ECOWAS: Polystyrene Market 2024

Polystyrene Market Size in ECOWAS

The ECOWAS polystyrene market totaled $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Polystyrene Production in ECOWAS

In value terms, polystyrene production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 28% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Polystyrene Exports

Exports in ECOWAS

In 2022, polystyrene exports in ECOWAS contracted sharply to X tons, reducing by -38% against 2021. In general, exports faced a drastic downturn. The pace of growth was the most pronounced in 2021 when exports increased by 81%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, polystyrene exports fell significantly to $X in 2022. Overall, exports saw a deep setback. The pace of growth was the most pronounced in 2021 when exports increased by 112% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Cote d'Ivoire (X tons), Senegal (X tons) and Ghana (X tons), together accounting for 78% of total export. It was distantly followed by Nigeria (X tons) and Togo (X tons), together committing a 21% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +11.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 78% share of total exports. Nigeria and Togo lagged somewhat behind, together accounting for a further 14%.

In terms of the main exporting countries, Nigeria, with a CAGR of +7.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -9.4% against the previous year. Over the period under review, the export price showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when the export price increased by 66%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 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 Togo (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Polystyrene Imports

Imports in ECOWAS

In 2022, purchases abroad of polystyrene decreased by -4.8% to X tons, falling for the second consecutive year after five years of growth. Over the period under review, imports, however, recorded resilient growth. The growth pace was the most rapid in 2014 when imports increased by 61%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, polystyrene imports totaled $X in 2022. Overall, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 58%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

Nigeria was the largest importing country with an import of around X tons, which reached 56% of total imports. It was distantly followed by Ghana (X tons), making up a 37% share of total imports. Cote d'Ivoire (X tons) and Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +21.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported polystyrene in ECOWAS, comprising 70% of total imports. The second position in the ranking was taken by Ghana ($X), with a 25% share of total imports. It was followed by Cote d'Ivoire, with a 2.3% share.

In Nigeria, polystyrene imports expanded at an average annual rate of +14.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+18.6% per year) and Cote d'Ivoire (+2.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 12% against the previous year. Import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polystyrene import price increased by +72.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 54%. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

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 (+4.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform