ECOWAS: Aromatic Hydrocarbons Derivatives Market 2024

Aromatic Hydrocarbons Derivatives Market Size in ECOWAS

The ECOWAS aromatic hydrocarbons derivatives market fell to $X in 2021, with a decrease of -5.9% against the previous year. Over the period under review, consumption enjoyed a prominent expansion. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Aromatic Hydrocarbons Derivatives Production in ECOWAS

In value terms, aromatic hydrocarbons derivatives production reached $X in 2021 estimated in export price. In general, production showed a prominent expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 113% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Aromatic Hydrocarbons Derivatives Exports

Exports in ECOWAS

In 2021, approx. X tons of halogenated derivatives of aromatic hydrocarbons were exported in ECOWAS; waning by -77.6% against the year before. Over the period under review, exports, however, posted a pronounced expansion. The pace of growth was the most pronounced in 2013 with an increase of 4,172%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, aromatic hydrocarbons derivatives exports contracted notably to $X in 2021. In general, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 1,730% against the previous year. As a result, the exports reached the peak of $X, and then declined remarkably in the following year.

Exports by Country

The biggest shipments were from Nigeria (X tons), together finishing at 100% of total export.

Nigeria was also the fastest-growing in terms of the halogenated derivatives of aromatic hydrocarbons exports, with a CAGR of +2.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

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

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at -18.5%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, declining by -89.9% against the previous year. Over the period under review, the export price showed a sharp reduction. The growth pace was the most rapid in 2014 an increase of 513% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2020, and then contracted markedly in the following year.

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

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -20.8% per year.

Aromatic Hydrocarbons Derivatives Imports

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in overseas purchases of halogenated derivatives of aromatic hydrocarbons, when their volume decreased by -34.1% to X tons. Overall, imports, however, posted a significant increase. The growth pace was the most rapid in 2015 when imports increased by 704% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then declined sharply in the following year.

In value terms, aromatic hydrocarbons derivatives imports reduced to $X in 2021. In general, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 423% against the previous year. Over the period under review, imports attained the maximum at $X in 2020, and then declined slightly in the following year.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was near 85% of total imports in 2021. It was distantly followed by Ghana (X tons), committing a 6.2% share of total imports. The following importers - Togo (X tons), Cote d'Ivoire (X tons) and Liberia (X tons) - together made up 8.9% of total imports.

Imports into Nigeria increased at an average annual rate of +3.7% from 2012 to 2021. At the same time, Cote d'Ivoire (+21.7%), Liberia (+13.6%), Togo (+7.2%) and Ghana (+6.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.7% from 2012-2021. From 2012 to 2021, the share of Nigeria increased by +85 percentage points.

In value terms, the largest aromatic hydrocarbons derivatives importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Togo ($X), together accounting for 97% of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +36.1%, saw the highest rates of growth with regard to the value of imports, 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 2021, jumping by 47% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+27.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform