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

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

In 2021, the Moroccan market for formic acid, its salts and esters was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption saw a perceptible setback. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Morocco

In 2021, exports of formic acid, its salts and esters from Morocco dropped to X kg, which is down by -11.3% compared with the year before. Overall, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 266%. Over the period under review, the exports of hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters reduced to $X in 2021. In general, exports showed a deep slump. The pace of growth appeared the most rapid in 2018 with an increase of 81%. Over the period under review, the exports of hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X kg) was the main destination for exports of formic acid, its salts and esters from Morocco, with a 80% share of total exports. Moreover, exports of formic acid, its salts and esters to Switzerland exceeded the volume sent to the second major destination, France (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Switzerland amounted to -13.4%.

In value terms, Switzerland ($X) remains the key foreign market for formic acid, its salts and esters exports from Morocco, comprising 99% of total exports. The second position in the ranking was held by France ($X), with a 0.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Switzerland totaled -5.9%.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, picking up by 8.2% against the previous year. In general, the export price showed a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 367%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per ton), while the average price for exports to France stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+948.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Formic Acid, Its Salts And Esters

Imports into Morocco

In 2021, supplies from abroad of formic acid, its salts and esters decreased by -3.6% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports continue to indicate a mild reduction. The pace of growth was the most pronounced in 2017 with an increase of 43% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, imports of formic acid, its salts and esters surged to $X in 2021. Overall, imports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 with an increase of 55% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest formic acid, its salts and esters supplier to Morocco, with a 29% share of total imports. Moreover, imports of formic acid, its salts and esters from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Sweden (X tons), with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume from Germany amounted to -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.5% per year) and Sweden (+6.8% per year).

In value terms, Germany ($X) constituted the largest supplier of formic acid, its salts and esters to Morocco, comprising 30% of total imports. The second position in the ranking was taken by China ($X), with a 9.7% share of total imports. It was followed by Sweden, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled -9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.6% per year) and Sweden (+8.5% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, picking up by 35% against the previous year. Overall, the import price, however, continues to indicate a slight curtailment. The growth pace was the most rapid in 2018 when the average import price increased by 37% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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