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

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

In 2021, the Scandinavia market for formic acid, its salts and esters increased by 2.3% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, recorded a slight decline. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Scandinavia

In value terms, production of formic acid, its salts and esters expanded sharply to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 72% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports in Scandinavia

In 2021, shipments abroad of formic acid, its salts and esters increased by 421% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports posted a significant expansion. As a result, the exports reached the peak 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. Overall, exports showed prominent growth. The growth pace was the most rapid in 2017 when exports increased by 305%. Over the period under review, the exports of reached the maximum in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Finland represented the largest exporter of formic acid, its salts and esters in Scandinavia, with the volume of exports recording X tons, which was approx. 75% of total exports in 2021. Norway (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by Denmark (5.4%).

Finland was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +65.9% from 2012 to 2021. At the same time, Norway (+4.9%) displayed positive paces of growth. Denmark experienced a relatively flat trend pattern. Finland (+71 p.p.) significantly strengthened its position in terms of the total exports, while Denmark and Norway saw its share reduced by -22.8% and -47.7% from 2012 to 2021, respectively.

In value terms, the largest formic acid, its salts and esters supplying countries in Scandinavia were Finland ($X), Norway ($X) and Denmark ($X), together accounting for 99.9% of total exports.

Finland, with a CAGR of +53.4%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, declining by -32.6% against the previous year. Over the period under review, the export price showed a abrupt decline. The pace of growth was the most pronounced in 2018 when the export price increased by 54% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (-1.0%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in Scandinavia

In 2021, supplies from abroad of formic acid, its salts and esters increased by 21% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 42% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, imports of formic acid, its salts and esters contracted to $X in 2021. In general, imports, however, showed a noticeable setback. The growth pace was the most rapid in 2017 when imports increased by 150% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

Denmark represented the main importer of formic acid, its salts and esters in Scandinavia, with the volume of imports reaching X tons, which was approx. 44% of total imports in 2021. Norway (X tons) held a 29% share (based on physical terms) of total imports, which put it in second place, followed by Sweden (21%). The following importers - Finland (X tons) and Iceland (X tons) - each recorded a 5.9% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Iceland (with a CAGR of +20.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Norway ($X), Denmark ($X) and Sweden ($X) constituted the countries with the highest levels of imports in 2021, with a combined 94% share of total imports. Finland and Iceland lagged somewhat behind, together accounting for a further 6.3%.

Iceland, with a CAGR of +14.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, with a decrease of -17.5% against the previous year. Over the period under review, the import price recorded a noticeable slump. The pace of growth was the most pronounced in 2017 an increase of 104%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform