ECOWAS: Butanone Market 2024

Butanone Market Size in ECOWAS

The ECOWAS butanone market shrank slightly to $X in 2022, stabilizing at the previous year. Overall, consumption, however, showed a notable increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Butanone Production in ECOWAS

In value terms, butanone production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 36% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Butanone Exports

Exports in ECOWAS

In 2022, the amount of butanone (methyl ethyl ketone) exported in ECOWAS reduced rapidly to X kg, declining by -55.8% on 2021 figures. Overall, exports showed a precipitous decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 301%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, butanone exports reduced dramatically to $X in 2022. In general, exports continue to indicate a significant contraction. The pace of growth was the most pronounced in 2015 when exports increased by 976% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of around X kg, which recorded 88% of total exports. It was distantly followed by Nigeria (X kg), committing a 12% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the butanone (methyl ethyl ketone) exports, with a CAGR of -11.8% from 2012 to 2022. Nigeria (-14.9%) illustrated a downward trend over the same period. Cote d'Ivoire (+87 p.p.) and Nigeria (+12 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.

In value terms, Cote d'Ivoire ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Nigeria, with a CAGR of +21.1%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, flattening at the previous year. Over the period under review, the export price posted buoyant growth. The pace of growth appeared the most rapid in 2013 an increase of 484% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+42.3%).

Butanone Imports

Imports in ECOWAS

In 2022, supplies from abroad of butanone (methyl ethyl ketone) decreased by -18.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, posted a moderate expansion. The pace of growth was the most pronounced in 2020 when imports increased by 75%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, butanone imports rose markedly to $X in 2022. Overall, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2020 when imports increased by 78% against the previous year. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Nigeria (X tons) was the major importer of butanone (methyl ethyl ketone), constituting 68% of total imports. It was distantly followed by Cote d'Ivoire (X tons), creating a 25% share of total imports. Mali (X tons) and Ghana (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to butanone imports into Nigeria stood at +1.4%. At the same time, Mali (+55.5%) and Cote d'Ivoire (+28.9%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +55.5% from 2012-2022. By contrast, Ghana (-15.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Mali increased by +22 and +3.5 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported butanone (methyl ethyl ketone) in ECOWAS, comprising 76% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Ghana, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+21.6% per year) and Ghana (-10.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, rising by 32% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. 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 Ghana ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+5.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform