Africa: Acetic Acid Market 2024

Acetic Acid Market Size in Africa

The African acetic acid market reached $X in 2021, growing by 3.5% against the previous year. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Acetic Acid Production in Africa

In value terms, acetic acid production fell to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 23%. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Acetic Acid Exports

Exports in Africa

Acetic acid exports expanded modestly to X tons in 2021, picking up by 1.6% on 2020 figures. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 24% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, acetic acid exports surged to $X in 2021. Total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

South Africa represented the major exporter of acetic acid in Africa, with the volume of exports accounting for X tons, which was near 63% of total exports in 2021. Algeria (X tons) took the second position in the ranking, followed by Tunisia (X tons). All these countries together took approx. 19% share of total exports. The following exporters - Ghana (X tons), Kenya (X tons), Morocco (X tons) and Cameroon (X tons) - together made up 10% of total exports.

Exports from South Africa increased at an average annual rate of +1.8% from 2012 to 2021. At the same time, Morocco (+38.3%), Algeria (+36.0%) and Ghana (+9.9%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in Africa, with a CAGR of +38.3% from 2012-2021. By contrast, Kenya (-2.6%), Tunisia (-4.4%) and Cameroon (-14.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Africa, Algeria, Ghana and Morocco increased by +12, +9.9, +2.4 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest acetic acid supplier in Africa, comprising 69% of total exports. The second position in the ranking was taken by Tunisia ($X), with a 6.3% share of total exports. It was followed by Ghana, with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in South Africa stood at +8.2%. In the other countries, the average annual rates were as follows: Tunisia (-4.5% per year) and Ghana (+8.8% per year).

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, picking up by 46% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Cameroon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+6.3%), while the other leaders experienced mixed trends in the export price figures.

Acetic Acid Imports

Imports in Africa

In 2021, after two years of decline, there was significant growth in purchases abroad of acetic acid, when their volume increased by 29% to X tons. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid imports surged to $X in 2021. In general, imports showed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

South Africa represented the largest importing country with an import of around X tons, which recorded 40% of total imports. Egypt (X tons) held the second position in the ranking, followed by Algeria (X tons) and Nigeria (X tons). All these countries together took near 33% share of total imports. The following importers - Morocco (X tons), Tanzania (X tons), Mauritius (X tons), Angola (X tons), Tunisia (X tons) and Kenya (X tons) - together made up 17% of total imports.

From 2012 to 2021, average annual rates of growth with regard to acetic acid imports into South Africa stood at +11.9%. At the same time, Nigeria (+25.7%), Algeria (+13.2%), Tanzania (+13.2%), Kenya (+9.2%), Angola (+6.5%), Mauritius (+1.3%) and Tunisia (+1.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Africa, with a CAGR of +25.7% from 2012-2021. Egypt experienced a relatively flat trend pattern. By contrast, Morocco (-3.9%) illustrated a downward trend over the same period. While the share of South Africa (+16 p.p.), Nigeria (+5.7 p.p.), Algeria (+4.4 p.p.) and Tanzania (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Morocco (-5.8 p.p.) and Egypt (-13.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest acetic acid importing markets in Africa were South Africa ($X), Egypt ($X) and Algeria ($X), with a combined 63% share of total imports. Nigeria, Morocco, Angola, Tunisia, Mauritius, Tanzania and Kenya lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, Nigeria, with a CAGR of +26.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Africa stood at $X per ton in 2021, increasing by 43% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Angola ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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