ECOWAS: Polycarboxylic Acid Market 2024

Polycarboxylic Acid Market Size in ECOWAS

The ECOWAS polycarboxylic acid market rose slightly to $X in 2022, surging by 2.4% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.2% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Polycarboxylic Acid Production in ECOWAS

In value terms, polycarboxylic acid production expanded slightly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value 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, production decreased by -2.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 40% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Polycarboxylic Acid Exports

Exports in ECOWAS

After two years of growth, overseas shipments of polycarboxylic acids decreased by -10.8% to X tons in 2022. In general, exports, however, saw a pronounced expansion. The pace of growth was the most pronounced in 2018 when exports increased by 194% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, polycarboxylic acid exports reduced to $X in 2022. Overall, exports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 161%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal represented the main exporting country with an export of about X tons, which accounted for 52% of total exports. Mali (X tons) held the second position in the ranking, distantly followed by Ghana (X tons). All these countries together held near 43% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polycarboxylic acid exports from Senegal stood at +1.4%. At the same time, Ghana (+69.0%), Cote d'Ivoire (+25.9%) and Mali (+3.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +69.0% from 2012-2022. Ghana (+17 p.p.) and Cote d'Ivoire (+3.5 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Senegal saw its share reduced by -2.5% and -17.1% from 2012 to 2022, respectively.

In value terms, Senegal ($X) remains the largest polycarboxylic acid supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was taken by Mali ($X), with a 29% share of total exports. It was followed by Ghana, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to -1.2%. In the other countries, the average annual rates were as follows: Mali (-5.6% per year) and Ghana (+42.2% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, falling by -1.7% against the previous year. Overall, the export price recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when the export price increased by 26% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-2.5%), while the other leaders experienced a decline in the export price figures.

Polycarboxylic Acid Imports

Imports in ECOWAS

In 2022, overseas purchases of polycarboxylic acids decreased by -6.6% to X tons, falling for the second year in a row after four years of growth. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.5% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 19%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, polycarboxylic acid imports expanded remarkably to $X in 2022. Total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.0% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 28%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria (X tons) and Cote d'Ivoire (X tons) prevails in imports structure, together committing 92% of total imports. The following importers - Ghana (X tons) and Senegal (X tons) - together made up 7.5% of total imports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +29.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported polycarboxylic acids in ECOWAS, comprising 70% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 24% share of total imports. It was followed by Senegal, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +2.7%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-2.1% per year) and Senegal (+24.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 23% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 28%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform