ECOWAS: Propylene Glycol Market 2024

Propylene Glycol Market Size in ECOWAS

The ECOWAS propylene glycol market expanded markedly to $X in 2022, with an increase of 12% against the previous year. In general, consumption enjoyed resilient growth. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the near future.

Propylene Glycol Production in ECOWAS

In value terms, propylene glycol production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, posted buoyant growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 76% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Propylene Glycol Exports

Exports in ECOWAS

In 2022, overseas shipments of propylene glycol (propane-1,2-diol) decreased by -10.1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, posted a strong increase. The growth pace was the most rapid in 2020 with an increase of 45%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, propylene glycol exports declined notably to $X in 2022. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 61%. As a result, the exports reached the peak of $X, and then reduced notably in the following year.

Exports by Country

Senegal represented the major exporting country with an export of around X tons, which amounted to 84% of total exports. It was distantly followed by Cote d'Ivoire (X tons), constituting a 14% share of total exports.

Senegal was also the fastest-growing in terms of the propylene glycol (propane-1,2-diol) exports, with a CAGR of +9.7% from 2012 to 2022. At the same time, Cote d'Ivoire (+7.9%) displayed positive paces of growth. From 2012 to 2022, the share of Senegal increased by +5.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest propylene glycol supplier in ECOWAS, comprising 86% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to +9.0%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by -9.7% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 28% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-0.7%).

Propylene Glycol Imports

Imports in ECOWAS

Propylene glycol imports surged to X tons in 2022, with an increase of 30% compared with 2021. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.9% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, propylene glycol imports skyrocketed to $X in 2022. Overall, imports posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which amounted to 47% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Senegal (X tons), Togo (X tons) and Ghana (X tons), together comprising a 50% share of total imports.

Imports into Nigeria increased at an average annual rate of +7.4% from 2012 to 2022. At the same time, Senegal (+8.0%), Ghana (+7.4%), Togo (+6.6%) and Cote d'Ivoire (+1.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.0% from 2012-2022. Nigeria (+6.8 p.p.) and Senegal (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -10.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in ECOWAS, comprising 49% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Togo, with a 12% share.

In Nigeria, propylene glycol imports expanded at an average annual rate of +7.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+0.0% per year) and Togo (+12.5% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 5.4% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 47%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Togo ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform