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Sodium Formate and Formic Acid China Report 2018-Survey of Sodium Formate and Formic Acid in China

Sodium Formate and Formic Acid China Report 2018-Survey of Sodium Formate and Formic Acid in China

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 May 2018, the capacity of sodium formate in China decreased to 505,500 t/a from 617,500 t/a at a CAGR of -9.52%. Meanwhile, the capacity of formic acid in China dropped from 585,100 t/a to 398,100 t/a at a CAGR of -17.51%. Two of China’s sodium formate producers and four formic acid producers exited the market in the last two years. 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 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. Carbon monoxide and sodium hydroxide are two of the major raw materials in sodium formate and formic acid production. Affected by the Chinese government policies on elimination of outmoded capacity, the domestic supply of coal, a raw material of carbon monoxide was limited in 2017. The price of carbon monoxide was boosted due to lack of supply. The supply of sodium hydroxide was also limited by the elimination of outmoded capacity as well as tightening environmental regulations. In Q4 2017, the ex-works price of sodium hydroxide surged due to increasing demand for sodium hydroxide from aluminum oxide and papermaking industries, which boosted the price of both sodium formate and formic acid.

In 2017, China exported 57,259 tonnes of sodium formate to 61 countries and regions. Russia, the US, South Korea, the Netherlands and Pakistan were the top five destinations of China's sodium formate exports by volume. The export volume of formic acid from China was 99,999 tonnes in 2017. Thailand, Japan, India, Vietnam and South Korea were the top five destinations of China's formic acid exports by volume among 69 countries and regions.

This survey aims to study the current sodium formate and formic acid industries and forecasts the market to 2019. 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 2017 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.


Executive summary
Methodology
1 Overview of sodium formate and formic acid industries in China
1.1 Brief introduction to sodium formate and formic acid
1.2 Current sodium formate and formic acid industries
1.3 Government policies on sodium formate and formic acid industries
2 Sodium formate industry in China, 2017
2.1 Producer
2.2 Production
2.3 Price
2.4 Exports
2.5 Consumption
2.6 Raw materials consumption by different methods in China
2.7 Forecast, 2018–2019
3 Formic acid industry in China, 2017
3.1 Producer
3.2 Production
3.3 Price
3.4 Exports
3.5 Consumption
3.6 Raw material consumption
3.7 Forecast, 2018–2019
4 Profiles of major sodium formate and formic acid producers in China
4.1 Luxi Chemical Group Co., Ltd.
4.2 Hubei Yihua Chemical Industry Co., Ltd.
4.3 Qianjiang Fuyang Chemical Co., Ltd.
4.4 Yibin Tianyuan Group Co., Ltd.
4.5 Anhui Jinhe Industrial Co., Ltd.
4.6 Shandong Fufeng Perstorp Chemical Co., Ltd.
4.7 Chongqing Chuandong Chemical (Group) Co., Ltd.
4.8 Guizhou Kaiyang Qingli Tianmeng Chemical Co., Ltd.
4.9 Jiangsu Kailin Ruiyang Chemical Co., Ltd.
4.10 Puyang Pengxin Chemical Co., Ltd.
4.11 Binzhou Xinke Aode Technology Co., Ltd.
4.12 Nantong Baichuan New Materials Co., Ltd.
4.13 Yunnan Shuifu Yuntianhua Co., Ltd.
4.14 Puyang Yong'an Chemical Co., Ltd.
4.15 Baoding Guoxiu Chemical Industry Co., Ltd.
4.16 Bazhou Shengfang United Chemical Co., Ltd.
4.17 BASF-YPC Co., Ltd.
4.18 Huanghua Pengfa Chemical Co., Ltd.
4.19 Zouping Fenlian Biotech Co., Ltd.
LIST OF TABLES
Table 1.1-1 National Standard on Formic Acid for Industrial Use GB/T 2093–2011
Table 2.1-1 List of sodium formate producers in China, as of May 2018
Table 2.2-1 Capacity and output of sodium formate in China, 2017
Table 2.4-1 Monthly exports of sodium formate from China, 2017
Table 2.4-2 Top ten export destinations of China's sodium formate, 2017
Table 2.5-1 Application fields of sodium formate in China
Table 2.6-1 Reaction of carbon monoxide and sodium hydroxide
Table 2.6-2 By-product of pentaerythritol
Table 2.6-3 By-product of NPG
Table 2.6-4 By-product of TMP
Table 3.1-1 List of formic acid producers in China, as of May 2018
Table 3.2-1 Capacity and output of formic acid in China, 2017
Table 3.4-1 Monthly exports of formic acid from China, 2017
Table 3.4-2 Top ten export destinations of China's formic acid, 2017
Table 3.5-1 Application fields of formic acid in China
Table 3.6-1 Unit consumption of major raw materials for formic acid (85%) production in China
Table 4.1-1 Capacity and output of sodium formate and formic acid in Luxi Chemical, 2017
Table 4.2-1 Capacity and output of sodium formate in Hubei Yihua, 2017
Table 4.3-1 Capacity and output of sodium formate in Qianjiang Fuyang, 2017
Table 4.4-1 Capacity and output of sodium formate and formic acid in Yibin Tianyuan, 2017
Table 4.5-1 Capacity and output of sodium formate and formic acid in Anhui Jinhe, 2017
Table 4.6-1 Capacity and output of sodium formate in Shandong Perstorp, 2017
Table 4.7-1 Capacity and output of sodium formate and formic acid in Chongqing Chuandong, 2017
Table 4.8-1 Capacity and output of sodium formate in Kaiyang Qingli, 2017
Table 4.9-1 Capacity and output of sodium formate and formic acid in Kailin Ruiyang, 2017
Table 4.10-1 Capacity and output of sodium formate in Puyang Pengxin, 2017
Table 4.11-1 Capacity and output of sodium formate and formic acid in Xinke Aode, 2017
Table 4.12-1 Capacity and output of sodium formate in Nantong Baichuan, 2017
Table 4.13-1 Capacity and output of sodium formate in Shuifu Yuntianhua, 2017
Table 4.14-1 Capacity and output of sodium formate in Puyang Yong'an, 2017
Table 4.15-1 Capacity and output of sodium formate in Baoding Guoxiu, 2011–2017
Table 4.16-1 Capacity and output of sodium formate in Bazhou Shengfang, 2011–2017
Table 4.17-1 Capacity and output of formic acid in BASF-YPC, 2017
Table 4.18-1 Capacity and output of formic acid in Huanghua Pengfa, 2017
Table 4.19-1 Capacity and output of formic acid in Zouping Fenlian, 2017
LIST OF FIGURES
Figure 1.1-1 Molecular structure of sodium formate
Figure 1.1-2 Molecular structure of formic acid
Figure 2.2-1 Capacity distribution of sodium formate in China, 2017
Figure 2.2-2 Output distribution of sodium formate in China, 2017
Figure 2.3-1 Monthly ex-works price of sodium formate in China, 2017
Figure 2.4-1 Monthly exports of sodium formate from China, 2017
Figure 2.4-2 Distribution of exports of sodium formate from China by destination, 2017
Figure 2.5-1 Apparent consumption of sodium formate in China, 2017, tonne
Figure 2.7-1 Forecast on China's sodium formate capacity and output, 2018–2019
Figure 3.2-1 Capacity distribution of formic acid in China, 2017
Figure 3.2-2 Output distribution of formic acid in China, 2017
Figure 3.3-1 Monthly ex-works price of formic acid by product grade in China, 2017
Figure 3.4-1 Monthly exports of formic acid from China, 2017
Figure 3.4-2 Distribution of exports of formic acid from China by destination, 2017
Figure 3.5-1 Apparent consumption of formic acid in China, 2017, tonne
Figure 3.5-2 Downstream consumption distribution of formic acid in China, 2017
Figure 3.7-1 Forecast on China's formic acid capacity and output, 2018–2019

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