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

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

In 2021, the ECOWAS market for formic acid, its salts and esters was finally on the rise to reach $X after two years of decline. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -25.8% against 2016 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Production of Formic Acid, Its Salts And Esters in ECOWAS

In value terms, production of formic acid, its salts and esters expanded rapidly to $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.0% against 2017 indices. The growth pace was the most rapid in 2013 when the production volume increased by 97%. The level of production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in ECOWAS

In 2021, exports of formic acid, its salts and esters in ECOWAS declined significantly to X tons, which is down by -55.9% on 2020 figures. In general, exports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2014 when exports increased by 1,562%. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters expanded remarkably to $X in 2021. Overall, exports showed a pronounced slump. The most prominent rate of growth was recorded in 2014 with an increase of 1,267% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Cote d'Ivoire (X tons) was the main exporter of formic acid, its salts and esters, mixing up 54% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 27% share, followed by Senegal (13%) and Nigeria (5.6%).

Exports from Cote d'Ivoire decreased at an average annual rate of -2.7% from 2012 to 2021. At the same time, Nigeria (+45.1%) and Ghana (+25.2%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +45.1% from 2012-2021. By contrast, Senegal (-17.0%) illustrated a downward trend over the same period. Ghana (+24 p.p.), Cote d'Ivoire (+6.4 p.p.) and Nigeria (+5.5 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -36.2% from 2012 to 2021, respectively.

In value terms, the largest formic acid, its salts and esters supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X), together accounting for 100% of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +15.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, jumping by 160% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.5%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in ECOWAS

Imports of formic acid, its salts and esters fell significantly to X tons in 2021, which is down by -64.3% against the previous year's figure. Overall, imports faced a drastic downturn. The pace of growth was the most pronounced in 2016 when imports increased by 57% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, imports of formic acid, its salts and esters reduced notably to $X in 2021. Over the period under review, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 63% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Liberia (X tons) represented the main importer of formic acid, its salts and esters, mixing up 38% of total imports. It was distantly followed by Nigeria (X tons), Senegal (X tons) and Ghana (X tons), together constituting a 52% share of total imports. The following importers - Mali (X tons) and Cote d'Ivoire (X tons) - together made up 6.7% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Liberia (with a CAGR of +38.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Ghana ($X), Senegal ($X) and Liberia ($X) constituted the countries with the highest levels of imports in 2021, together comprising 77% of total imports.

In terms of the main importing countries, Liberia, with a CAGR of +28.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 72% against the previous year. Import price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Ghana ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+10.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform