ECOWAS: Melamine Resins Market 2024

Melamine Resins Market Size in ECOWAS

In 2021, the ECOWAS melamine resins market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, saw a slight shrinkage. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Melamine Resins Production in ECOWAS

In value terms, melamine resins production rose remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable reduction. The pace of growth appeared the most rapid in 2018 with an increase of 35%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Melamine Resins Exports

Exports in ECOWAS

In 2021, exports of melamine resins in primary forms in ECOWAS reduced markedly to X tons, waning by -23% on the year before. Overall, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2015 when exports increased by 1,937%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, melamine resins exports soared to $X in 2021. In general, exports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 1,409%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Senegal (X tons) and Ghana (X tons) prevails in exports structure, together committing 91% of total exports. It was distantly followed by Cote d'Ivoire (X tons), generating an 8.6% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +21.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2021.

Senegal, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2021, the export price in ECOWAS amounted to $X per ton, growing by 66% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 95%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

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 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 (+4.8%), while the other leaders experienced a decline in the export price figures.

Melamine Resins Imports

Imports in ECOWAS

For the fourth year in a row, ECOWAS recorded growth in overseas purchases of melamine resins in primary forms, which increased by 37% to X tons in 2021. Overall, imports saw a significant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 220%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, melamine resins imports soared to $X in 2021. In general, imports enjoyed significant growth. The pace of growth was the most pronounced in 2016 when imports increased by 180% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, Togo (X tons) represented the largest importer of melamine resins in primary forms, achieving 66% of total imports. It was distantly followed by Ghana (X tons), Guinea (X tons) and Nigeria (X tons), together comprising a 32% share of total imports. Cote d'Ivoire (X tons) held a relatively small share of total imports.

Togo was also the fastest-growing in terms of the melamine resins in primary forms imports, with a CAGR of +104.8% from 2012 to 2021. At the same time, Ghana (+57.9%), Guinea (+55.1%) and Nigeria (+11.6%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-4.7%) illustrated a downward trend over the same period. Togo (+64 p.p.), Ghana (+11 p.p.) and Guinea (+6.6 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Cote d'Ivoire saw its share reduced by -37.3% and -42% from 2012 to 2021, respectively.

In value terms, Togo ($X) constitutes the largest market for imported melamine resins in primary forms in ECOWAS, comprising 54% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 16% share of total imports. It was followed by Ghana, with a 15% share.

In Togo, melamine resins imports increased at an average annual rate of +71.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+11.8% per year) and Ghana (+34.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, waning by -1.7% against the previous year. In general, the import price showed a abrupt downturn. The growth pace was the most rapid in 2020 an increase of 9.1%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform