Russian Federation: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in the Russian Federation

In 2021, the Russian market for formic acid, its salts and esters was finally on the rise to reach $X after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in the Russian Federation

In value terms, production of formic acid, its salts and esters reached $X in 2021 estimated in export price. In general, production showed a mild shrinkage. The growth pace was the most rapid in 2013 with an increase of 29%. As a result, production attained the peak level of $X. From 2014 to 2021, production of growth failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from the Russian Federation

Exports of formic acid, its salts and esters from Russia skyrocketed to X tons in 2021, with an increase of 111% against the previous year. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 197%. Over the period under review, the exports of attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 when exports increased by 145%. Over the period under review, the exports of reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Kazakhstan (X tons), Belarus (X tons) and Kyrgyzstan (X tons) were the main destinations of exports of formic acid, its salts and esters from Russia, with a combined 78% share of total exports. These countries were followed by Germany, Ukraine, Serbia and Georgia, which together accounted for a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of +138.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for formic acid, its salts and esters exported from Russia were Belarus ($X), Kazakhstan ($X) and Germany ($X), with a combined 81% share of total exports. These countries were followed by Kyrgyzstan, Serbia, Ukraine and Georgia, which together accounted for a further 13%.

Among the main countries of destination, Georgia, with a CAGR of +110.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, with an increase of 15% against the previous year. In general, the export price, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2018 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Serbia ($X per ton), while the average price for exports to Kyrgyzstan ($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 Germany (+5.2%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into the Russian Federation

In 2021, the amount of formic acid, its salts and esters imported into Russia skyrocketed to X tons, picking up by 28% compared with 2020 figures. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 54% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Over the period under review, imports saw notable growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of formic acid, its salts and esters to Russia, accounting for a 69% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), sixfold. Finland (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.0% per year) and Finland (+11.6% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Russia, comprising 62% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by Finland, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.8% per year) and Finland (+10.1% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, picking up by 55% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from the Netherlands ($X per ton) and Germany ($X per ton), while the price for Sweden ($X per ton) and China ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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