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

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

The SADC market for formic acid, its salts and esters dropped slightly to $X in 2021, shrinking by -2.3% against the previous year. The market value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in SADC

In value terms, production of formic acid, its salts and esters reduced to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.6% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 30%. As a result, production attained the peak level of $X. From 2019 to 2021, production of growth remained at a lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports in SADC

In 2021, shipments abroad of formic acid, its salts and esters increased by 26% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 112% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Over the period under review, exports, however, continue to indicate a mild shrinkage. The growth pace was the most rapid in 2016 with an increase of 207%. Over the period under review, the exports of reached the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

South Africa dominates esters structure, reaching X tons, which was approx. 74% of total exports in 2021. Mozambique (X tons) ranks second in terms of the total exports with an 8.2% share, followed by Angola (8%). Namibia (X tons), Mauritius (X tons) and Swaziland (X tons) followed a long way behind the leaders.

Exports from South Africa increased at an average annual rate of +3.3% from 2012 to 2021. At the same time, Mozambique (+101.4%), Namibia (+34.9%) and Swaziland (+2.7%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest-growing exporter exported in SADC, with a CAGR of +101.4% from 2012-2021. By contrast, Mauritius (-13.5%) and Angola (-15.5%) illustrated a downward trend over the same period. While the share of South Africa (+20 p.p.), Mozambique (+8.2 p.p.) and Namibia (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Mauritius (-4.9 p.p.) and Angola (-27.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest formic acid, its salts and esters supplier in SADC, comprising 70% of total exports. The second position in the ranking was taken by Angola ($X), with a 14% share of total exports. It was followed by Mozambique, with a 7.2% share.

In South Africa, exports of formic acid, its salts and esters increased at an average annual rate of +1.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Angola (-11.1% per year) and Mozambique (+81.5% per year).

Export Prices by Country

In 2021, the export price in SADC amounted to $X per ton, jumping by 36% against the previous year. Over the period under review, the export price, however, recorded a slight downturn. The growth pace was the most rapid in 2016 when the export price increased by 101%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritius (+13.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in SADC

In 2021, approx. X tons of formic acid, its salts and esters were imported in SADC; rising by 60% compared with the previous year. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

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

Imports by Country

South Africa prevails in esters structure, accounting for X tons, which was approx. 91% of total imports in 2021. The following importers - Tanzania (X tons) and Angola (X tons) - together made up 5% of total imports.

South Africa was also the fastest-growing in terms of the formic acid, its salts and esters imports, with a CAGR of +11.2% from 2012 to 2021. At the same time, Tanzania (+3.2%) displayed positive paces of growth. By contrast, Angola (-2.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Africa increased by +17 percentage points.

In value terms, South Africa ($X) constitutes the largest market for imported formic acid, its salts and esters in SADC, comprising 71% of total imports. The second position in the ranking was held by Angola ($X), with a 21% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in South Africa totaled +9.2%. The remaining importing countries recorded the following average annual rates of imports growth: Angola (+8.4% per year) and Tanzania (+11.6% per year).

Import Prices by Country

In 2021, the import price in SADC amounted to $X per ton, rising by 7.3% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the import price increased by 54% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Angola ($X per ton), while South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Angola (+11.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform