Formic acid, salts and esters market in Spain

Earlier Report Observations

The Spanish market for formic acid, salts and esters declined from USD 34.5 million in 2018 to USD 27.0 million by 2021, then recovered to USD 34.2 million in 2024. In 2020, COVID-19 lockdowns and workforce shortages reduced chemical production and raw material supply, while restaurant closures curtailed demand from the animal feed industry, a key consumer of formic acid.

With the easing of restrictions in 2021, sustained demand for formic acid as a preservative in animal feed and as a tanning agent in textiles helped stabilize the market. Continued growth in these sectors through 2022 and 2023, supported by global trends favoring agricultural and industrial applications, drove consumption higher and lifted the market value above USD 33 million.

Global advancements in production technology and a focus on sustainable inputs further influenced the market in 2024, contributing to its moderate growth and a return to near pre-pandemic levels.

Production formic acid, salts and esters in Spain

In value, 2017-2020, K $ US

Spain's production of formic acid, salts and esters declined after two years of growth. In 2020, output was valued at 19 005 K $ US, representing a significant 12.9% decrease from 2019. Production peaked in 2019 at 21 821 K $ US. Over the period from 2017 to 2020, production increased by 9%, which translates to an annualized growth rate of 2.9%. The largest annual increase occurred in 2018, with a rise of 16.0%.

Annual dynamics of production in Spain in value, 2017-2020, K $ US

In kind, 2017-2020, t

Production of formic acid, salts and esters in Spain fell for the second year in a row. In 2020, Spain produced 21 426 tonnes, marking a 10.6% decline from 2019. The highest production volume was recorded in 2018 at 24 543 tonnes. Between 2017 and 2020, production grew by 2.8%, averaging 0.9% per year. The most substantial increase was seen in 2018, with a jump of 17.7%.

Annual dynamics of production in Spain in kind, 2017-2020, t

Exports formic acid, salts and esters from Spain

Exports in kind, t

Spain's exports of formic acid, salts and esters reached 19 872 tonnes in 2020, down 4.6% from 2019. The lowest export volume was in 2018 at 12 726 tonnes, while the peak was in 2019 at 20 836 tonnes. From 2017 to 2020, exports increased by 39%, with an annualized growth rate of 11.6%. The largest decline occurred in 2018, falling by 11.0%, and the biggest increase was in 2019, surging by 63.7%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, t

From 2017 to 2020, India, Pakistan, and Canada were the primary destinations for Spain's exports of formic acid, salts and esters in volume terms. India accounted for 24.5% of exports, Pakistan for 16.1%, and Canada for 10.9%. Together, these three countries represented 51.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Spain in kind, 2017-2020

Exports in value, K $ US

After two years of growth, Spain's exports of formic acid, salts and esters in value terms declined. In 2020, exports were recorded at 10 120 K $ US, a sharp 24.6% drop from 2019. The highest value was in 2019 at 13 430 K $ US. Over the 2017-2020 period, exports decreased by 6.6%, with a compound annual growth rate of -2.3%. The largest increase was in 2018, rising by 19.3%.

Annual dynamics of product's exports from Spain in value, 2017-2020, K $ US

The structure of Spain's exports in value terms from 2017 to 2020 was diversified. India led with 15.4% of exports, followed by the United States at 12.3%, and Switzerland at 10.1%. Together, these three countries accounted for 37.8% of total flows, with no single nation holding a dominant position.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Spain in value, 2017-2020

Imports formic acid, salts and esters to Spain

Imports in kind, t

Spain imported approximately 22 485 tonnes of formic acid, salts and esters in 2020, a substantial 31.7% decrease from 2019. Imports peaked in 2019 at 32 917 tonnes. Between 2017 and 2020, imports fell by 5.6%, averaging a decline of 1.9% per year. The largest increase was in 2019, with a rise of 38.6%.

Annual dynamics of product's imports to Spain in kind, 2017-2020, t

From 2017 to 2020, China, Germany, and Finland were the key sources for Spain's imports of formic acid, salts and esters in volume terms. Together, these three markets accounted for 81.7% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Spain in kind, 2017-2020

Imports in value, K $ US

Spain's imports of formic acid, salts and esters in value terms declined for the second consecutive year. In 2020, imports totaled 27 241 K $ US, showing a moderate 6.4% reduction from 2019. The highest import value was in 2018 at 27 241 K $ US. Over the 2017-2020 period, imports increased by 14.3%, with an annualized growth rate of 4.6%. The largest decline occurred in 2019, falling by 26.9%, while the biggest increase was in 2018, surging by 67.0%.

Annual dynamics of product's imports to Spain in value, 2017-2020, K $ US

In the 2017-2020 period, Germany, China, and Finland were the main sources for Spain's imports of formic acid, salts and esters in value terms. Germany accounted for 38.5% of imports, China for 32.4%, and Finland for 10.7%. Combined, these three countries represented 81.5% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Spain in value, 2017-2020