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

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

After three years of decline, the Thai market for formic acid, its salts and esters increased by 24% to $X in 2021. Over the period under review, the total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Formic Acid, Its Salts And Esters in Thailand

In value terms, production of formic acid, its salts and esters expanded remarkably to $X in 2021 estimated in export price. In general, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% 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 -29.6% against 2017 indices. The growth pace was the most rapid in 2017 with an increase of 57%. As a result, production attained the peak level of $X. From 2018 to 2021, production of growth failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from Thailand

For the third year in a row, Thailand recorded growth in overseas shipments of formic acid, its salts and esters, which increased by 126% to X tons in 2021. In general, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 277%. Over the period under review, the exports of attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, exports showed a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 735% against the previous year. Over the period under review, the exports of attained the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for exports of formic acid, its salts and esters from Thailand, accounting for a 93% share of total exports. Moreover, exports of formic acid, its salts and esters to Lao People's Democratic Republic exceeded the volume sent to the second major destination, Myanmar (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Lao People's Democratic Republic amounted to +112.2%.

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for formic acid, its salts and esters exports from Thailand, comprising 72% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Lao People's Democratic Republic totaled +58.9%.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, reducing by -30.7% against the previous year. Over the period under review, the export price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2017 an increase of 122% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Myanmar ($X per ton), while the average price for exports to Lao People's Democratic Republic amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (-3.2%).

Imports of Formic Acid, Its Salts And Esters

Imports into Thailand

In 2021, supplies from abroad of formic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. In general, imports showed a perceptible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest formic acid, its salts and esters supplier to Thailand, with a 88% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), more than tenfold. The third position in this ranking was held by Finland (X tons), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+45.8% per year) and Finland (-4.0% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Thailand, comprising 65% of total imports. The second position in the ranking was taken by Singapore ($X), with a 27% share of total imports. It was followed by Germany, with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+36.1% per year) and Germany (+10.0% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, with an increase of 54% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+27.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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