ECOWAS: Acetic Acid Market 2024

Acetic Acid Market Size in ECOWAS

The ECOWAS acetic acid market reduced remarkably to $X in 2021, waning by -15.1% against the previous year. The total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.0% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2020, and then declined remarkably in the following year.

Acetic Acid Production in ECOWAS

In value terms, acetic acid production reduced to $X in 2021 estimated in export price. The total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +73.4% against 2017 indices. The pace of growth was the most pronounced in 2018 with an increase of 79% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Acetic Acid Exports

Exports in ECOWAS

Acetic acid exports contracted to X tons in 2021, with a decrease of -8.2% compared with the year before. Overall, exports continue to indicate a deep downturn. The growth pace was the most rapid in 2017 with an increase of 210%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, acetic acid exports reduced to $X in 2021. In general, exports continue to indicate a slight slump. The pace of growth appeared the most rapid in 2017 when exports increased by 159% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Ghana (X tons) represented the major exporter of acetic acid, making up 73% of total exports. Burkina Faso (X tons) ranks second in terms of the total exports with a 13% share, followed by Cote d'Ivoire (8.5%) and Senegal (4.9%).

From 2012 to 2021, average annual rates of growth with regard to acetic acid exports from Ghana stood at +9.9%. At the same time, Burkina Faso (+19.2%) and Cote d'Ivoire (+4.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +19.2% from 2012-2021. By contrast, Senegal (-3.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Burkina Faso, Cote d'Ivoire and Senegal increased by +59, +12, +5.8 and +2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest acetic acid supplier in ECOWAS, comprising 84% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 9.9% share of total exports. It was followed by Cote d'Ivoire, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana stood at +8.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+13.4% per year) and Cote d'Ivoire (+2.6% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with an increase of 6.1% against the previous year. Export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, acetic acid export price decreased by -10.8% against 2018 indices. The growth pace was the most rapid in 2018 an increase of 63%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($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 (-0.9%), while the other leaders experienced a decline in the export price figures.

Acetic Acid Imports

Imports in ECOWAS

In 2021, purchases abroad of acetic acid decreased by -30.9% to X tons for the first time since 2015, thus ending a five-year rising trend. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 48%. Over the period under review, imports hit record highs at X tons in 2020, and then contracted rapidly in the following year.

In value terms, acetic acid imports dropped to $X in 2021. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by 48%. Over the period under review, imports attained the peak figure at $X in 2020, and then fell in the following year.

Imports by Country

Nigeria was the largest importer of acetic acid in ECOWAS, with the volume of imports finishing at X tons, which was near 71% of total imports in 2021. Cote d'Ivoire (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (8.6%). The following importers - Burkina Faso (X tons) and Gambia (X tons) - each recorded a 3.8% share of total imports.

Nigeria was also the fastest-growing in terms of the acetic acid imports, with a CAGR of +25.7% from 2012 to 2021. At the same time, Cote d'Ivoire (+7.4%) and Burkina Faso (+1.5%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. By contrast, Gambia (-11.4%) illustrated a downward trend over the same period. Nigeria (+52 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Burkina Faso, Ghana and Gambia saw its share reduced by -1.5%, -1.8%, -9% and -9.1% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported acetic acid in ECOWAS, comprising 64% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Ghana, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +26.8%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+11.3% per year) and Ghana (-2.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, growing by 29% against the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 when the import price increased by 32% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+18.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform