Republic of Korea: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Republic of Korea

The South Korean market for formic acid, its salts and esters rose rapidly to $X in 2021, surging by 9.6% against the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in Republic of Korea

In value terms, production of formic acid, its salts and esters shrank slightly to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 45%. As a result, production reached the peak level of $X. From 2017 to 2021, production of growth remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Republic of Korea

After three years of growth, overseas shipments of formic acid, its salts and esters decreased by -21.8% to X tons in 2021. Overall, exports recorded a pronounced downturn. The most prominent rate of growth was recorded in 2018 with an increase of 545%. Over the period under review, the exports of hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters contracted modestly to $X in 2021. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 472%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Denmark (X tons) was the main destination for exports of formic acid, its salts and esters from South Korea, with a 42% share of total exports. Moreover, exports of formic acid, its salts and esters to Denmark exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by India (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Denmark stood at +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+9.3% per year) and India (-6.2% per year).

In value terms, China ($X), India ($X) and Denmark ($X) constituted the largest markets for formic acid, its salts and esters exported from South Korea worldwide, together accounting for 70% of total exports.

China, with a CAGR of +16.9%, saw the highest growth rate of the value of exports, among 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, picking up by 22% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for formic acid, its salts and esters increased by +23.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 an increase of 58% against the previous year. The export price peaked at $X per ton in 2016; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was Spain ($X per ton), while the average price for exports to the UK ($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 Spain (+20.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in supplies from abroad of formic acid, its salts and esters, when their volume increased by 40% to X tons. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Overall, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports of attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of formic acid, its salts and esters to South Korea, accounting for a 81% 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), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-8.0% per year) and Germany (+1.0% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to South Korea, comprising 79% of total imports. The second position in the ranking was held by Germany ($X), with a 4.6% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.6% per year) and Taiwan (Chinese) (-13.7% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, surging by 33% against the previous year. Over the period under review, the import price, however, recorded a pronounced reduction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (-1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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