South-Eastern Asia: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in South-Eastern Asia

In 2021, the Southeast Asian market for formic acid, its salts and esters was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in South-Eastern Asia

In value terms, production of formic acid, its salts and esters totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 31% against the previous year. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in South-Eastern Asia

Exports of formic acid, its salts and esters skyrocketed to X tons in 2021, jumping by 217% compared with 2020 figures. Overall, exports enjoyed tangible growth. 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 soared to $X in 2021. In general, exports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 4,953%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports of remained at a lower figure.

Exports by Country

Thailand represented the key exporter of formic acid, its salts and esters in South-Eastern Asia, with the volume of exports finishing at X tons, which was approx. 45% of total exports in 2021. Vietnam (X tons) took the second position in the ranking, followed by Indonesia (X tons), Singapore (X tons) and Malaysia (X tons). All these countries together held approx. 55% share of total exports.

Thailand was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +36.2% from 2012 to 2021. At the same time, Vietnam (+19.2%) displayed positive paces of growth. By contrast, Malaysia (-3.2%), Indonesia (-7.7%) and Singapore (-9.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Thailand and Vietnam increased by +42 and +13 percentage points, respectively.

In value terms, the largest formic acid, its salts and esters supplying countries in South-Eastern Asia were Vietnam ($X), Singapore ($X) and Indonesia ($X), together comprising 70% of total exports.

Vietnam, with a CAGR of +42.2%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2021, the export price in South-Eastern Asia amounted to $X per ton, waning by -5.9% against the previous year. In general, the export price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the export price increased by 2,860% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+19.3%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in South-Eastern Asia

In 2021, overseas purchases of formic acid, its salts and esters were finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, imports, however, showed a noticeable contraction. The pace of growth appeared the most rapid in 2016 when imports increased by 163% against the previous year. 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

Thailand (X tons) and Vietnam (X tons) represented the main importers of formic acid, its salts and esters in 2021, amounting to near 32% and 30% of total imports, respectively. Malaysia (X tons) ranks next in terms of the total imports with a 16% share, followed by Indonesia (8.4%) and Singapore (6.6%). The following importers - the Philippines (X tons) and Lao People's Democratic Republic (X tons) - together made up 4.6% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +78.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters importing markets in South-Eastern Asia were Thailand ($X), Vietnam ($X) and Singapore ($X), with a combined 71% share of total imports. These countries were followed by Malaysia, Indonesia, the Philippines and Lao People's Democratic Republic, which together accounted for a further 27%.

In terms of the main importing countries, Lao People's Democratic Republic, with a CAGR of +57.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, rising by 21% against the previous year. Overall, the import price, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2016 an increase of 192%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the Philippines ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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