Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in Nigeria - 2023
Contents:
- Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in Nigeria (CIF) - 2022
- Imports of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in Nigeria
Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in Nigeria (CIF) - 2022
The average import price for acids; saturated acyclic monocarboxylic acids; formic acids stood at $1,492 per ton in 2022, picking up by 39% against the previous year. Over the period under review, the import price recorded a prominent increase. The pace of growth was the most pronounced in 2018 an increase of 87%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the near future.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($2,499 per ton), while the price for Germany ($1,066 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Imports of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in Nigeria
In 2022, approx. 1.2K tons of acids; saturated acyclic monocarboxylic acids; formic acids were imported into Nigeria; increasing by 280% compared with the year before. In general, imports, however, saw a abrupt decline.
In value terms, imports of acids; saturated acyclic monocarboxylic acids; formic acids skyrocketed to $1.8M in 2022. Overall, imports continue to indicate mild growth.
Import of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 362 | 964 | 46.5 | 684 | 23.6% |
Germany | 413 | 264 | 102 | 122 | -33.4% |
Poland | N/A | N/A | N/A | 57.1 | 0% |
Others | 934 | 1,255 | 187 | 918 | -0.6% |
Total | 1,709 | 2,483 | 336 | 1,781 | 1.4% |
Top Suppliers of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid to Nigeria in 2022:
- China (480.6 tons)
- Germany (114.3 tons)
- Poland (22.9 tons)
This report provides an in-depth analysis of the market for formic acid, its salts and esters in Nigeria.
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