Report Update Nov 1, 2024

Sri Lanka - Formic Acid, Its Salts and Esters - Market Analysis, Forecast, Size, Trends and Insights

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Sri Lanka: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Sri Lanka

For the third consecutive year, the Sri Lankan market for formic acid, its salts and esters recorded growth in sales value, which increased by 15% to $X in 2021. Over the period under review, consumption, however, saw a pronounced curtailment. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Sri Lanka

In 2019, shipments abroad of formic acid, its salts and esters decreased by 0% to X tons, falling for the second year in a row after five years of decline. In general, exports continue to indicate a precipitous descent. The smallest decline of -11% was in 2014. Over the period under review, the exports of reached the maximum at X tons in 2012; however, from 2013 to 2019, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters stood at $X in 2019. Over the period under review, exports saw a significant contraction. The most prominent rate of growth was recorded in 2014 with an increase of 37%. The exports peaked at $X in 2012; however, from 2013 to 2019, the exports failed to regain momentum.

Exports by Country

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

From 2012 to 2019, the average annual rate of growth in terms of volume to Germany was relatively modest.

From 2012 to 2019, the average annual growth rate of value to Germany was relatively modest.

Export Prices by Country

In 2019, the average export price for formic acid, its salts and esters amounted to $X per ton, approximately mirroring the previous year. In general, the export price saw strong growth. The pace of growth was the most pronounced in 2013 an increase of 116%. The export price peaked at $X per ton in 2015; however, from 2016 to 2019, the export prices failed to regain momentum.

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

From 2012 to 2019, the rate of growth in terms of prices for Bangladesh amounted to +53.8% per year.

Imports of Formic Acid, Its Salts And Esters

Imports into Sri Lanka

For the third year in a row, Sri Lanka recorded growth in purchases abroad of formic acid, its salts and esters, which increased by 3.6% to X tons in 2021. Overall, imports, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2017 when imports increased by 236%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. Over the period under review, imports, however, showed a deep slump. The most prominent rate of growth was recorded in 2017 when imports increased by 168% against the previous year. Over the period under review, imports of attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Finland (X tons) and Germany (X tons) were the main suppliers of imports of formic acid, its salts and esters to Sri Lanka, with a combined 63% share of total imports. Malaysia, Hong Kong SAR, the UK, Taiwan (Chinese), India and Singapore lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +41.3%), 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 Sri Lanka were China ($X), Germany ($X) and Finland ($X), together accounting for 61% of total imports. The UK, Malaysia, Hong Kong SAR, Taiwan (Chinese), India and Singapore lagged somewhat behind, together comprising a further 22%.

Among the main suppliers, the UK, with a CAGR of +20.8%, saw the highest growth rate of 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 average import price for formic acid, its salts and esters stood at $X per ton in 2021, picking up by 18% against the previous year. Overall, the import price, however, showed a perceptible decline. The growth pace was the most rapid in 2018 an increase of 50% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for formic acid, its salts and esters in the world?

The country with the largest volume of consumption of formic acid, its salts and esters was China, comprising approx. 26% of total volume. Moreover, consumption of formic acid, its salts and esters in China exceeded the figures recorded by the second-largest consumer, India, twofold. The United States ranked third in terms of total consumption with a 9.8% share.

What are the largest producers of formic acid, its salts and esters in the world?

China remains the largest formic acid, its salts and esters producing country worldwide, accounting for 41% of total volume. Moreover, production of formic acid, its salts and esters in China exceeded the figures recorded by the second-largest producer, the United States, fourfold. The third position in this ranking was occupied by India, with an 8.1% share.

What are the leading suppliers of formic acid, its salts and esters to Sri Lanka?

In value terms, China constituted the largest supplier of formic acid, its salts and esters to Sri Lanka, comprising 46% of total imports. The second position in the ranking was occupied by Hong Kong SAR, with an 18% share of total imports. It was followed by Finland, with a 14% share.

What is the average export price for formic acid, its salts and esters in Sri Lanka?

In 2019, the average export price for formic acid, its salts and esters amounted to $4,658 per ton, approximately mirroring the previous year.

What is the average import price for formic acid, its salts and esters in Sri Lanka?

In 2020, the average import price for formic acid, its salts and esters amounted to $756 per ton, surging by 3.5% against the previous year.

This report provides an in-depth analysis of the market for formic acid, its salts and esters in Sri Lanka. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143250 - Formic acid, its salts and esters

Country coverage:

Sri Lanka

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Sri Lanka
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023