ECOWAS: Azo- Or Azoxy-Compounds Market 2024

Azo- Or Azoxy-Compounds Market Size in ECOWAS

The ECOWAS azo- or azoxy-compounds market rose notably to $X in 2022, growing by 7.8% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Azo- Or Azoxy-Compounds Production in ECOWAS

In value terms, azo- or azoxy-compounds production reduced modestly to $X in 2022 estimated in export price. The total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 34%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Azo- Or Azoxy-Compounds Exports

Exports in ECOWAS

In 2022, approx. X tons of diazo-, azo- or azoxy-compounds were exported in ECOWAS; which is down by -8.1% compared with the previous year's figure. Over the period under review, exports saw a mild curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 228%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, azo- or azoxy-compounds exports expanded modestly to $X in 2022. In general, exports, however, continue to indicate a pronounced increase. The most prominent rate of growth was recorded in 2014 when exports increased by 244%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the main exporter of diazo-, azo- or azoxy-compounds, generating 68% of total exports. It was distantly followed by Senegal (X tons), comprising a 32% share of total exports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of diazo-, azo- or azoxy-compounds. Senegal (-4.1%) illustrated a downward trend over the same period. Cote d'Ivoire (+8.7 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -8.7% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest azo- or azoxy-compounds supplier in ECOWAS, comprising 69% of total exports. The second position in the ranking was held by Senegal ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire totaled +3.7%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by 12% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, azo- or azoxy-compounds export price decreased by -12.1% against 2020 indices. The pace of growth appeared the most rapid in 2020 an increase of 39%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.4%).

Azo- Or Azoxy-Compounds Imports

Imports in ECOWAS

In 2022, the amount of diazo-, azo- or azoxy-compounds imported in ECOWAS surged to X tons, with an increase of 33% against the previous year. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -20.0% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 105% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, azo- or azoxy-compounds imports skyrocketed to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -18.3% against 2020 indices. The pace of growth was the most pronounced in 2020 when imports increased by 83%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the major importing country with an import of around X tons, which amounted to 83% of total imports. It was distantly followed by Cote d'Ivoire (X tons), achieving a 13% share of total imports. Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +2.1% from 2012 to 2022. At the same time, Senegal (+8.5%) and Cote d'Ivoire (+5.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.5% from 2012-2022. Cote d'Ivoire (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -3.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported diazo-, azo- or azoxy-compounds in ECOWAS, comprising 82% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +2.7%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+6.0% per year) and Senegal (+5.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by -3.6% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 14% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform