Southern Asia: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Southern Asia

The South Asian market for formic acid, its salts and esters stood at $X in 2021, with an increase of 3.7% against the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +3.3% against 2018 indices. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the immediate term.

Production of Formic Acid, Its Salts And Esters in Southern Asia

In value terms, production of formic acid, its salts and esters shrank slightly to $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 30%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in Southern Asia

In 2021, shipments abroad of formic acid, its salts and esters increased by 101% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports saw a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 199%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 128%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports of remained at a lower figure.

Exports by Country

The shipments of the one major exporters of formic acid, its salts and esters, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the formic acid, its salts and esters exports, with a CAGR of +6.5% from 2012 to 2021. From 2012 to 2021, the share of India increased by +4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest formic acid, its salts and esters supplier in Southern Asia.

From 2012 to 2021, the average annual rate of growth in terms of value in India stood at +8.4%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, which is down by -23% against the previous year. Export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. 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 +57.8% against 2018 indices. The pace of growth was the most pronounced in 2020 when the export price increased by 51%. As a result, the export price attained the peak level of $X per ton, and then reduced markedly in the following year.

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

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +1.8% per year.

Imports of Formic Acid, Its Salts And Esters

Imports in Southern Asia

In 2021, supplies from abroad of formic acid, its salts and esters was finally on the rise to reach X tons after two years of decline. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 63% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. In general, imports saw a perceptible increase. The pace of growth appeared the most rapid in 2017 with an increase of 57%. Over the period under review, imports of attained the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X tons) was the largest importer of formic acid, its salts and esters, making up 68% of total imports. It was distantly followed by Pakistan (X tons) and Bangladesh (X tons), together constituting a 31% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to formic acid, its salts and esters imports into India stood at +9.0%. At the same time, Bangladesh (+15.4%) and Pakistan (+3.2%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +15.4% from 2012-2021. From 2012 to 2021, the share of Bangladesh and India increased by +5.6 and +4.7 percentage points, respectively.

In value terms, India ($X) constitutes the largest market for imported formic acid, its salts and esters in Southern Asia, comprising 78% of total imports. The second position in the ranking was taken by Bangladesh ($X), with an 11% share of total imports.

In India, imports of formic acid, its salts and esters expanded at an average annual rate of +4.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (+11.9% per year) and Pakistan (+0.2% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, which is down by -12.2% against the previous year. In general, the import price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 when the import price increased by 86% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (-2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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