Middle East: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in the Middle East

In 2021, the Middle Eastern market for formic acid, its salts and esters increased by 7.1% to $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in the Middle East

In value terms, production of formic acid, its salts and esters stood at $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 +5.8% 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 -19.8% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 48%. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in the Middle East

In 2021, after two years of decline, there was significant growth in overseas shipments of formic acid, its salts and esters, when their volume increased by 29% to X tons. In general, exports, however, recorded a abrupt curtailment. The volume of export peaked 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 surged to $X in 2021. Overall, exports, however, saw a pronounced setback. Over the period under review, the exports of reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey was the major exporter of formic acid, its salts and esters in the Middle East, with the volume of exports resulting at X tons, which was approx. 57% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), mixing up a 33% share of total exports. The United Arab Emirates (X tons), Israel (X tons) and Oman (X tons) held a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +10.0%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Turkey ($X) emerged as the largest formic acid, its salts and esters supplier in the Middle East, comprising 72% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 7.1% share.

In Turkey, exports of formic acid, its salts and esters increased at an average annual rate of +1.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-14.9% per year) and the United Arab Emirates (+8.1% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, surging by 70% against the previous year. Export price indicated a prominent expansion from 2012 to 2021: its price 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, export price for formic acid, its salts and esters increased by +103.4% against 2017 indices. As a result, the export 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 Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+6.4%), while the other leaders experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports in the Middle East

In 2021, imports of formic acid, its salts and esters in the Middle East surged to X tons, picking up by 28% compared with the previous year. Total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.4% against 2019 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 47%. 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 soared to $X in 2021. Overall, imports, however, showed a mild slump. The pace of growth appeared the most rapid in 2018 when imports increased by 99% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) represented the major importer of formic acid, its salts and esters, achieving 72% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with an 11% share, followed by Saudi Arabia (9.2%). Israel (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +8.1% from 2012 to 2021. At the same time, the United Arab Emirates (+19.4%) and Israel (+12.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +19.4% from 2012-2021. By contrast, Saudi Arabia (-13.9%) illustrated a downward trend over the same period. While the share of Turkey (+27 p.p.), the United Arab Emirates (+8.5 p.p.) and Israel (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-35.3 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) constitutes the largest market for imported formic acid, its salts and esters in the Middle East, comprising 68% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an 11% share of total imports. It was followed by the United Arab Emirates, with an 11% share.

In Turkey, imports of formic acid, its salts and esters expanded at an average annual rate of +5.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-17.4% per year) and the United Arab Emirates (+14.1% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 25% against the previous year. Over the period under review, the import price, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2018 when the import price increased by 35% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Israel ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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