ECOWAS: Halogenated Hydrocarbon Derivative Market 2024

Halogenated Hydrocarbon Derivative Market Size in ECOWAS

The ECOWAS halogenated hydrocarbon derivative market stood at $X in 2022, increasing by 3.7% against the previous year. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 -14.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Halogenated Hydrocarbon Derivative Production in ECOWAS

In value terms, halogenated hydrocarbon derivative production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a buoyant expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 35%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Halogenated Hydrocarbon Derivative Exports

Exports in ECOWAS

In 2022, approx. X tons of halogenated derivatives of hydrocarbons were exported in ECOWAS; waning by -41.5% compared with the year before. Overall, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 374%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, halogenated hydrocarbon derivative exports declined rapidly to $X in 2022. Over the period under review, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2013 with an increase of 206%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria was the main exporting country with an export of about X tons, which finished at 59% of total exports. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons) and Togo (X tons), together generating a 33% share of total exports. Senegal (X kg) and Burkina Faso (X kg) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the halogenated derivatives of hydrocarbons exports, with a CAGR of +8.7% from 2012 to 2022. At the same time, Ghana (+1.1%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-3.6%), Burkina Faso (-11.8%), Senegal (-14.4%) and Togo (-23.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Ghana and Cote d'Ivoire increased by +45, +5.2 and +4.1 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest halogenated hydrocarbon derivative supplier in ECOWAS, comprising 48% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 24% share of total exports. It was followed by Togo, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +2.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (-3.0% per year) and Togo (-15.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 18% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 104% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+11.5%), while the other leaders experienced more modest paces of growth.

Halogenated Hydrocarbon Derivative Imports

Imports in ECOWAS

In 2022, purchases abroad of halogenated derivatives of hydrocarbons decreased by -1.9% to X tons, falling for the second consecutive year after three years of growth. Total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.3% 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 -36.0% against 2020 indices. The pace of growth was the most pronounced in 2016 when imports increased by 39% 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, halogenated hydrocarbon derivative imports reached $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.1% against 2017 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 40% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 67% of total imports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 9.9% share, followed by Ghana (8%) and Senegal (4.8%). The following importers - Guinea (X tons), Togo (X tons) and Liberia (X tons) - each accounted for a 6.2% share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of halogenated derivatives of hydrocarbons. At the same time, Togo (+20.9%), Guinea (+12.7%), Senegal (+10.4%), Liberia (+9.1%), Cote d'Ivoire (+5.9%) and Ghana (+1.1%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +20.9% from 2012-2022. Cote d'Ivoire (+3.6 p.p.), Senegal (+2.7 p.p.), Togo (+1.9 p.p.) and Guinea (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -11.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported halogenated derivatives of hydrocarbons in ECOWAS, comprising 64% of total imports. The second position in the ranking was held by Ghana ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +2.6%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+8.5% per year) and Cote d'Ivoire (+2.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by 16% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, halogenated hydrocarbon derivative import price increased by +81.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 51%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform