid, its salts and esters exported in Northern America skyrocketed to X tons, rising by 43% compared with the previous year. Total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.0% 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 2017 when exports increased by 76%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Total exports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 82% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States dominates esters structure, resulting at X tons, which was near 94% of total exports in 2021. It was distantly followed by Canada (X tons), comprising a 5.9% share of total exports.

The United States was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +1.6% from 2012 to 2021. Canada (-5.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United States increased by +4.8 percentage points.

In value terms, the largest formic acid, its salts and esters supplying countries in Northern America were the United States ($X) and Canada ($X).

Canada, with a CAGR of +1.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2021, surging by 7.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 50%. Over the period under review, the export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+7.5%).

Imports of Formic Acid, Its Salts And Esters

Imports in Northern America

In 2021, approx. X tons of formic acid, its salts and esters were imported in Northern America; increasing by 3% on 2020 figures. Over the period under review, imports, however, recorded a perceptible downturn. The pace of growth was the most pronounced in 2014 with an increase of 49%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of formic acid, its salts and esters reached $X in 2021. Overall, imports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 36%. Over the period under review, imports of hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

The United States was the largest importer of formic acid, its salts and esters in Northern America, with the volume of imports amounting to X tons, which was approx. 86% of total imports in 2021. It was distantly followed by Canada (X tons), making up a 14% share of total imports.

The United States was also the fastest-growing in terms of the formic acid, its salts and esters imports, with a CAGR of -2.3% from 2012 to 2021. Canada (-8.3%) illustrated a downward trend over the same period. While the share of the United States (+8.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Canada (-8.5 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported formic acid, its salts and esters in Northern America, comprising 85% of total imports. The second position in the ranking was held by Canada ($X), with a 15% share of total imports.

In the United States, imports of formic acid, its salts and esters shrank by an average annual rate of -3.5% over the period from 2012-2021.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, growing by 11% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+4.4%).

Source: IndexBox Platform

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