ECOWAS: Polycarbonate Market 2024

Polycarbonate Market Size in ECOWAS

The ECOWAS polycarbonate market fell to $X in 2022, with a decrease of -3.4% against the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Polycarbonate Production in ECOWAS

In value terms, polycarbonate production dropped to $X in 2022 estimated in export price. In general, production recorded a slight slump. The growth pace was the most rapid in 2016 with an increase of 32% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Polycarbonate Exports

Exports in ECOWAS

In 2022, after five years of growth, there was significant decline in overseas shipments of polycarbonates (in primary forms), when their volume decreased by -5.2% to X tons. Overall, exports showed a deep slump. The growth pace was the most rapid in 2018 when exports increased by 77%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, polycarbonate exports declined to $X in 2022. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 33%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana was the largest exporter of polycarbonates (in primary forms) in ECOWAS, with the volume of exports finishing at X tons, which was approx. 59% of total exports in 2022. Nigeria (X tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (19%).

Ghana experienced a relatively flat trend pattern with regard to volume of exports of polycarbonates (in primary forms). At the same time, Sierra Leone (+13.3%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +13.3% from 2012-2022. By contrast, Nigeria (-24.3%) illustrated a downward trend over the same period. While the share of Ghana (+43 p.p.) and Sierra Leone (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-62.5 p.p.) displayed negative dynamics.

In value terms, the largest polycarbonate supplying countries in ECOWAS were Sierra Leone ($X), Ghana ($X) and Nigeria ($X), together comprising 97% of total exports.

Sierra Leone, with a CAGR of +10.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, leveling off at the previous year. Overall, the export price continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 127%. As a result, the export price attained the peak level of $X per ton. From 2017 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 Sierra Leone ($X per ton), while Ghana ($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 (+9.7%), while the other leaders experienced a decline in the export price figures.

Polycarbonate Imports

Imports in ECOWAS

In 2022, purchases abroad of polycarbonates (in primary forms) increased by 18% to X tons, rising for the third consecutive year after two years of decline. In general, imports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 26%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, polycarbonate imports soared to $X in 2022. Overall, imports, however, saw a slight slump. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria represented the major importer of polycarbonates (in primary forms) in ECOWAS, with the volume of imports recording X tons, which was near 86% of total imports in 2022. It was distantly followed by Ghana (X tons), making up an 11% share of total imports. Cote d'Ivoire (X tons) held a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -9.4% from 2012 to 2022. At the same time, Cote d'Ivoire (+29.0%) and Ghana (+5.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +29.0% from 2012-2022. While the share of Ghana (+7.9 p.p.) and Cote d'Ivoire (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-10 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported polycarbonates (in primary forms) in ECOWAS, comprising 92% of total imports. The second position in the ranking was held by Ghana ($X), with a 6.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled -1.7%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+5.0% per year) and Cote d'Ivoire (+34.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, increasing by 46% against the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polycarbonate import price increased by +126.5% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+8.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform