Report Update Nov 1, 2024

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

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South Africa: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in South Africa

After two years of decline, the South African market for formic acid, its salts and esters increased by 104% to $X in 2021. In general, consumption recorded resilient growth. Consumption of peaked in 2021 and is expected to retain growth in years to come.

Exports of Formic Acid, Its Salts And Esters

Exports from South Africa

In 2021, overseas shipments of formic acid, its salts and esters increased by 26% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports continue to indicate moderate growth. The most prominent rate of growth was recorded in 2017 with an increase of 133%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of formic acid, its salts and esters soared to $X in 2021. Overall, exports continue to indicate a mild expansion. The growth pace was the most rapid in 2016 with an increase of 425%. 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

Namibia (X tons), Zimbabwe (X tons) and Zambia (X tons) were the main destinations of exports of formic acid, its salts and esters from South Africa, with a combined 80% share of total exports. Malawi, Mozambique and Lesotho lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the biggest increases were recorded for Lesotho (with a CAGR of +35.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Namibia ($X), Zimbabwe ($X) and Zambia ($X) constituted the largest markets for formic acid, its salts and esters exported from South Africa worldwide, with a combined 73% share of total exports.

Zimbabwe, with a CAGR of +20.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for formic acid, its salts and esters amounted to $X per ton, with an increase of 67% against the previous year. Overall, the export price, however, showed a mild curtailment. The pace of growth appeared the most rapid in 2016 an increase of 190% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Mozambique ($X per ton), while the average price for exports to Lesotho ($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 Pakistan (+98.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Formic Acid, Its Salts And Esters

Imports into South Africa

In 2021, imports of formic acid, its salts and esters into South Africa skyrocketed to X tons, jumping by 70% against 2020 figures. In general, imports continue to indicate buoyant growth. 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 skyrocketed to $X in 2021. Overall, imports showed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of formic acid, its salts and esters to South Africa, accounting for a 79% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+21.5% per year) and Finland (-31.8% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to South Africa, comprising 74% of total imports. The second position in the ranking was taken by Germany ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+18.7% per year) and Finland (-32.5% per year).

Import Prices by Country

The average import price for formic acid, its salts and esters stood at $X per ton in 2021, jumping by 34% against the previous year. Over the period under review, the import price, however, recorded a mild descent. The pace of growth appeared the most rapid in 2017 an increase of 51%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Finland ($X per ton), while the price for China ($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 (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for formic acid, its salts and esters in the world?

The country with the largest volume of consumption of formic acid, its salts and esters was China, comprising approx. 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 United States ranked third in terms of total consumption 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 South Africa?

In value terms, China constituted the largest supplier of formic acid, its salts and esters to South Africa, comprising 59% of total imports. The second position in the ranking was occupied by Germany, with a 28% share of total imports.

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

In value terms, Namibia, Zambia and Zimbabwe constituted the largest markets for formic acid, its salts and esters exported from South Africa worldwide, with a combined 80% share of total exports. These countries were followed by Angola and Lesotho, which together accounted for a further 12%.

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

The average export price for formic acid, its salts and esters stood at $707 per ton in 2020, waning by -36% against the previous year.

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

The average import price for formic acid, its salts and esters stood at $605 per ton in 2020, waning by -3.5% against the previous year.

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

South Africa

Data coverage:

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