Overview of the Global Market for Formic Acid, Its Salts And Esters

Market Size for Formic Acid, Its Salts And Esters

The global market for formic acid, its salts and esters was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters

In value terms, production of formic acid, its salts and esters reduced modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 24%. Global production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports

In 2021, the amount of formic acid, its salts and esters exported worldwide surged to X tons, rising by 27% on 2020 figures. The total export volume increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Overall, total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The global exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China prevails in esters structure, recording X tons, which was near 56% of total exports in 2021. It was distantly followed by Finland (X tons), Germany (X tons) and the Netherlands (X tons), together making up a 22% share of total exports. The following exporters - the United States (X tons), Belgium (X tons), Spain (X tons), Taiwan (Chinese) (X tons) and Norway (X tons) - together made up 15% of total exports.

Exports from China increased at an average annual rate of +5.5% from 2012 to 2021. At the same time, Finland (+65.9%), Norway (+4.9%), Germany (+4.3%), Spain (+3.1%), the Netherlands (+1.9%) and the United States (+1.6%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in the world, with a CAGR of +65.9% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Belgium (-8.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Finland and China increased by +7.9 and +7.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest formic acid, its salts and esters supplier worldwide, comprising 43% of global exports. The second position in the ranking was taken by Germany ($X), with a 9% share of global exports. It was followed by the Netherlands, with a 7.3% share.

In China, exports of formic acid, its salts and esters expanded at an average annual rate of +2.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Germany (+2.8% per year) and the Netherlands (+1.2% per year).

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, rising by 25% against the previous year. Over the period under review, the export price, however, saw a slight downturn. The pace of growth was the most pronounced in 2016 an increase of 63%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Norway ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.6%), while the other global leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports

In 2021, after two years of decline, there was significant growth in overseas purchases of formic acid, its salts and esters, when their volume increased by 21% to X tons. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global imports of reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, global imports of reached the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons) and India (X tons) represented roughly 20% of total imports in 2021. Belgium (X tons) took a 5.5% share (based on physical terms) of total imports, which put it in second place, followed by Italy (5.2%), Russia (4.9%), Brazil (4.8%) and Germany (4.8%). Turkey (X tons), Spain (X tons), the United States (X tons), Poland (X tons), France (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Spain (with a CAGR of +10.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters importing markets worldwide were India ($X), the Netherlands ($X) and Belgium ($X), with a combined 23% share of global imports. Brazil, Italy, the United States, Germany, Russia, Turkey, Spain, France, Poland and South Korea lagged somewhat behind, together comprising a further 39%.

Among the main importing countries, Spain, with a CAGR of +8.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global 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, with an increase of 19% against the previous year. Overall, the import price, however, continues to indicate a perceptible contraction. Global import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+3.5%), while the other global leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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