ECOWAS: Cyclic Hydrocarbons Market 2024

Cyclic Hydrocarbons Market Size in ECOWAS

The ECOWAS cyclic hydrocarbons market expanded modestly to $X in 2022, picking up by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cyclic Hydrocarbons Production in ECOWAS

In value terms, cyclic hydrocarbons production expanded to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Cyclic Hydrocarbons Exports

Exports in ECOWAS

In 2022, the amount of cyclic hydrocarbons exported in ECOWAS skyrocketed to X tons, jumping by X% on the year before. Over the period under review, exports enjoyed a significant increase. The growth pace was the most rapid in 2016 with an increase of X%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, cyclic hydrocarbons exports fell to $X in 2022. In general, exports posted a buoyant increase. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) represented roughly X% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the cyclic hydrocarbons exports, with a CAGR of X% from 2012 to 2022. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest cyclic hydrocarbons supplier in ECOWAS.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price saw a drastic downturn. The pace of growth was the most pronounced in 2021 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Cyclic Hydrocarbons Imports

Imports in ECOWAS

In 2022, imports of cyclic hydrocarbons in ECOWAS expanded to X tons, increasing by X% compared with 2021. Overall, imports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, cyclic hydrocarbons imports soared to $X in 2022. Over the period under review, imports saw strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Nigeria was the largest importer of cyclic hydrocarbons in ECOWAS, with the volume of imports resulting at X tons, which was approx. X% of total imports in 2022. Cote d'Ivoire (X tons) held the second position in the ranking, distantly followed by Ghana (X tons). All these countries together held approx. X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to cyclic hydrocarbons imports into Nigeria stood at X%. At the same time, Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Ghana (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported cyclic hydrocarbons in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports.

In Nigeria, cyclic hydrocarbons imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price, however, showed a mild curtailment. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform