ECOWAS: Man-Made Filament Yarn Market 2024

Man-Made Filament Yarn Market Size in ECOWAS

The ECOWAS man-made filament yarn market contracted modestly to $X in 2021, which is down by -4.7% against the previous year. Over the period under review, consumption saw a perceptible curtailment. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Man-Made Filament Yarn Production in ECOWAS

In value terms, man-made filament yarn production reached $X in 2021 estimated in export price. In general, production continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2015 with an increase of 33% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Man-Made Filament Yarn Exports

Exports in ECOWAS

In 2021, after two years of decline, there was significant growth in overseas shipments of man-made filament yarn, when their volume increased by 27% to X tons. Over the period under review, exports, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2016 with an increase of 136% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, man-made filament yarn exports soared to $X in 2021. In general, exports recorded a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Senegal was the largest exporter of man-made filament yarn in ECOWAS, with the volume of exports accounting for X tons, which was near 51% of total exports in 2021. Benin (X tons) took the second position in the ranking, distantly followed by Nigeria (X tons) and Ghana (X tons). All these countries together held approx. 47% share of total exports. Togo (X tons) held a minor share of total exports.

Senegal was also the fastest-growing in terms of the man-made filament yarn exports, with a CAGR of +19.7% from 2012 to 2021. At the same time, Benin (+4.6%) displayed positive paces of growth. By contrast, Ghana (-3.2%), Togo (-8.6%) and Nigeria (-19.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal and Benin increased by +44 and +13 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest man-made filament yarn supplier in ECOWAS, comprising 92% of total exports. The second position in the ranking was taken by Ghana ($X), with a 3.3% share of total exports. It was followed by Nigeria, with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal stood at +22.5%. In the other countries, the average annual rates were as follows: Ghana (+3.8% per year) and Nigeria (-22.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, surging by 163% against the previous year. In general, the export price saw prominent growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+21.4%), while the other leaders experienced more modest paces of growth.

Man-Made Filament Yarn Imports

Imports in ECOWAS

Man-made filament yarn imports declined rapidly to X tons in 2021, falling by -27.1% against 2020. Over the period under review, imports saw a perceptible shrinkage. The growth pace was the most rapid in 2019 with an increase of 41%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, man-made filament yarn imports declined slightly to $X in 2021. In general, imports continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 12%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Ghana (X tons), distantly followed by Nigeria (X tons), Senegal (X tons), Cote d'Ivoire (X tons), Mali (X tons) and Guinea (X tons) were the major importers of man-made filament yarn, together comprising 88% of total imports. Burkina Faso (X tons) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mali (with a CAGR of +25.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest man-made filament yarn importing markets in ECOWAS were Senegal ($X), Ghana ($X) and Nigeria ($X), together accounting for 69% of total imports. Mali, Cote d'Ivoire, Guinea and Burkina Faso lagged somewhat behind, together comprising a further 25%.

Mali, with a CAGR of +41.4%, 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

In 2021, the import price in ECOWAS amounted to $X per ton, increasing by 36% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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 Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+12.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform