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

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

In 2021, after five years of growth, there was decline in the GCC market for formic acid, its salts and esters, when its value decreased by -0.4% to $X. In general, consumption, however, enjoyed buoyant growth. Over the period under review, the market attained the peak level at $X in 2020, and then shrank modestly in the following year.

Production of Formic Acid, Its Salts And Esters in GCC

In value terms, production of formic acid, its salts and esters declined to $X in 2021 estimated in export price. Overall, production, however, saw a prominent increase. The growth pace was the most rapid in 2013 with an increase of 71% against the previous year. The level of production peaked at $X in 2020, and then shrank in the following year.

Exports of Formic Acid, Its Salts And Esters

Exports in GCC

In 2021, shipments abroad of formic acid, its salts and esters decreased by -37.3% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2017 when exports increased by 107%. Over the period under review, the exports of reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, exports of formic acid, its salts and esters shrank sharply to $X in 2021. Overall, exports faced a abrupt setback. The most prominent rate of growth was recorded in 2018 when exports increased by 64% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Saudi Arabia was the largest exporter of formic acid, its salts and esters in GCC, with the volume of exports finishing at X tons, which was approx. 83% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), constituting an 11% share of total exports. Oman (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to formic acid, its salts and esters exports from Saudi Arabia stood at -16.9%. At the same time, Oman (+10.0%) and the United Arab Emirates (+2.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +10.0% from 2012-2021. The United Arab Emirates (+9.2 p.p.) and Oman (+4 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -11.1% from 2012 to 2021, respectively.

In value terms, the largest formic acid, its salts and esters supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 98% share of total exports.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +8.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 8.8% against the previous year. Export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for formic acid, its salts and esters decreased by -16.8% against 2016 indices. The most prominent rate of growth was recorded in 2016 an increase of 118% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in GCC

In 2021, purchases abroad of formic acid, its salts and esters decreased by -0.6% to X tons, falling for the second consecutive year after three years of growth. Overall, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2018 when imports increased by 123%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters contracted slightly to $X in 2021. Over the period under review, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 142%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) dominates esters structure, together constituting 94% of total imports. Oman (X tons) and Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +19.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 95% share of total imports.

The United Arab Emirates, with a CAGR of +14.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, stabilizing at the previous year. In general, the import price recorded a noticeable shrinkage. The growth pace was the most rapid in 2015 when the import price increased by 18% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform