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

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

In 2021, the Ukrainian market for formic acid, its salts and esters increased by 79% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a relatively flat trend pattern. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Ukraine

In 2021, overseas shipments of formic acid, its salts and esters increased by 2,389% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 478,246% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. In general, exports recorded significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 281,195%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

The Netherlands (X tons), Austria (X tons) and Belarus (X tons) were the main destinations of exports of formic acid, its salts and esters from Ukraine, together accounting for 99% of total exports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +318.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for formic acid, its salts and esters exported from Ukraine were the Netherlands ($X), Austria ($X) and Belarus ($X), together comprising 98% of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +253.7%, 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

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, which is down by -18.9% against the previous year. Over the period under review, the export price, however, showed a moderate expansion. The pace of growth appeared the most rapid in 2019 an increase of 57%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Belarus ($X per ton), while the average price for exports to the Netherlands ($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 Poland (+45.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into Ukraine

In 2021, purchases abroad of formic acid, its salts and esters increased by 38% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 43%. Over the period under review, imports of hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest formic acid, its salts and esters supplier to Ukraine, accounting for a 75% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), sevenfold. Croatia (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (-8.1% per year) and Croatia (0.0% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to Ukraine, comprising 63% of total imports. The second position in the ranking was held by Lithuania ($X), with an 18% share of total imports. It was followed by Croatia, with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+4.7% per year) and Croatia (0.0% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, growing by 57% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lithuania (+13.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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