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

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

In 2021, after two years of decline, there was significant growth in the Singaporean market for formic acid, its salts and esters, when its value increased by 53% to $X. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached 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 Singapore

In value terms, production of formic acid, its salts and esters soared to $X in 2021 estimated in export price. Over the period under review, production recorded a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 361%. Over the period under review, production of hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Singapore

Exports of formic acid, its salts and esters from Singapore surged to X tons in 2021, rising by 253% against the previous year's figure. In general, exports, however, showed a abrupt decline. Over the period under review, the exports of hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Over the period under review, exports, however, showed a sharp descent. The pace of growth appeared the most rapid in 2016 when exports increased by 8,051% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Australia (X tons), Bangladesh (X tons) and Malaysia (X tons) were the main destinations of exports of formic acid, its salts and esters from Singapore, with a combined 72% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +460.0%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) emerged as the key foreign market for formic acid, its salts and esters exports from Singapore, comprising 50% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 13% share of total exports. It was followed by India, with an 8% share.

From 2012 to 2021, the average annual growth rate of value to Australia stood at +77.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+62.5% per year) and India (-36.0% per year).

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, falling by -35% against the previous year. Overall, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2016 when the average export price increased by 2,698%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Australia ($X per ton), while the average price for exports to Malaysia ($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 the UK (+34.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Formic Acid, Its Salts And Esters

Imports into Singapore

In 2021, imports of formic acid, its salts and esters into Singapore surged to X tons, increasing by 82% against the previous year's figure. Over the period under review, imports, however, continue to indicate a perceptible downturn. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, imports, however, saw a abrupt contraction. The growth pace was the most rapid in 2016 when imports increased by 371%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports of 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 Singapore, accounting for a 67% 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), fivefold. The third position in this ranking was taken by Canada (X tons), with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.9% per year) and Canada (-4.7% per year).

In value terms, Canada ($X) constituted the largest supplier of formic acid, its salts and esters to Singapore, comprising 69% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by Germany, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.4% per year) and Germany (-10.2% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, dropping by -8.3% against the previous year. Over the period under review, the import price showed a abrupt setback. The pace of growth appeared the most rapid in 2016 when the average import price increased by 327%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Canada ($X per ton), while the price for Taiwan (Chinese) ($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 (+15.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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