ECOWAS: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in ECOWAS

The ECOWAS monocarboxylic acid market reduced to $X in 2022, falling by -8.3% against the previous year. Over the period under review, consumption, however, saw a temperate expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in ECOWAS

In value terms, monocarboxylic acid production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, showed a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 35% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports in ECOWAS

In 2022, shipments abroad of acrylic acid and its salts and other monocarboxylic acid was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 479%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, monocarboxylic acid exports soared to $X in 2022. Overall, exports, however, saw a deep setback. The pace of growth was the most pronounced in 2019 when exports increased by 144% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons) and Senegal (X tons) represented roughly 74% of total exports in 2022. It was distantly followed by Nigeria (X tons), constituting a 26% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +74.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Cote d'Ivoire ($X) remains the largest monocarboxylic acid supplier in ECOWAS, comprising 67% of total exports. The second position in the ranking was taken by Senegal ($X), with a 17% share of total exports.

In Cote d'Ivoire, monocarboxylic acid exports expanded at an average annual rate of +53.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+71.3% per year) and Nigeria (-15.6% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 8.2% against the previous year. Overall, the export price saw a strong expansion. The pace of growth was the most pronounced in 2013 an increase of 123%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-1.7%), while the other leaders experienced a decline in the export price figures.

Monocarboxylic Acid Imports

Imports in ECOWAS

In 2022, overseas purchases of acrylic acid and its salts and other monocarboxylic acid decreased by -64.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 121%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, monocarboxylic acid imports contracted rapidly to $X in 2022. In general, imports, however, saw a notable expansion. The pace of growth appeared the most rapid in 2019 with an increase of 77% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined significantly in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the key importer of acrylic acid and its salts and other monocarboxylic acid, mixing up 60% of total imports. Senegal (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (9.8%) and Cote d'Ivoire (7.9%). Guinea (X tons) and Sierra Leone (X tons) took a little share of total imports.

Imports into Nigeria decreased at an average annual rate of -4.6% from 2012 to 2022. At the same time, Sierra Leone (+34.4%), Guinea (+30.4%), Senegal (+28.0%), Cote d'Ivoire (+16.7%) and Ghana (+11.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.4% from 2012-2022. Senegal (+11 p.p.), Ghana (+6.5 p.p.), Cote d'Ivoire (+6.3 p.p.), Guinea (+3.8 p.p.) and Sierra Leone (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -32.2% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported acrylic acid and its salts and other monocarboxylic acid in ECOWAS, comprising 54% of total imports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with an 8.8% share.

In Nigeria, monocarboxylic acid imports contracted by an average annual rate of -2.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+30.5% per year) and Cote d'Ivoire (+14.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 47% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +101.5% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform