ECOWAS: Other Chemical Products Market 2024

Other Chemical Products Market Size in ECOWAS

The ECOWAS other chemical products market amounted to $X in 2022, growing by 5.4% against the previous year. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; 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. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Other Chemical Products Production in ECOWAS

In value terms, other chemical products production expanded to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 20%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Other Chemical Products Exports

Exports in ECOWAS

In 2022, approx. X tons of other chemical products were exported in ECOWAS; waning by -2.6% compared with the previous year. Over the period under review, exports continue to indicate a sharp decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 73%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, other chemical products exports totaled $X in 2022. In general, exports saw a dramatic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 39%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Togo (X tons) and Senegal (X tons) were the key exporters of other chemical products in ECOWAS, together achieving 69% of total exports. Sierra Leone (X tons) took the next position in the ranking, followed by Cote d'Ivoire (X tons) and Ghana (X tons). All these countries together took approx. 29% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +88.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest other chemical products supplying countries in ECOWAS were Senegal ($X), Togo ($X) and Cote d'Ivoire ($X), together accounting for 54% of total exports.

Among the main exporting countries, Togo, with a CAGR of +65.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by 7.9% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 16%. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.5%), while the other leaders experienced mixed trends in the export price figures.

Other Chemical Products Imports

Imports in ECOWAS

In 2022, imports of other chemical products in ECOWAS rose sharply to X tons, surging by 6.1% compared with the previous year's figure. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, other chemical products imports rose markedly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 38%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of about X tons, which reached 39% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons) and Togo (X tons), together creating a 49% share of total imports. Senegal (X tons), Mali (X tons) and Guinea (X tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Togo (with a CAGR of +36.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported other chemical products in ECOWAS, comprising 51% of total imports. The second position in the ranking was held by Togo ($X), with a 14% share of total imports. It was followed by Ghana, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled -1.5%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (+35.5% per year) and Ghana (+7.1% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2013 an increase of 25%. Over the period under review, import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform