United Kingdom: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in the UK

In 2021, the UK market for formic acid, its salts and esters increased by 59% to $X for the first time since 2014, thus ending a six-year declining trend. Over the period under review, consumption posted a tangible increase. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in the UK

In value terms, production of formic acid, its salts and esters amounted to $X in 2021 estimated in export price. In general, production recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2014 when the production volume increased by 40%. As a result, production attained the peak level of $X. From 2015 to 2021, production of growth remained at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from the UK

For the fifth year in a row, the UK recorded decline in shipments abroad of formic acid, its salts and esters, which decreased by -19.2% to X tons in 2021. Overall, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 41% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of formic acid, its salts and esters rose remarkably to $X in 2021. In general, exports recorded a perceptible contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 72% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Norway (X tons), Saudi Arabia (X tons) and Spain (X tons) were the main destinations of exports of formic acid, its salts and esters from the UK, with a combined 54% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +53.8%), 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 the UK were Norway ($X), Saudi Arabia ($X) and Spain ($X), with a combined 63% share of total exports.

Spain, with a CAGR of +60.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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, increasing by 42% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +11.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for formic acid, its salts and esters increased by +61.0% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 99%. The export price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Kuwait ($X per ton), while the average price for exports to Ireland ($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 Kuwait (+21.6%), 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 UK

Imports of formic acid, its salts and esters into the UK soared to X tons in 2021, rising by 17% against the previous year. The total import volume increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 37%. As a result, imports reached the peak of X tons. From 2015 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 recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 109% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of formic acid, its salts and esters to the UK, accounting for a 43% share of total imports. Moreover, imports of formic acid, its salts and esters from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Sweden (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.9% per year) and Sweden (+5.3% per year).

In value terms, the largest formic acid, its salts and esters suppliers to the UK were Canada ($X), Germany ($X) and Sweden ($X), with a combined 74% share of total imports.

In terms of the main suppliers, Canada, with a CAGR of +13.6%, saw the highest rates of growth with regard to 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

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, growing by 75% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 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 Canada ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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