ECOWAS: Market for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) 2024

Market Size for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in ECOWAS

In 2021, the ECOWAS benzol, toluol and xylol market was finally on the rise to reach $X after four years of decline. Over the period under review, consumption enjoyed a modest expansion. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in ECOWAS

In value terms, benzol, toluol and xylol production soared to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 92% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Exports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Exports in ECOWAS

In 2021, benzol, toluol and xylol exports in ECOWAS surged to X kg, increasing by 2,677% compared with 2020. Over the period under review, exports, however, showed a sharp reduction. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, benzol, toluol and xylol exports surged to $X in 2021. In general, exports, however, recorded a sharp contraction. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Cote d'Ivoire (X kg) was the main exporter of benzol (benzene), toluol (toluene) and xylol (xylenes) in ECOWAS, comprising 100% of total export.

Cote d'Ivoire was also the fastest-growing in terms of the benzol (benzene), toluol (toluene) and xylol (xylenes) exports, with a CAGR of +23.3% from 2017 to 2021. Cote d'Ivoire (+99 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

From 2017 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire totaled -24.8%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -94.9% against the previous year. In general, the export price, however, saw significant growth. The growth pace was the most rapid in 2020 when the export price increased by 1,732%. As a result, the export price attained the peak level of $X per ton, and then declined markedly in the following year.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2017 to 2021, the rate of growth in terms of prices for Cote d'Ivoire amounted to -39.0% per year.

Imports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Imports in ECOWAS

In 2021, the amount of benzol (benzene), toluol (toluene) and xylol (xylenes) imported in ECOWAS fell to X tons, with a decrease of -11.9% compared with the previous year. Over the period under review, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 204%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, benzol, toluol and xylol imports rose slightly to $X in 2021. Overall, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 141% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria represented the key importer of benzol (benzene), toluol (toluene) and xylol (xylenes) in ECOWAS, with the volume of imports accounting for X tons, which was near 61% of total imports in 2021. Cote d'Ivoire (X tons) ranks second in terms of the total imports with an 18% share, followed by Ghana (14%). Senegal (X tons) and Guinea-Bissau (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the benzol (benzene), toluol (toluene) and xylol (xylenes) imports, with a CAGR of +18.7% from 2012 to 2021. At the same time, Cote d'Ivoire (+17.5%) and Ghana (+16.5%) displayed positive paces of growth. Guinea-Bissau experienced a relatively flat trend pattern. By contrast, Senegal (-5.3%) illustrated a downward trend over the same period. Nigeria (+19 p.p.), Cote d'Ivoire (+4.4 p.p.), Ghana (+2.6 p.p.) and Guinea-Bissau (+2 p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by -12.4% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported benzol (benzene), toluol (toluene) and xylol (xylenes) in ECOWAS, comprising 68% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Ghana, with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +22.6%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+18.8% per year) and Ghana (+7.2% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 15% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 32%. As a result, import price reached the peak level of $X per ton. From 2014 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, the country with the highest price was Guinea-Bissau ($X per ton), while Ghana ($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 (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform