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

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

The Spanish market for formic acid, its salts and esters skyrocketed to $X in 2021, picking up by 21% against the previous year. In general, consumption, however, posted resilient growth. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Spain

In value terms, production of formic acid, its salts and esters shrank rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a abrupt slump. The growth pace was the most rapid in 2017 with an increase of 25%. Production of peaked 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 Spain

In 2021, the amount of formic acid, its salts and esters exported from Spain skyrocketed to X tons, picking up by 29% on the previous year. Over the period under review, total exports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +68.9% against 2014 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 41%. Over the period under review, the exports of reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 29% against the previous year. Over the period under review, the exports of hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons), Brazil (X tons) and Italy (X tons) were the main destinations of exports of formic acid, its salts and esters from Spain, with a combined 55% 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 Italy (with a CAGR of +31.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for formic acid, its salts and esters exported from Spain were Brazil ($X), India ($X) and Italy ($X), together comprising 35% of total exports.

In terms of the main countries of destination, Italy, with a CAGR of +22.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, reducing by -9.7% against the previous year. Over the period under review, the export price saw a perceptible setback. The pace of growth was the most pronounced in 2017 when the average export price increased by 27%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Portugal ($X per ton), while the average price for exports to India ($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 Portugal (-2.2%), while the prices for the other major destinations experienced a decline.

Imports of Formic Acid, Its Salts And Esters

Imports into Spain

Imports of formic acid, its salts and esters into Spain was estimated at X tons in 2021, approximately equating 2020. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 53% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Overall, imports posted a resilient expansion. The pace of growth was the most pronounced in 2018 with an increase of 67%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

Germany (X tons), China (X tons) and Sweden (X tons) were the main suppliers of imports of formic acid, its salts and esters to Spain, with a combined 91% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +16.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters suppliers to Spain were Germany ($X), China ($X) and Sweden ($X), with a combined 87% share of total imports.

Sweden, with a CAGR of +14.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, picking up by 50% against the previous year. Over the period under review, the import price, however, showed a slight descent. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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