ECOWAS: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in ECOWAS

The ECOWAS nitric and sulphonitric acids market expanded markedly to $X in 2021, increasing by 5.4% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in ECOWAS

In value terms, nitric and sulphonitric acids production declined slightly to $X in 2021 estimated in export price. Over the period under review, production saw a perceptible curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 39% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports in ECOWAS

In 2021, overseas shipments of nitric acid and sulphonitric acids were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 80% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, nitric and sulphonitric acids exports skyrocketed to $X in 2021. In general, exports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 82%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Nigeria (X tons) represented the main exporter of nitric acid and sulphonitric acids, making up 39% of total exports. Burkina Faso (X tons) ranks second in terms of the total exports with a 22% share, followed by Ghana (18%), Togo (13%) and Senegal (4.8%). Cote d'Ivoire (X tons) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Togo (with a CAGR of +42.9%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest nitric and sulphonitric acids supplier in ECOWAS, comprising 64% of total exports. The second position in the ranking was held by Ghana ($X), with a 14% share of total exports. It was followed by Burkina Faso, with an 11% share.

In Nigeria, nitric and sulphonitric acids exports expanded at an average annual rate of +17.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+31.0% per year) and Burkina Faso (+30.2% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 29% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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 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 Nigeria (+1.8%), while the other leaders experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in purchases abroad of nitric acid and sulphonitric acids, which increased by 66% to X tons in 2021. Overall, imports saw a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitric and sulphonitric acids imports skyrocketed to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +31.8% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 31%. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

Burkina Faso (X tons) and Senegal (X tons) were the main importers of nitric acid and sulphonitric acids in 2021, accounting for near 35% and 31% of total imports, respectively. Ghana (X tons) took the next position in the ranking, followed by Nigeria (X tons) and Cabo Verde (X tons). All these countries together held near 25% share of total imports. Cote d'Ivoire (X tons) and Mali (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +26.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) constitutes the largest market for imported nitric acid and sulphonitric acids in ECOWAS, comprising 37% of total imports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total imports. It was followed by Ghana, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Burkina Faso stood at +12.8%. In the other countries, the average annual rates were as follows: Senegal (+14.1% per year) and Ghana (+3.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, which is down by -22.1% against the previous year. Over the period under review, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2018 when the import price increased by 13% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Senegal ($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 (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform