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

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

After two years of growth, the Omani market for formic acid, its salts and esters decreased by -0.6% to $X in 2021. In general, consumption, however, posted resilient growth. Over the period under review, the market reached the maximum level at $X in 2020, and then declined slightly in the following year.

Production of Formic Acid, Its Salts And Esters in Oman

In value terms, production of formic acid, its salts and esters shrank modestly to $X in 2021 estimated in export price. In general, production, however, saw strong growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 93% against the previous year. Production of peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from Oman

In 2021, the amount of formic acid, its salts and esters exported from Oman surged to X tons, jumping by 18% on 2020 figures. Over the period under review, exports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2019 with an increase of 113%. Over the period under review, the exports of reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Overall, exports, however, saw a perceptible decline. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for exports of formic acid, its salts and esters from Oman, with a 92% share of total exports. Moreover, exports of formic acid, its salts and esters to the United Arab Emirates exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), more than tenfold. The third position in this ranking was held by Saudi Arabia (X tons), with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (0.0% per year) and Saudi Arabia (0.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for formic acid, its salts and esters exports from Oman, comprising 70% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 16% share of total exports. It was followed by Brunei Darussalam, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates stood at +13.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (0.0% per year) and Brunei Darussalam (0.0% per year).

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, growing by 31% against the previous year. Overall, the export price, however, faced a abrupt downturn. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Somalia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (-10.9%).

Imports of Formic Acid, Its Salts And Esters

Imports into Oman

For the fourth year in a row, Oman recorded growth in purchases abroad of formic acid, its salts and esters, which increased by 138% to X tons in 2021. Over the period under review, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 160% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, imports of formic acid, its salts and esters soared to $X in 2021. In general, imports recorded a strong expansion. The pace of growth was the most pronounced in 2018 when imports increased by 256%. Over the period under review, imports of attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and the UK (X tons) were the main suppliers of imports of formic acid, its salts and esters to Oman, with a combined 94% share of total imports. These countries were followed by Germany, which accounted for a further 2.7%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +46.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formic acid, its salts and esters suppliers to Oman were the UK ($X), the United Arab Emirates ($X) and China ($X), with a combined 93% share of total imports.

China, with a CAGR of +31.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, growing by 12% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 107%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for Germany ($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 (+2.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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