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

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

In 2021, the Slovak market for formic acid, its salts and esters decreased by -4.3% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then shrank modestly in the following year.

Production of Formic Acid, Its Salts And Esters in Slovakia

In value terms, production of formic acid, its salts and esters declined to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by 20% against the previous year. Production of peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Slovakia

After eight years of decline, shipments abroad of formic acid, its salts and esters increased by 1,183% to X tons in 2021. In general, exports, however, saw a precipitous curtailment. Over the period under review, the exports of attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a dramatic setback. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Hungary (X tons) was the main destination for exports of formic acid, its salts and esters from Slovakia, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Hungary totaled -29.6%.

In value terms, Hungary ($X) also remains the key foreign market for formic acid, its salts and esters exports from Slovakia.

From 2012 to 2021, the average annual growth rate of value to Hungary amounted to -27.8%.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, growing by 20% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. 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 +75.3% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 42%. The export price peaked in 2021 and is likely to see steady growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Hungary.

From 2012 to 2021, the rate of growth in terms of prices for Russia amounted to +83.8% per year.

Imports of Formic Acid, Its Salts And Esters

Imports into Slovakia

In 2021, imports of formic acid, its salts and esters into Slovakia skyrocketed to X tons, rising by 28% against 2020 figures. Overall, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.3% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 28%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Over the period under review, imports showed modest growth. Over the period under review, imports of attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest formic acid, its salts and esters supplier to Slovakia, with a 53% share of total imports. Moreover, imports of formic acid, its salts and esters from Germany exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fivefold. Poland (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+20.4% per year) and Poland (+36.7% per year).

In value terms, Germany ($X) constituted the largest supplier of formic acid, its salts and esters to Slovakia, comprising 51% of total imports. The second position in the ranking was taken by Sweden ($X), with a 14% share of total imports. It was followed by Poland, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+21.8% per year) and Poland (+32.4% per year).

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, rising by 24% against the previous year. In general, the import price, however, recorded a perceptible reduction. The pace of growth appeared the most rapid in 2018 an increase of 27% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the Czech Republic ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lithuania (+7.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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