ECOWAS: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in ECOWAS

The ECOWAS ethylene glycol market reached $X in 2022, with an increase of 2% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Ethylene Glycol Production in ECOWAS

In value terms, ethylene glycol production stood at $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value 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, production decreased by -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 34%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Ethylene Glycol Exports

Exports in ECOWAS

In 2022, approx. X tons of ethylene glycol (ethanediol) were exported in ECOWAS; dropping by -6% on 2021. In general, exports, however, showed a slight increase. The pace of growth was the most pronounced in 2017 with an increase of 73%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, ethylene glycol exports dropped slightly to $X in 2022. Over the period under review, exports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 66% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Senegal represented the major exporter of ethylene glycol (ethanediol) in ECOWAS, with the volume of exports resulting at X tons, which was approx. 53% of total exports in 2022. Ghana (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took approx. 45% share of total exports.

Senegal was also the fastest-growing in terms of the ethylene glycol (ethanediol) exports, with a CAGR of +21.5% from 2012 to 2022. At the same time, Cote d'Ivoire (+20.6%) displayed positive paces of growth. By contrast, Ghana (-10.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by +44 and +17 percentage points, respectively.

In value terms, Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 99% share of total exports.

Cote d'Ivoire, with a CAGR of +17.9%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 3.1% against the previous year. Overall, the export price, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when the export price increased by 24% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($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 (-2.2%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in ECOWAS

In 2022, overseas purchases of ethylene glycol (ethanediol) decreased by -33.9% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted mild growth. The most prominent rate of growth was recorded in 2017 when imports increased by 199% 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, ethylene glycol imports shrank markedly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 148% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, Ghana (X tons) was the main importer of ethylene glycol (ethanediol), mixing up 62% of total imports. It was distantly followed by Nigeria (X tons), comprising a 27% share of total imports. The following importers - Cote d'Ivoire (X tons) and Senegal (X tons) - together made up 6.6% of total imports.

Ghana was also the fastest-growing in terms of the ethylene glycol (ethanediol) imports, with a CAGR of +26.3% from 2012 to 2022. At the same time, Senegal (+7.8%) and Cote d'Ivoire (+4.2%) displayed positive paces of growth. By contrast, Nigeria (-9.5%) illustrated a downward trend over the same period. Ghana (+55 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -55.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 90% share of total imports.

Ghana, with a CAGR of +17.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with an increase of 2.1% against the previous year. In general, the import price, however, continues to indicate a slight shrinkage. The pace of growth appeared the most rapid in 2018 when the import price increased by 27% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Cote d'Ivoire ($X per ton), while Ghana ($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 (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform