The global export share of formic acid in 2023 was predominantly led by China, which held a significant portion at 60.36%, followed by the Netherlands with 16.19% and the United States at 6.09%. Belgium, with its share of 5.34%, saw a decline in its year-on-year growth rate by 8.18%, whereas China showed steady growth at 1.11%. New Zealand experienced the highest growth rate at 103.79%, albeit from a low base, while Romania and Chile also saw significant increases. Conversely, the UK experienced a significant decrease of 31.81%.
Future trends suggest potential shifts in market dynamics, with Asian markets, especially Japan and India, playing more active roles in the formic acid export market. The consistent growth from emerging markets like Brazil and Romania highlights an uptick in diversification of export sources. Watch for potential impacts of geopolitical events and trade policies on European exports, as well as innovations in chemical industries driving future market demands.
Top countries in Export of Formic Acid Share by Country (US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 60.36 | 2023 | +3.99% | +1.11% | View data |
| 2 | 2 Netherlands | 16.19 | 2023 | +3.62% | +2.73% | View data |
| 3 | 3 United States | 6.09 | 2023 | +4.41% | +5.22% | View data |
| 4 | 4 Belgium | 5.34 | 2023 | -6.59% | -8.18% | View data |
| 5 | 5 Italy | 1.01 | 2023 | +4.72% | +4.52% | View data |
| 6 | 6 Denmark | 0.86 | 2023 | -0.23% | -4.3% | View data |
| 7 | 7 Indonesia | 0.57 | 2023 | +2.78% | +4.88% | View data |
| 8 | 8 Spain | 0.43 | 2023 | +1.85% | +2.03% | View data |
| 9 | 9 Slovenia | 0.33 | 2023 | +5.97% | +4.83% | View data |
| 10 | 10 United Arab Emirates | 0.29 | 2023 | +6.43% | +1.2% | View data |
