ECOWAS: Acetone Market 2024

Acetone Market Size in ECOWAS

The ECOWAS acetone market declined to $X in 2021, shrinking by -8.1% against the previous year. The total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.1% 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 increased by +25.8% against 2019 indices. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Acetone Production in ECOWAS

In value terms, acetone production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 73%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Acetone Exports

Exports in ECOWAS

In 2021, approx. X tons of acetone were exported in ECOWAS; picking up by 25% compared with the year before. Overall, exports posted temperate growth. The pace of growth was the most pronounced in 2013 with an increase of 166% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, acetone exports soared to $X in 2021. Over the period under review, exports saw moderate growth. The most prominent rate of growth was recorded in 2013 when exports increased by 159% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire was the largest exporting country with an export of around X tons, which amounted to 65% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 20% share, followed by Senegal (12%).

Cote d'Ivoire was also the fastest-growing in terms of the acetone exports, with a CAGR of +42.5% from 2012 to 2021. At the same time, Ghana (+6.3%) displayed positive paces of growth. By contrast, Senegal (-13.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cote d'Ivoire and Ghana increased by +61 and +3.8 percentage points, respectively.

In value terms, the largest acetone supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X), together accounting for 95% of total exports.

Cote d'Ivoire, with a CAGR of +38.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, surging by 3.4% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 20% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 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 ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+0.0%), while the other leaders experienced a decline in the export price figures.

Acetone Imports

Imports in ECOWAS

Acetone imports reached X tons in 2021, surging by 7.9% against the year before. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 56%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, acetone imports skyrocketed to $X in 2021. Total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 86% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Nigeria (X tons) represented the major importer of acetone, mixing up 63% of total imports. It was distantly followed by Ghana (X tons) and Cote d'Ivoire (X tons), together making up a 34% share of total imports.

Imports into Nigeria increased at an average annual rate of +6.2% from 2012 to 2021. At the same time, Ghana (+19.7%) and Cote d'Ivoire (+1.6%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.7% from 2012-2021. While the share of Ghana (+13 p.p.) and Nigeria (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-6.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported acetone in ECOWAS, comprising 62% of total imports. The second position in the ranking was held by Ghana ($X), with an 18% share of total imports.

In Nigeria, acetone imports expanded at an average annual rate of +7.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+16.6% per year) and Cote d'Ivoire (+2.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 47% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+1.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform