ECOWAS: Amino Resin Market 2024

Amino Resin Market Size in ECOWAS

The ECOWAS amino resin market rose markedly to $X in 2022, surging by 6.8% against the previous year. In general, consumption recorded a resilient increase. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in the near future.

Amino Resin Production in ECOWAS

In value terms, amino resin production expanded to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 40% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Amino Resin Exports

Exports in ECOWAS

In 2022, the amount of amino resins exported in ECOWAS skyrocketed to X tons, rising by 101% on the previous year. In general, exports, however, faced a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 1,573%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, amino resin exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2020 when exports increased by 226%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Benin (X tons) represented the key exporter of amino resins, generating 66% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 26% share, followed by Cote d'Ivoire (7.7%).

Benin experienced a relatively flat trend pattern with regard to volume of exports of amino resins. Cote d'Ivoire (-10.8%) and Ghana (-21.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Benin increased by +66 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Benin ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, with a combined 100% share of total exports.

Benin, with a CAGR of 0.0%, recorded 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 a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -15.1% against the previous year. Over the period under review, the export price showed a noticeable downturn. The pace of growth appeared the most rapid in 2021 when the export price increased by 271% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.9%).

Amino Resin Imports

Imports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in supplies from abroad of amino resins, which increased by 69% to X tons in 2022. Overall, imports enjoyed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, amino resin imports surged to $X in 2022. Over the period under review, imports enjoyed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Nigeria (X tons) represented the major importer of amino resins, committing 77% of total imports. It was distantly followed by Ghana (X tons), comprising a 13% share of total imports. The following importers - Niger (X tons) and Cote d'Ivoire (X tons) - together made up 6.7% of total imports.

Imports into Nigeria increased at an average annual rate of +46.2% from 2012 to 2022. At the same time, Niger (+89.5%) and Ghana (+8.0%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +89.5% from 2012-2022. By contrast, Cote d'Ivoire (-5.1%) illustrated a downward trend over the same period. Nigeria (+67 p.p.) and Niger (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by -23.2% and -23.8% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported amino resins in ECOWAS, comprising 74% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Niger, with an 8.1% share.

In Nigeria, amino resin imports expanded at an average annual rate of +42.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+6.6% per year) and Niger (+59.4% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, jumping by 33% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. As a result, import price reached 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 Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform