ECOWAS: Plastic Reservoir Market 2024

Plastic Reservoir Market Size in ECOWAS

The ECOWAS plastic reservoir market dropped slightly to $X in 2022, which is down by -4.9% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Plastic Reservoir Production in ECOWAS

In value terms, plastic reservoir production declined to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 53%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Plastic Reservoir Exports

Exports in ECOWAS

In 2022, after two years of decline, there was growth in overseas shipments of plastic reservoirs, tanks and vats, when their volume increased by 2.2% to X tons. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 190% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic reservoir exports soared to $X in 2022. Over the period under review, exports saw a buoyant increase. The growth pace was the most rapid in 2019 when exports increased by 177% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Togo (X tons) was the main exporter of plastic reservoirs, tanks and vats, creating 64% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 20% share, followed by Nigeria (13%). Benin (X tons) held a minor share of total exports.

Togo was also the fastest-growing in terms of the plastic reservoirs, tanks and vats exports, with a CAGR of +142.6% from 2012 to 2022. At the same time, Benin (+40.9%), Nigeria (+24.4%) and Ghana (+10.8%) displayed positive paces of growth. Togo (+64 p.p.) and Benin (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -37.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest plastic reservoir supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was held by Togo ($X), with a 10% share of total exports. It was followed by Nigeria, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at +14.1%. In the other countries, the average annual rates were as follows: Togo (+93.8% per year) and Nigeria (+10.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by 14% against the previous year. In general, the export price, however, recorded a abrupt slump. The pace of growth was the most pronounced in 2014 when the export price increased by 72%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+13.8%), while the other leaders experienced mixed trends in the export price figures.

Plastic Reservoir Imports

Imports in ECOWAS

In 2022, the amount of plastic reservoirs, tanks and vats imported in ECOWAS amounted to X tons, surging by 4% compared with 2021. In general, imports saw buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 67% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, plastic reservoir imports skyrocketed to $X in 2022. Overall, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 122% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria (X tons), Togo (X tons), Cote d'Ivoire (X tons), Senegal (X tons), Mali (X tons), Niger (X tons), Benin (X tons), Ghana (X tons) and Burkina Faso (X tons) represented roughly 95% of total imports in 2022.

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 +39.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported plastic reservoirs, tanks and vats in ECOWAS, comprising 30% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 13% share of total imports. It was followed by Niger, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire totaled +18.1%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+3.0% per year) and Niger (+19.3% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of 29% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 37% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+14.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform