ECOWAS: Monophenols Market 2024

Monophenols Market Size in ECOWAS

After six years of growth, the ECOWAS monophenols market decreased by -3.5% to $X in 2021. Overall, consumption enjoyed resilient growth. The level of consumption peaked at $X in 2020, and then declined slightly in the following year.

Monophenols Production in ECOWAS

In value terms, monophenols production shrank slightly to $X in 2021 estimated in export price. In general, production showed prominent growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 55% against the previous year. The level of production peaked at $X in 2020, and then dropped in the following year.

Monophenols Exports

Exports in ECOWAS

For the fifth consecutive year, ECOWAS recorded growth in overseas shipments of monophenols, which increased by 13% to X tons in 2021. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 103%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, monophenols exports skyrocketed to $X in 2021. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 367% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Senegal dominates exports structure, reaching X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Nigeria (X tons), mixing up a 7.7% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the monophenols exports, with a CAGR of +32.4% from 2012 to 2021. Nigeria (-1.8%) and Cote d'Ivoire (-9.8%) illustrated a downward trend over the same period. While the share of Senegal (+40 p.p.) and Nigeria (+7.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-48 p.p.) displayed negative dynamics.

In value terms, the largest monophenols supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Cote d'Ivoire ($X), together comprising 100% of total exports.

Among the main exporting countries, Senegal, with a CAGR of +20.8%, saw the highest growth rate of the value of exports, 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, jumping by 100% against the previous year. Overall, the export price enjoyed a tangible expansion. The pace of growth was the most pronounced in 2015 an increase of 139%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+22.2%), while the other leaders experienced mixed trends in the export price figures.

Monophenols Imports

Imports in ECOWAS

In 2021, after nine years of growth, there was significant decline in supplies from abroad of monophenols, when their volume decreased by -19.9% to X tons. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 74% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then dropped remarkably in the following year.

In value terms, monophenols imports fell markedly to $X in 2021. In general, imports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 82% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria represented the main importing country with an import of about X tons, which amounted to 56% of total imports. It was distantly followed by Senegal (X tons) and Cote d'Ivoire (X tons), together mixing up a 34% share of total imports. Ghana (X tons) and Mali (X tons) took a little share of total imports.

Imports into Nigeria increased at an average annual rate of +20.4% from 2012 to 2021. At the same time, Senegal (+25.0%), Mali (+24.3%) and Cote d'Ivoire (+3.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.0% from 2012-2021. By contrast, Ghana (-5.1%) illustrated a downward trend over the same period. While the share of Nigeria (+21 p.p.) and Senegal (+11 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-12.1 p.p.) and Cote d'Ivoire (-20.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2021, with a combined 85% share of total imports.

Senegal, with a CAGR of +20.7%, saw the highest growth rate of the value of imports, in terms of 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

The import price in ECOWAS stood at $X per ton in 2021, reducing by -8.4% against the previous year. Over the period under review, the import price recorded a pronounced contraction. The most prominent rate of growth was recorded in 2018 when the import price increased by 73% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform