ECOWAS: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in ECOWAS

The ECOWAS polyethylene glycol wax market rose modestly to $X in 2021, surging by 2.4% against the previous year. Over the period under review, consumption posted a resilient expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Polyethylene Glycol Wax Production in ECOWAS

In value terms, polyethylene glycol wax production rose modestly to $X in 2021 estimated in export price. In general, production saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 70% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Polyethylene Glycol Wax Exports

Exports in ECOWAS

In 2021, shipments abroad of artificial and prepared waxes of polyethylene glycol was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, polyethylene glycol wax exports soared to $X in 2021. Overall, exports showed resilient growth. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Mali was the main exporter of artificial and prepared waxes of polyethylene glycol in ECOWAS, with the volume of exports recording X tons, which was near 70% of total exports in 2021. It was distantly followed by Togo (X tons), achieving a 30% share of total exports.

Mali experienced a relatively flat trend pattern with regard to volume of exports of artificial and prepared waxes of polyethylene glycol. At the same time, Togo (+196.9%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +196.9% from 2012-2021. From 2012 to 2021, the share of Mali and Togo increased by +69 and +29 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In Mali, polyethylene glycol wax exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, falling by -67.7% against the previous year. Overall, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2017 an increase of 179% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Togo totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (-4.2%).

Polyethylene Glycol Wax Imports

Imports in ECOWAS

In 2021, the amount of artificial and prepared waxes of polyethylene glycol imported in ECOWAS surged to X tons, with an increase of 38% against the previous year. In general, imports, however, showed a mild descent. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, polyethylene glycol wax imports soared to $X in 2021. Overall, imports, however, saw a pronounced downturn. The pace of growth appeared the most rapid in 2014 with an increase of 52% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, amounting to X tons, which was approx. 90% of total imports in 2021. Cote d'Ivoire (X tons), Ghana (X tons) and Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -1.7% from 2012 to 2021. At the same time, Ghana (+14.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +14.2% from 2012-2021. By contrast, Senegal (-3.4%) and Cote d'Ivoire (-6.7%) illustrated a downward trend over the same period. While the share of Ghana (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported artificial and prepared waxes of polyethylene glycol in ECOWAS, comprising 65% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Ghana, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at -7.2%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-1.0% per year) and Ghana (+21.8% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, shrinking by -16.3% against the previous year. In general, the import price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2016 an increase of 32%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices failed to regain momentum.

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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform