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

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

In 2021, the West African market for formic acid, its salts and esters increased by 3.7% to $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -25.8% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Formic Acid, Its Salts And Esters in Western Africa

In value terms, production of formic acid, its salts and esters expanded significantly to $X in 2021 estimated in export price. The total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.0% against 2017 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 97%. Over the period under review, production of reached the maximum level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Formic Acid, Its Salts And Esters

Exports in Western Africa

In 2021, the amount of formic acid, its salts and esters exported in Western Africa dropped dramatically to X tons, which is down by -55.9% against the previous year. Overall, exports saw a pronounced descent. The most prominent rate of growth was recorded in 2014 when exports increased by 1,562%. Over the period under review, the exports of hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, exports of formic acid, its salts and esters reached $X in 2021. In general, exports recorded a noticeable slump. The most prominent rate of growth was recorded in 2014 when exports increased by 1,267% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Cote d'Ivoire (X tons) represented the main exporter of formic acid, its salts and esters, mixing up 54% of total exports. Ghana (X tons) held a 27% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (13%) and Nigeria (5.6%).

From 2012 to 2021, average annual rates of growth with regard to formic acid, its salts and esters exports from Cote d'Ivoire stood at -2.7%. At the same time, Nigeria (+45.1%) and Ghana (+25.2%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +45.1% from 2012-2021. By contrast, Senegal (-17.0%) illustrated a downward trend over the same period. Ghana (+24 p.p.), Cote d'Ivoire (+6.4 p.p.) and Nigeria (+5.5 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -36.2% from 2012 to 2021, respectively.

In value terms, the largest formic acid, its salts and esters supplying countries in Western Africa were Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X), with a combined 100% share of total exports.

Ghana, with a CAGR of +15.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, surging by 160% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.5%), while the other leaders experienced a decline in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in Western Africa

In 2021, approx. X tons of formic acid, its salts and esters were imported in Western Africa; dropping by -64.7% against the previous year's figure. In general, imports showed a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 57% against the previous year. Over the period under review, imports of attained the maximum 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 fell rapidly to $X in 2021. Overall, imports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2017 when imports increased by 63% against the previous year. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Liberia represented the main importer of formic acid, its salts and esters in Western Africa, with the volume of imports resulting at X tons, which was near 38% of total imports in 2021. Nigeria (X tons) ranks second in terms of the total imports with a 22% share, followed by Senegal (19%) and Ghana (11%). Mali (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Liberia (with a CAGR of +38.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Ghana ($X), Senegal ($X) and Liberia ($X) constituted the countries with the highest levels of imports in 2021, together comprising 77% of total imports.

Among the main importing countries, Liberia, with a CAGR of +28.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, jumping by 70% against the previous year. Import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+10.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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