Report Update Nov 1, 2024

Ghana - Formic Acid, Its Salts and Esters - Market Analysis, Forecast, Size, Trends and Insights

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

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

In 2021, the Ghanian market for formic acid, its salts and esters increased by 196% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, recorded a deep slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from Ghana

In 2021, the amount of formic acid, its salts and esters exported from Ghana soared to X tons, with an increase of 1,268% compared with 2020 figures. Over the period under review, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

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

Exports by Country

Canada (X tons) was the main destination for exports of formic acid, its salts and esters from Ghana, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada was relatively modest.

In value terms, Canada ($X) emerged as the key foreign market for formic acid, its salts and esters exports from Ghana.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada was relatively modest.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, growing by 79% against the previous year. Over the period under review, the export price, however, saw a deep slump. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Canada.

From 2012 to 2021, the rate of growth in terms of prices for the Netherlands amounted to -15.8% per year.

Imports of Formic Acid, Its Salts And Esters

Imports into Ghana

After three years of decline, supplies from abroad of formic acid, its salts and esters increased by 123% to X tons in 2021. Over the period under review, imports, however, faced a abrupt setback. The growth pace was the most rapid in 2017 when imports increased by 143% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Overall, imports, however, recorded a deep downturn. Over the period under review, imports of attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), China (X tons) and Spain (X tons) were the main suppliers of imports of formic acid, its salts and esters to Ghana, with a combined 55% share of total imports. These countries were followed by Belgium, the Netherlands, Germany and the UK, which together accounted for a further 9.8%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +30.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of formic acid, its salts and esters to Ghana, comprising 32% of total imports. The second position in the ranking was held by Spain ($X), with a 2.5% share of total imports. It was followed by Germany, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled -17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+8.2% per year) and Germany (+29.5% per year).

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, surging by 60% against the previous year. Overall, the import price saw a buoyant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($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 States (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for formic acid, its salts and esters in the world?

China constituted the country with the largest volume of consumption of formic acid, its salts and esters, accounting for 26% of total volume. Moreover, consumption of formic acid, its salts and esters in China exceeded the figures recorded by the second-largest consumer, India, twofold. The United States ranked third in terms of total consumption with a 9.8% share.

What are the largest producers of formic acid, its salts and esters in the world?

China remains the largest formic acid, its salts and esters producing country worldwide, comprising approx. 41% of total volume. Moreover, production of formic acid, its salts and esters in China exceeded the figures recorded by the second-largest producer, the United States, fourfold. India ranked third in terms of total production with an 8.1% share.

What are the leading suppliers of formic acid, its salts and esters to Ghana?

In value terms, the United States constituted the largest supplier of formic acid, its salts and esters to Ghana, comprising 58% of total imports. The second position in the ranking was occupied by Denmark, with a 15% share of total imports. It was followed by China, with a 7% share.

What is the average export price for formic acid, its salts and esters in Ghana?

The average export price for formic acid, its salts and esters stood at $2,077 per ton in 2019, remaining constant against the previous year.

What is the average import price for formic acid, its salts and esters in Ghana?

The average import price for formic acid, its salts and esters stood at $3,164 per ton in 2020, picking up by 16% against the previous year.

This report provides an in-depth analysis of the market for formic acid, its salts and esters in Ghana. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143250 - Formic acid, its salts and esters

Country coverage:

Ghana

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Ghana
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023