In 2023, China remained the top exporter of salts of formic acid with 53% share by weight. Germany followed with 19.34%. Other key players included the Netherlands, Norway, and Belgium. While Norway saw a slight drop, Russia led in growth with over 9% year-on-year increase, and Switzerland experienced a 13% uptick. Some noteworthy declines were observed in the UK and Denmark. Over the past five years, the landscape has shown resiliency with notable growth in emerging markets such as Russia and South Africa.
Looking ahead, expect growth in markets investing in chemical manufacturing infrastructure. Additionally, closely monitoring trade policy changes or economic developments impacting key exporters will be crucial. Emerging markets may play a more significant role if their growth strategies in chemical exports continue to succeed.
Top countries in Export of Salts of Formic Acid Share by Country (Kilograms)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 52.99 | 2023 | +3.55% | +3.37% | View data |
| 2 | 2 Germany | 19.34 | 2023 | +2.77% | +2.63% | View data |
| 3 | 3 Netherlands | 3.93 | 2023 | +1.89% | +1.97% | View data |
| 4 | 4 Norway | 3.79 | 2023 | +1.17% | -0.28% | View data |
| 5 | 5 Belgium | 3 | 2023 | +1.84% | +3.56% | View data |
| 6 | 6 Saudi Arabia | 2.74 | 2023 | +2.81% | +4.96% | View data |
| 7 | 7 Lithuania | 1.87 | 2023 | +4.47% | +6.2% | View data |
| 8 | 8 Italy | 1.55 | 2023 | +0.25% | +0.049% | View data |
| 9 | 9 Singapore | 0.7 | 2023 | +3.23% | +1.86% | View data |
| 10 | 10 United Arab Emirates | 0.62 | 2023 | +5.53% | +1.93% | View data |
