ECOWAS: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in ECOWAS

For the third consecutive year, the ECOWAS polypropylene in primary forms market recorded growth in sales value, which increased by 5.9% to $X in 2022. The total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.1% against 2018 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Production of Polypropylene in Primary Forms in ECOWAS

In value terms, polypropylene in primary forms production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 23%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Polypropylene in Primary Forms

Exports in ECOWAS

In 2022, approx. X tons of polypropylene in primary forms were exported in ECOWAS; increasing by 47% against the previous year's figure. Overall, exports, however, saw a abrupt downturn. The growth pace was the most rapid in 2019 with an increase of 365%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, polypropylene in primary forms exports expanded remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by 200% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria represented the major exporting country with an export of about X tons, which accounted for 57% of total exports. Senegal (X tons) ranks second in terms of the total exports with a 19% share, followed by Ghana (9.1%), Togo (5.4%) and Cote d'Ivoire (4.6%). The following exporters - Mali (X tons) and Burkina Faso (X tons) - each accounted for a 3.5% share of total exports.

Exports from Nigeria decreased at an average annual rate of -8.4% from 2012 to 2022. At the same time, Cote d'Ivoire (+21.1%), Ghana (+18.5%) and Togo (+17.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +21.1% from 2012-2022. By contrast, Senegal (-3.3%), Burkina Faso (-10.6%) and Mali (-15.3%) illustrated a downward trend over the same period. Ghana (+8.2 p.p.), Togo (+5.4 p.p.), Senegal (+4.2 p.p.) and Cote d'Ivoire (+4.2 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Nigeria saw its share reduced by -3.8% and -18.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest polypropylene in primary forms supplier in ECOWAS, comprising 47% of total exports. The second position in the ranking was held by Senegal ($X), with a 21% share of total exports. It was followed by Ghana, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to -20.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (-8.8% per year) and Ghana (+19.3% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, declining by -26% against the previous year. Overall, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2020 when the export price increased by 30% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+3.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Polypropylene in Primary Forms

Imports in ECOWAS

After two years of decline, supplies from abroad of polypropylene in primary forms increased by 7.8% to X tons in 2022. Total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% 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 -15.3% against 2019 indices. The pace of growth was the most pronounced in 2014 when imports increased by 65% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, polypropylene in primary forms imports surged to $X in 2022. Over the period under review, imports posted prominent growth. The pace of growth appeared the most rapid in 2014 when imports increased by 72%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Nigeria represented the key importing country with an import of about X tons, which reached 45% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 19% share, followed by Ghana (14%) and Togo (9.1%). Senegal (X tons), Guinea (X tons) and Guinea-Bissau (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to polypropylene in primary forms imports into Nigeria stood at -1.3%. At the same time, Guinea-Bissau (+29.0%), Ghana (+10.7%), Guinea (+10.1%), Cote d'Ivoire (+8.4%), Togo (+6.5%) and Senegal (+4.3%) displayed positive paces of growth. Moreover, Guinea-Bissau emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +29.0% from 2012-2022. Cote d'Ivoire (+8.2 p.p.), Ghana (+7.5 p.p.), Togo (+2.8 p.p.), Guinea-Bissau (+2.1 p.p.) and Guinea (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -21.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported polypropylene in primary forms in ECOWAS, comprising 74% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9% share of total imports. It was followed by Ghana, with a 6.3% share.

In Nigeria, polypropylene in primary forms imports expanded at an average annual rate of +10.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+6.9% per year) and Ghana (+8.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of 20% against the previous year. Over the period under review, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of 45% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 (+11.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform