U.S.: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in the U.S.

The U.S. market for formic acid, its salts and esters declined modestly to $X in 2021, shrinking by -3.9% against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -15.8% against 2018 indices. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in the U.S.

In value terms, production of formic acid, its salts and esters fell modestly to $X in 2021. In general, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -14.9% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 29% against the previous year. Over the period under review, production of attained the maximum level 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 from the U.S.

In 2021, approx. X tons of formic acid, its salts and esters were exported from the United States; growing by 43% on 2020 figures. Over the period under review, total exports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +1.6% 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 2017 when exports increased by 87% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 71% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil (X tons), Mexico (X tons) and Argentina (X tons) were the main destinations of exports of formic acid, its salts and esters from the United States, together comprising 70% of total exports. Canada, Uruguay, Ecuador, China, Chile, Colombia and Belgium lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2021, the biggest increases were recorded for Ecuador (with a CAGR of +100.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Canada ($X) were the largest markets for formic acid, its salts and esters exported from the United States worldwide, together accounting for 59% of total exports. These countries were followed by Argentina, China, Uruguay, Ecuador, Colombia, Chile and Belgium, which together accounted for a further 24%.

Among the main countries of destination, Ecuador, with a CAGR of +68.1%, recorded the highest growth rate of 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

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, picking up by 1.5% against the previous year. Overall, the export price, however, recorded a slight reduction. The growth pace was the most rapid in 2018 an increase of 29% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Ecuador ($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 Uruguay (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into the U.S.

In 2021, the amount of formic acid, its salts and esters imported into the United States skyrocketed to X tons, picking up by 15% on the previous year's figure. Overall, imports, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2017 with an increase of 35% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. In general, imports, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2017 when imports increased by 37%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Germany (X tons) and Sweden (X tons) were the main suppliers of imports of formic acid, its salts and esters to the United States, together accounting for 79% of total imports.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +10.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and Sweden ($X) appeared to be the largest formic acid, its salts and esters suppliers to the United States, together accounting for 68% of total imports.

Sweden, with a CAGR of +8.0%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, with an increase of 4.2% against the previous year. Over the period under review, the import price, however, showed a mild decline. The most prominent rate of growth was recorded in 2013 an increase of 6.3%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained 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 Finland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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