ECOWAS: Aromatic Alcohols Market 2024

Aromatic Alcohols Market Size in ECOWAS

The ECOWAS aromatic alcohols market declined to $X in 2021, with a decrease of -5.2% against the previous year. The total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.7% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Aromatic Alcohols Production in ECOWAS

In value terms, aromatic alcohols production fell slightly 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 +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -10.7% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 44%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Aromatic Alcohols Exports

Exports in ECOWAS

For the fourth year in a row, ECOWAS recorded decline in overseas shipments of aromatic alcohols and their derivatives, which decreased by -43.9% to X tons in 2021. In general, exports, however, continue to indicate notable growth. The most prominent rate of growth was recorded in 2017 when exports increased by 307% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, aromatic alcohols exports contracted remarkably to $X in 2021. Overall, exports, however, posted a modest increase. The most prominent rate of growth was recorded in 2017 with an increase of 196%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Togo prevails in exports structure, resulting at X tons, which was approx. 91% of total exports in 2021. It was distantly followed by Ghana (X tons), generating an 8% share of total exports.

Togo was also the fastest-growing in terms of the aromatic alcohols and their derivatives exports, with a CAGR of +4.4% from 2012 to 2021. Ghana (-8.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Togo increased by +14 percentage points.

In value terms, Togo ($X) remains the largest aromatic alcohols supplier in ECOWAS, comprising 91% of total exports. The second position in the ranking was held by Ghana ($X), with a 5.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Togo stood at +2.0%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, waning by -2.7% against the previous year. Over the period under review, the export price saw a slight setback. The most prominent rate of growth was recorded in 2019 an increase of 21% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Togo ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%).

Aromatic Alcohols Imports

Imports in ECOWAS

In 2021, the amount of aromatic alcohols and their derivatives imported in ECOWAS surged to X tons, rising by 95% against the year before. Overall, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2019 when imports increased by 289%. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, aromatic alcohols imports soared to $X in 2021. Over the period under review, imports posted strong growth. The pace of growth was the most pronounced in 2019 with an increase of 259% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Nigeria was the main importing country with an import of about X tons, which recorded 74% of total imports. It was distantly followed by Mali (X tons), mixing up a 19% share of total imports. Ghana (X tons) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +9.7% from 2012 to 2021. At the same time, Mali (+19.5%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.5% from 2012-2021. By contrast, Ghana (-14.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Mali increased by +17 and +12 percentage points, respectively.

In value terms, Mali ($X), Nigeria ($X) and Ghana ($X) were the countries with the highest levels of imports in 2021, together accounting for 93% of total imports.

In terms of the main importing countries, Mali, with a CAGR of +15.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, dropping by -8.5% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 141% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mali ($X per ton), while Nigeria ($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 (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform