Africa: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in Africa

The African market for formic acid, its salts and esters dropped to $X in 2021, falling by -6.2% against the previous year. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.7% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in Africa

In value terms, production of formic acid, its salts and esters declined to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +103.0% against 2012 indices. The growth pace was the most rapid in 2013 with an increase of 35%. The level of production peaked at $X in 2020, and then declined in the following year.

Exports of Formic Acid, Its Salts And Esters

Exports in Africa

In 2021, approx. X tons of formic acid, its salts and esters were exported in Africa; with an increase of 102% on the previous year. In general, exports recorded buoyant growth. Over the period under review, the exports of hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Overall, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Egypt represented the largest exporting country with an export of about X tons, which finished at 56% of total exports. South Africa (X tons) ranks second in terms of the total exports with a 17% share, followed by Cameroon (14%). Kenya (X tons), Mozambique (X tons) and Angola (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to formic acid, its salts and esters exports from Egypt stood at +28.1%. At the same time, Mozambique (+101.4%), Cameroon (+28.5%) and South Africa (+3.3%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest-growing exporter exported in Africa, with a CAGR of +101.4% from 2012-2021. Kenya experienced a relatively flat trend pattern. By contrast, Angola (-15.5%) illustrated a downward trend over the same period. While the share of Egypt (+41 p.p.), Cameroon (+14 p.p.) and Mozambique (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Kenya (-4.8 p.p.), South Africa (-15.2 p.p.) and Angola (-19.5 p.p.) displayed negative dynamics.

In value terms, Egypt ($X) remains the largest formic acid, its salts and esters supplier in Africa, comprising 88% of total exports. The second position in the ranking was held by South Africa ($X), with a 4.8% share of total exports. It was followed by Cameroon, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value in Egypt amounted to +81.5%. The remaining exporting countries recorded the following average annual rates of exports growth: South Africa (+1.3% per year) and Cameroon (+30.5% per year).

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, with an increase of 48% against the previous year. Over the period under review, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the export price increased by 251% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Egypt ($X per ton), while Kenya ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+41.7%), while the other leaders experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports in Africa

In 2021, supplies from abroad of formic acid, its salts and esters increased by 14% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2018 when imports increased by 188%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. In general, imports continue to indicate mild growth. The most prominent rate of growth was recorded in 2018 with an increase of 334% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

South Africa represented the major importing country with an import of around X tons, which finished at 41% of total imports. Morocco (X tons) held the second position in the ranking, followed by Egypt (X tons), Algeria (X tons), Djibouti (X tons) and Kenya (X tons). All these countries together took approx. 38% share of total imports. Ethiopia (X tons), Gabon (X tons), Liberia (X tons) and Cameroon (X tons) followed a long way behind the leaders.

Imports into South Africa increased at an average annual rate of +11.2% from 2012 to 2021. At the same time, Liberia (+38.3%), Algeria (+16.0%), Gabon (+14.1%), Djibouti (+11.2%) and Ethiopia (+6.4%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in Africa, with a CAGR of +38.3% from 2012-2021. Cameroon experienced a relatively flat trend pattern. By contrast, Egypt (-1.5%), Morocco (-1.6%) and Kenya (-5.0%) illustrated a downward trend over the same period. While the share of South Africa (+23 p.p.), Algeria (+5.3 p.p.), Djibouti (+4.1 p.p.) and Liberia (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Egypt (-2.7 p.p.), Morocco (-3.2 p.p.) and Kenya (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported formic acid, its salts and esters in Africa, comprising 30% of total imports. The second position in the ranking was taken by Egypt ($X), with a 13% share of total imports. It was followed by Algeria, with a 10% share.

In South Africa, imports of formic acid, its salts and esters increased at an average annual rate of +9.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Egypt (+4.3% per year) and Algeria (+20.4% per year).

Import Prices by Country

In 2021, the import price in Africa amounted to $X per ton, growing by 11% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 51% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Gabon ($X per ton), while Djibouti ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+5.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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