Survey of Sodium Formate and Formic Acid in China

Report edition: 2019 edition(2)
Finished time:
Document type: PDF
Total pages : 48
Language version: English
Published by CCM
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  • Introduction
  • Main contents
  • List of tables
  • List of figures

Description:

Sodium formate and formic acid industries in China were under structural reform since 2015 when the Chinese government has issued the new Environmental Protection Law. During 2016 to 2018, the capacity of sodium formate in China decreased to 505,800 t/a from 655,000 t/a. Meanwhile, the capacity of formic acid in China dropped from 558,200 t/a in 2016 to 390,200 t/a in 2017 but increased to 565,200 t/a in 2018. Affected by the tightening environmental regulations, the domestic supply of sodium formate and formic acid decreased in 2017, which has driven up the ex-works prices of both products in 2017 and 2018. In the coming two years, sodium formate and formic acid industries in China will remain under strict environmental regulations and inspections. It is necessary for sodium formate and formic acid industry participants to keep track on the changes of market dynamics and China's environmental regulations on industrial production.

The Chinese government has been tightening the environmental regulations since 2015 when the new Environmental Protection Law was officially implemented. In Dec. 2016, the Chinese government passed the Environmental Protection Tax Law which was brought into effect on 1 Jan., 2018, further tightened the environmental laws. Chemical industries in China, including sodium formate and formic acid industries are restricted by the environmental laws in the following aspects: control on emissions, supervisions and inspections from environmental protection departments, rectification of industrial parks, and environmental protection tax levied on emission equivalent quantity and value.

The ex-works price of both sodium formate and formic acid surged in H2 2017 due to diminishing domestic supply as well as increasing raw material cost. In 2018, the monthly ex-works price of sodium formate kept decreasing, and that of formic acid was relatively stable.

China's export volume of both sodium formate and formic acid witnessed increase in 2018, and formic acid even saw a growth rate of over three fourth in terms of export volume. China's key export destinations of sodium formate include Russia, India, Pakistan and the Netherlands, and China's main export destinations of formic acid include the Netherlands, India, Turkey, Spain, Brazil, South Korea, Vietnam, Japan, Thailand, Italy, etc.

This survey aims to study the current sodium formate and formic acid industries and forecasts the market to 2023. This survey provides detailed analysis on the factors influencing the development of sodium formate and formic acid industries in China, as well as current and historic trend of both industries. Market drivers, restraints, opportunities and relative policies can be found in this report.

This report is based on data collected via diverse sources. The primary sources include interviews with industrial experts, key producers, key traders, key raw material suppliers and key end users of sodium formate and formic acid. Various secondary sources include published magazines, journals, government statistics and CCM's database, etc. Data obtained from various sources have been combined and cross-checked to ensure that this report is as accurate and methodologically sound as possible.

The dynamics of key market players in sodium formate and formic acid industries are listed in this research. Key market participants studied include Luxi Chemical, Hubei Yihua, and Chongqing Chuandong, etc.

Scope of the report
Region cope: China
Time scope: primarily 2018 unless otherwise stated.
On the basis of industrial segments: sodium formate and formic acid production, ex-works prices of sodium formate and formic acid, sodium formate and formic acid exports and consumption.

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