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

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

The Pakistani market for formic acid, its salts and esters skyrocketed to $X in 2021, rising by 33% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -17.3% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Pakistan

In 2021, overseas shipments of formic acid, its salts and esters decreased by -46.8% to X tons, falling for the third consecutive year after three years of growth. In general, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 5,535% 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 remained at a lower figure.

In value terms, exports of formic acid, its salts and esters contracted dramatically to $X in 2021. Overall, exports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 9,724%. Over the period under review, the exports of attained the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for exports of formic acid, its salts and esters from Pakistan, accounting for a 94% share of total exports. Moreover, exports of formic acid, its salts and esters to India exceeded the volume sent to the second major destination, Saudi Arabia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to India totaled +26.6%.

In value terms, India ($X) remains the key foreign market for formic acid, its salts and esters exports from Pakistan, comprising 96% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to India stood at +25.2%.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, picking up by 24% against the previous year. Overall, the export price, however, showed a pronounced shrinkage. The pace of growth was the most pronounced in 2017 an increase of 74%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Argentina (+8.8%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Pakistan

Imports of formic acid, its salts and esters into Pakistan soared to X tons in 2021, rising by 41% compared with 2020. In general, imports enjoyed a tangible increase. The growth pace was the most rapid in 2018 with an increase of 161% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 76% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest formic acid, its salts and esters supplier to Pakistan, with a 55% 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), threefold. The third position in this ranking was held by Saudi Arabia (X tons), with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+3.9% per year) and Saudi Arabia (+22.1% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Pakistan, comprising 59% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of total imports. It was followed by Germany, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-2.0% per year) and Germany (+9.6% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, waning by -9.9% against the previous year. Over the period under review, the import price recorded a noticeable reduction. The pace of growth was the most pronounced in 2016 when the average import price increased by 57% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Sweden ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+15.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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