ECOWAS: Polyurethanes Market 2024

Polyurethanes Market Size in ECOWAS

The ECOWAS polyurethanes market stood at $X in 2021, growing by 2.4% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -0.7% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Polyurethanes Production in ECOWAS

In value terms, polyurethanes production stood at $X in 2021 estimated in export price. Overall, production saw resilient growth. The pace of growth was the most pronounced in 2013 with an increase of 36%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Polyurethanes Exports

Exports in ECOWAS

In 2021, approx. X tons of polyurethanes in primary forms were exported in ECOWAS; picking up by 965% compared with 2020. In general, exports, however, recorded a perceptible downturn. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, polyurethanes exports surged to $X in 2021. Over the period under review, exports saw a slight expansion. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal was the main exporter of polyurethanes in primary forms in ECOWAS, with the volume of exports reaching X tons, which was near 53% of total exports in 2021. Guinea (X tons) ranks second in terms of the total exports with a 20% share, followed by Nigeria (19%). The following exporters - Niger (X kg) and Sierra Leone (X kg) - together made up 7.1% of total exports.

Senegal was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +26.6% from 2012 to 2021. At the same time, Niger (+21.5%) and Guinea (+13.4%) displayed positive paces of growth. By contrast, Nigeria (-11.2%) and Sierra Leone (-14.8%) illustrated a downward trend over the same period. Senegal (+53 p.p.), Guinea (+20 p.p.) and Niger (+3.8 p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone and Nigeria saw its share reduced by -6.2% and -18.6% from 2012 to 2021, respectively.

In value terms, Senegal ($X), Nigeria ($X) and Guinea ($X) were the countries with the highest levels of exports in 2021, with a combined 94% share of total exports. Niger and Sierra Leone lagged somewhat behind, together accounting for a further 5.6%.

Niger, with a CAGR of +28.4%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 3.2% against the previous year. Overall, the export price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 an increase of 246%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone ($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 (+14.0%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in ECOWAS

After four years of growth, overseas purchases of polyurethanes in primary forms decreased by -25.7% to X tons in 2021. Over the period under review, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2020 with an increase of 52%. As a result, imports reached the peak of X tons, and then dropped notably in the following year.

In value terms, polyurethanes imports contracted rapidly to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +9.6% 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 +40.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 71% against the previous year. As a result, imports reached the peak of $X, and then fell dramatically in the following year.

Imports by Country

Nigeria represented the key importer of polyurethanes in primary forms in ECOWAS, with the volume of imports amounting to X tons, which was near 56% of total imports in 2021. It was distantly followed by Togo (X tons), Cote d'Ivoire (X tons) and Ghana (X tons), together constituting a 37% share of total imports. Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +5.9% from 2012 to 2021. At the same time, Togo (+69.2%), Cote d'Ivoire (+21.0%) and Ghana (+8.1%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +69.2% from 2012-2021. Senegal experienced a relatively flat trend pattern. Togo (+24 p.p.) and Cote d'Ivoire (+4.2 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Nigeria saw its share reduced by -4.2% and -22.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported polyurethanes in primary forms in ECOWAS, comprising 67% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 9.4% share of total imports. It was followed by Ghana, with an 8.5% share.

In Nigeria, polyurethanes imports increased at an average annual rate of +8.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+21.0% per year) and Ghana (+16.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 9.9% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 24% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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 Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform