ECOWAS: Market for Compounds With Other Nitrogen Function (Excluding Isocyanates) 2024

Market Size for Compounds With Other Nitrogen Function (Excluding Isocyanates) in ECOWAS

The ECOWAS market for compounds with other nitrogen function (excluding isocyanates) declined to $X in 2022, dropping by -3.4% against the previous year. Overall, consumption showed a resilient increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Compounds With Other Nitrogen Function (Excluding Isocyanates) in ECOWAS

In value terms, compounds with other nitrogen function production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded strong growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 153% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Exports in ECOWAS

Compounds with other nitrogen function exports contracted significantly to X kg in 2022, waning by -98.4% on the previous year's figure. Overall, exports saw a dramatic decline. The most prominent rate of growth was recorded in 2021 with an increase of 5,783%. As a result, the exports attained the peak of X tons, and then shrank notably in the following year.

In value terms, compounds with other nitrogen function exports contracted significantly to $X in 2022. Over the period under review, exports recorded a significant contraction. The growth pace was the most rapid in 2021 when exports increased by 13,347% against the previous year. As a result, the exports attained the peak of $X, and then declined significantly in the following year.

Exports by Country

The shipments of the one major exporters of compounds with other nitrogen function (excluding isocyanates), namely Senegal, represented more than two-thirds of total export.

Senegal was also the fastest-growing in terms of the compounds with other nitrogen function (excluding isocyanates) exports, with a CAGR of -23.8% from 2012 to 2022. While the share of Senegal (+19 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest compounds with other nitrogen function supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Senegal stood at -32.8%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by -57.6% against the previous year. Over the period under review, the export price recorded a abrupt decline. The growth pace was the most rapid in 2021 an increase of 129%. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2022, the rate of growth in terms of prices for Senegal amounted to -11.8% per year.

Imports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Imports in ECOWAS

Compounds with other nitrogen function imports soared to X tons in 2022, increasing by 90% against 2021. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2016 when imports increased by 119% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, compounds with other nitrogen function imports reduced slightly to $X in 2022. Over the period under review, imports posted a resilient increase. The pace of growth was the most pronounced in 2016 when imports increased by 130%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was near 80% of total imports in 2022. It was distantly followed by Ghana (X tons) and Niger (X tons), together constituting a 13% share of total imports. Senegal (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to compounds with other nitrogen function imports into Nigeria stood at +20.3%. At the same time, Niger (+60.9%), Ghana (+7.5%) and Senegal (+1.4%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +60.9% from 2012-2022. By contrast, Burkina Faso (-3.4%) illustrated a downward trend over the same period. While the share of Nigeria (+42 p.p.) and Niger (+6.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-3.2 p.p.), Senegal (-5.1 p.p.) and Burkina Faso (-5.1 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported compounds with other nitrogen function (excluding isocyanates) in ECOWAS, comprising 71% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.2% share of total imports. It was followed by Senegal, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +22.9%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+9.2% per year) and Senegal (+11.3% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, dropping by -47.8% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 106%. As a result, import price reached the peak level of $X per ton, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform