ECOWAS: Polyamide Market 2024

Polyamide Market Size in ECOWAS

In 2021, after two years of decline, there was growth in the ECOWAS polyamide market, when its value increased by 1.6% to $X. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Polyamide Production in ECOWAS

In value terms, polyamide production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 15% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Polyamide Exports

Exports in ECOWAS

In 2021, shipments abroad of polyamides (in primary forms) was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2014 with an increase of 246%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, polyamide exports soared to $X in 2021. In general, exports, however, recorded a perceptible setback. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria represented the largest exporter of polyamides (in primary forms) in ECOWAS, with the volume of exports amounting to X tons, which was approx. 74% of total exports in 2021. Senegal (X tons) took the second position in the ranking, distantly followed by Togo (X tons). All these countries together took approx. 22% share of total exports. Niger (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to polyamide exports from Nigeria stood at -6.1%. At the same time, Togo (+21.0%) and Senegal (+19.6%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +21.0% from 2012-2021. By contrast, Niger (-18.9%) illustrated a downward trend over the same period. While the share of Senegal (+17 p.p.), Nigeria (+9.7 p.p.) and Togo (+4.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Niger (-6.4 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest polyamide supplier in ECOWAS, comprising 74% of total exports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total exports. It was followed by Niger, with a 4.7% share.

In Nigeria, polyamide exports plunged by an average annual rate of -1.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+8.7% per year) and Niger (-15.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, rising by 25% against the previous year. In general, the export price posted measured growth. The most prominent rate of growth was recorded in 2015 when the export price increased by 252%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

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 Niger ($X per ton), while Togo ($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 (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Polyamide Imports

Imports in ECOWAS

In 2021, overseas purchases of polyamides (in primary forms) decreased by -25.8% to X tons, falling for the second year in a row after three years of growth. Overall, imports, however, continue to indicate a perceptible expansion. The pace of growth appeared the most rapid in 2018 with an increase of 54%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, polyamide imports fell markedly to $X in 2021. Total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% 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 decreased by -29.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 27% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, reaching X tons, which was approx. 90% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), mixing up a 5% share of total imports. Ghana (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to polyamide imports into Nigeria stood at +2.5%. At the same time, Cote d'Ivoire (+16.4%) and Ghana (+1.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.4% from 2012-2021. While the share of Cote d'Ivoire (+3.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported polyamides (in primary forms) in ECOWAS, comprising 85% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.1% share of total imports.

In Nigeria, polyamide imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+16.7% per year) and Ghana (+5.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 13% against the previous year. In general, the import price, however, continues to indicate a mild contraction. The growth pace was the most rapid in 2014 when the import price increased by 23% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform