ECOWAS: Market for Polyethylene in Primary Forms 2024

Market Size for Polyethylene in Primary Forms in ECOWAS

The ECOWAS polyethylene in primary forms market contracted to $X in 2021, which is down by -9.7% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Polyethylene in Primary Forms in ECOWAS

In value terms, polyethylene in primary forms production dropped to $X in 2021 estimated in export price. In general, production continues to indicate a noticeable curtailment. The growth pace was the most rapid in 2016 with an increase of 36% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Exports of Polyethylene in Primary Forms

Exports in ECOWAS

In 2021, overseas shipments of polyethylene in primary forms were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports enjoyed prominent growth. The pace of growth was the most pronounced in 2016 with an increase of 865%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, polyethylene in primary forms exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 811%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Nigeria (X tons) was the main exporter of polyethylene in primary forms, constituting 84% of total exports. It was distantly followed by Senegal (X tons), creating a 13% share of total exports.

Nigeria was also the fastest-growing in terms of the polyethylene in primary forms exports, with a CAGR of +13.6% from 2012 to 2021. At the same time, Senegal (+6.9%) displayed positive paces of growth. Nigeria (+15 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -5.6% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) emerged as the largest polyethylene in primary forms supplier in ECOWAS, comprising 86% of total exports. The second position in the ranking was held by Senegal ($X), with a 12% share of total exports.

In Nigeria, polyethylene in primary forms exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with an increase of 32% against the previous year. Overall, the export price, however, saw a abrupt decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Senegal totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-4.7%).

Imports of Polyethylene in Primary Forms

Imports in ECOWAS

After two years of growth, overseas purchases of polyethylene in primary forms decreased by -17.6% to X tons in 2021. In general, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 47%. Over the period under review, imports hit record highs at X tons in 2020, and then declined dramatically in the following year.

In value terms, polyethylene in primary forms imports surged to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +43.3% against 2019 indices. The growth pace was the most rapid in 2014 when imports increased by 53%. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Nigeria (X tons) represented the key importer of polyethylene in primary forms, committing 44% of total imports. Ghana (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons) and Togo (X tons). All these countries together held near 45% share of total imports. Senegal (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to polyethylene in primary forms imports into Nigeria stood at +10.6%. At the same time, Guinea (+11.7%), Togo (+8.0%), Cote d'Ivoire (+7.1%), Ghana (+5.1%) and Senegal (+3.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +11.7% from 2012-2021. From 2012 to 2021, the share of Nigeria increased by +7.9 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported polyethylene in primary forms in ECOWAS, comprising 49% of total imports. The second position in the ranking was taken by Ghana ($X), with an 18% share of total imports. It was followed by Cote d'Ivoire, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +11.3%. In the other countries, the average annual rates were as follows: Ghana (+5.0% per year) and Cote d'Ivoire (+4.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, picking up by 44% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Nigeria ($X per ton) and Senegal ($X per ton), while Guinea ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform