ECOWAS: Market for Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms 2024

Market Size for Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms in ECOWAS

The ECOWAS market for polyethylene with a specific gravity of less than X, in primary forms fell to $X in 2021, waning by -14.6% against the previous year. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then fell in the following year.

Production of Polyethylene with a Specific Gravity of Less than X, in Primary Forms in ECOWAS

In value terms, production of polyethylene with a specific gravity of less than X, in primary forms dropped to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 24% against the previous year. Over the period under review, production of hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Exports of Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms

Exports in ECOWAS

After two years of decline, shipments abroad of polyethylene with a specific gravity of less than X, in primary forms increased by 26% to X tons in 2021. In general, exports, however, recorded a deep slump. The pace of growth was the most pronounced in 2018 when exports increased by 81% against the previous year. Over the period under review, the exports of attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of polyethylene with a specific gravity of less than X, in primary forms skyrocketed to $X in 2021. Overall, exports, however, faced a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of 80% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X tons) and Senegal (X tons) dominates forms structure, together achieving 84% of total exports. It was distantly followed by Cote d'Ivoire (X tons), making up a 6.7% share of total exports. The following exporters - Ghana (X tons) and Togo (X tons) - each amounted to an 8% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +8.7%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest polyethylene with a specific gravity of less than X supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Cote d'Ivoire ($X), together accounting for 93% of total exports. Ghana and Togo lagged somewhat behind, together comprising a further 5.6%.

Ghana, with a CAGR of +9.2%, saw the highest growth rate of the value of exports, in terms of 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 2021, rising by 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2013 an increase of 17%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood 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 Senegal ($X per ton), while Togo ($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 (+2.7%), while the other leaders experienced more modest paces of growth.

Imports of Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in overseas purchases of polyethylene with a specific gravity of less than X, in primary forms, when their volume decreased by -34.5% to X tons. Overall, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2020 when imports increased by 44% against the previous year. As a result, imports attained the peak of X tons, and then declined notably in the following year.

In value terms, imports of polyethylene with a specific gravity of less than X, in primary forms rose significantly to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.5% 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 increased by +54.3% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 52% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Nigeria represented the largest importing country with an import of about X tons, which accounted for 38% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Togo (X tons) and Senegal (X tons), together generating a 55% share of total imports. Guinea (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Guinea (with a CAGR of +23.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported polyethylene with a specific gravity of less than X, in primary forms in ECOWAS, comprising 54% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 14% share of total imports. It was followed by Ghana, with a 13% share.

In Nigeria, imports of polyethylene with a specific gravity of less than X, in primary forms increased at an average annual rate of +10.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+3.8% per year) and Ghana (+12.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 68% against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Nigeria ($X per ton), while Togo ($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 (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform