As of 2023, the import volume of salts of formic acid into the UK stood at approximately 3.045 million kilograms. Starting in 2024, forecasts indicate a gradual decrease in imports, with year-on-year reductions of 6.65% through 2025, 7% in 2026, 7.34% in 2027, and 7.76% in 2028. Overall, the compound annual growth rate (CAGR) from 2024 to 2028 is expected to be around -6.92%, reflecting a consistent downward trend in the volume of imports.
Future trends to watch for include:
- The impact of alternative chemical substitutes on import volumes
- Changes in trade policies or agreements post-Brexit affecting formic acid salts
- The emergence of local production capabilities reducing reliance on imports
- Environmental regulations that may affect the usage and demand for formic acid salts
