Report Update Nov 1, 2024

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

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

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

The Nigerien market for formic acid, its salts and esters reduced notably to $X in 2021, shrinking by -88.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a significant decrease. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports from Nigeria

In 2021, shipments abroad of formic acid, its salts and esters decreased by -5.6% to X tons, falling for the third year in a row after five years of growth. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 1,476%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of formic acid, its salts and esters rose slightly to $X in 2021. The total export value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when exports increased by 5.9%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

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

From 2012 to 2021, the average annual growth rate of volume to Niger amounted to +45.1%.

In value terms, Niger ($X) also remains the key foreign market for formic acid, its salts and esters exports from Nigeria.

From 2012 to 2021, the average annual growth rate of value to Niger totaled +3.4%.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, increasing by 9.8% against the previous year. In general, the export price, however, continues to indicate a precipitous contraction. The growth pace was the most rapid in 2013 when the average export price increased by 24% against the previous year. 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.

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

From 2012 to 2021, the rate of growth in terms of prices for Niger amounted to -28.7% per year.

Imports of Formic Acid, Its Salts And Esters

Imports into Nigeria

In 2021, the amount of formic acid, its salts and esters imported into Nigeria reduced markedly to X tons, which is down by -90.8% compared with the previous year's figure. Overall, imports recorded a sharp descent. The most prominent rate of growth was recorded in 2016 when imports increased by 82% against the previous year. Over the period under review, imports of hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of formic acid, its salts and esters dropped markedly to $X in 2021. Over the period under review, imports saw a sharp contraction. The pace of growth appeared the most rapid in 2017 with an increase of 75%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

Belgium (X tons), Germany (X tons) and China (X tons) were the main suppliers of imports of formic acid, its salts and esters to Nigeria, with a combined 44% share of total imports. These countries were followed by Spain, Angola, Poland, Taiwan (Chinese), Norway and the UK, which together accounted for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of 0.0%), while imports for the other leaders experienced a decline.

In value terms, the largest formic acid, its salts and esters suppliers to Nigeria were Belgium ($X), Germany ($X) and China ($X), together comprising 40% of total imports. Poland, Norway, Angola, Spain, the UK and Taiwan (Chinese) lagged somewhat behind, together comprising a further 22%.

In terms of the main suppliers, Poland, with a CAGR of 0.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

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 43% against the previous year. In general, the import price showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.9%), 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 remains the largest formic acid, its salts and esters consuming country worldwide, 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 third position in this ranking was occupied by the United States, with a 9.8% share.

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

The country with the largest volume of production of formic acid, its salts and esters was China, accounting for 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 Nigeria?

In value terms, China constituted the largest supplier of formic acid, its salts and esters to Nigeria, comprising 80% of total imports. The second position in the ranking was occupied by Germany, with a 19% share of total imports.

What are the leading importers of formic acid, its salts and esters from Nigeria?

In value terms, Niger $181) remains the key foreign market for formic acid, its salts and esters exports from Nigeria.

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

The average export price for formic acid, its salts and esters stood at $103 per ton in 2020, declining by -14.6% against the previous year.

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

In 2020, the average import price for formic acid, its salts and esters amounted to $658 per ton, leveling off at the previous year.

This report provides an in-depth analysis of the market for formic acid, its salts and esters in Nigeria. 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:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
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