Latvia - Formic Acid, Its Salts and Esters - Market Analysis, Forecast, Size, Trends and Insights
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View PricingLatvia: Market for Formic Acid, Its Salts And Esters 2024
Market Size for Formic Acid, Its Salts And Esters in Latvia
In 2023, after three years of growth, there was significant decline in the Latvian market for formic acid, its salts and esters, when its value decreased by X% to $X. Overall, consumption, however, showed a strong expansion. As a result, consumption reached the peak level of $X, and then shrank in the following year.
Exports of Formic Acid, Its Salts And Esters
Exports from Latvia
In 2023, approx. X tons of formic acid, its salts and esters were exported from Latvia; dropping by X% against the year before. In general, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2016 with an increase of X%. The exports peaked at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.
In value terms, exports of formic acid, its salts and esters rose sharply to $X in 2023. Over the period under review, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.
Exports by Country
Russia (X tons) was the main destination for exports of formic acid, its salts and esters from Latvia, with a X% share of total exports. Moreover, exports of formic acid, its salts and esters to Russia exceeded the volume sent to the second major destination, Estonia (X tons), fourfold.
From 2012 to 2023, the average annual growth rate of volume to Russia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Lithuania (X% per year).
In value terms, Russia ($X) emerged as the key foreign market for formic acid, its salts and esters exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Estonia ($X), with a X% share of total exports.
From 2012 to 2023, the average annual rate of growth in terms of value to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Lithuania (X% per year).
Export Prices by Country
In 2023, the average export price for formic acid, its salts and esters amounted to $X per ton, picking up by X% against the previous year. Overall, the export price recorded notable growth. The growth pace was the most rapid in 2015 an increase of X% against the previous year. The export price peaked in 2023 and is expected to retain growth in the immediate term.
Average prices varied somewhat for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Estonia ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Formic Acid, Its Salts And Esters
Imports into Latvia
In 2023, after two years of growth, there was significant decline in overseas purchases of formic acid, its salts and esters, when their volume decreased by X% to X tons. In general, imports, however, continue to indicate a notable expansion. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports of reached the maximum at X tons in 2022, and then shrank rapidly in the following year.
In value terms, imports of formic acid, its salts and esters contracted slightly to $X in 2023. Overall, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then shrank modestly in the following year.
Imports by Country
In 2023, Lithuania (X tons) constituted the largest formic acid, its salts and esters supplier to Latvia, accounting for a X% share of total imports. Moreover, imports of formic acid, its salts and esters from Lithuania exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. The Netherlands (X tons) ranked third in terms of total imports with a X% share.
From 2012 to 2023, the average annual growth rate of volume from Lithuania stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the Netherlands (X.4% per year).
In value terms, Lithuania ($X) constituted the largest supplier of formic acid, its salts and esters to Latvia, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by Germany, with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of value from Lithuania totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X.4% per year) and Germany (X% per year).
Import Prices by Country
In 2023, the average import price for formic acid, its salts and esters amounted to $X per ton, rising by X% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, import price for formic acid, its salts and esters increased by X% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the market for formic acid, its salts and esters in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20143250 - Formic acid, its salts and esters
Country coverage:
- Latvia
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Latvia
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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