ECOWAS: Monoethanolamine Market 2024

Monoethanolamine Market Size in ECOWAS

The ECOWAS monoethanolamine market contracted modestly to $X in 2021, dropping by -2.9% against the previous year. The market value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Monoethanolamine Production in ECOWAS

In value terms, monoethanolamine production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 20%. The level of production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Monoethanolamine Exports

Exports in ECOWAS

In 2021, approx. X tons of monoethanolamine and its salts were exported in ECOWAS; dropping by -44.3% against the year before. Overall, exports continue to indicate a perceptible shrinkage. The growth pace was the most rapid in 2019 with an increase of 128%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, monoethanolamine exports shrank rapidly to $X in 2021. Over the period under review, exports recorded a deep downturn. The pace of growth was the most pronounced in 2019 when exports increased by 48%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) represented roughly 100% of total exports in 2021.

Senegal was also the fastest-growing in terms of the monoethanolamine and its salts exports, with a CAGR of -4.4% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest monoethanolamine supplier in ECOWAS.

In Senegal, monoethanolamine exports shrank by an average annual rate of -5.2% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, picking up by 10% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 93%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Senegal amounted to -0.8% per year.

Monoethanolamine Imports

Imports in ECOWAS

In 2021, supplies from abroad of monoethanolamine and its salts increased by 8.8% to X tons, rising for the second consecutive year after three years of decline. In general, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 495% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, monoethanolamine imports surged to $X in 2021. Overall, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 351%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X tons) represented the main importer of monoethanolamine and its salts, mixing up 71% of total imports. Ghana (X tons) took the second position in the ranking, followed by Togo (X tons). All these countries together held approx. 17% share of total imports. Senegal (X tons), Mali (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to monoethanolamine imports into Nigeria stood at +22.2%. At the same time, Senegal (+35.5%), Cote d'Ivoire (+20.0%), Togo (+13.2%), Ghana (+13.0%) and Mali (+8.4%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.5% from 2012-2021. From 2012 to 2021, the share of Nigeria and Senegal increased by +20 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported monoethanolamine and its salts in ECOWAS, comprising 69% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports. It was followed by Togo, with a 4.3% share.

In Nigeria, monoethanolamine imports expanded at an average annual rate of +20.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+10.3% per year) and Togo (+7.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 29% against the previous year. Overall, the import price, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2019 an increase of 35% against the previous year. The level of import peaked 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 Mali ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform