South Africa: Market for Formic Acid, Its Salts And Esters 2025

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

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