ECOWAS: Market for Reaction Initiators, Reaction Accelerators And Catalytic Preparations 2024

Market Size for Reaction Initiators, Reaction Accelerators And Catalytic Preparations in ECOWAS

The ECOWAS reaction initiators and accelerators market rose markedly to $X in 2022, surging by 5.9% against the previous year. Over the period under review, consumption posted a prominent increase. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Production of Reaction Initiators, Reaction Accelerators And Catalytic Preparations in ECOWAS

In value terms, reaction initiators and accelerators production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 49%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Exports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Exports in ECOWAS

In 2022, shipments abroad of reaction initiators, reaction accelerators and catalytic preparations decreased by -22.7% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 304% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, reaction initiators and accelerators exports declined significantly to $X in 2022. In general, exports, however, showed perceptible growth. The growth pace was the most rapid in 2021 with an increase of 194% against the previous year. As a result, the exports reached the peak of $X, and then reduced remarkably in the following year.

Exports by Country

In 2022, Ghana (X tons) and Cote d'Ivoire (X tons) were the largest exporters of reaction initiators, reaction accelerators and catalytic preparations in ECOWAS, together creating 65% of total exports. Senegal (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (11%) and Guinea (5%). The following exporters - Niger (X tons) and Benin (X tons) - together made up 6.5% of total exports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +30.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) emerged as the largest reaction initiators and accelerators supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was taken by Ghana ($X), with a 15% share of total exports. It was followed by Niger, with a 6.4% share.

In Nigeria, reaction initiators and accelerators exports increased at an average annual rate of +3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+19.8% per year) and Niger (-1.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, waning by -42.1% against the previous year. Overall, the export price recorded a drastic downturn. The pace of growth appeared the most rapid in 2021 when the export price increased by 891% against the previous year. 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 remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+9.9%), while the other leaders experienced a decline in the export price figures.

Imports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Imports in ECOWAS

In 2022, approx. X tons of reaction initiators, reaction accelerators and catalytic preparations were imported in ECOWAS; growing by 87% on 2021. In general, imports showed a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 231% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, reaction initiators and accelerators imports surged to $X in 2022. Over the period under review, imports recorded measured growth. The pace of growth appeared the most rapid in 2015 when imports increased by 246% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria represented the key importer of reaction initiators, reaction accelerators and catalytic preparations in ECOWAS, with the volume of imports finishing at X tons, which was near 73% of total imports in 2022. Niger (X tons) took the second position in the ranking, followed by Ghana (X tons) and Senegal (X tons). All these countries together took approx. 23% share of total imports. Cote d'Ivoire (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +6.7% from 2012 to 2022. At the same time, Senegal (+34.2%), Cote d'Ivoire (+11.8%) and Niger (+4.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.2% from 2012-2022. Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Senegal and Nigeria increased by +4.2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported reaction initiators, reaction accelerators and catalytic preparations in ECOWAS, comprising 85% of total imports. The second position in the ranking was taken by Niger ($X), with a 6.2% share of total imports. It was followed by Senegal, with a 3% share.

In Nigeria, reaction initiators and accelerators imports increased at an average annual rate of +4.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Niger (+4.2% per year) and Senegal (+31.4% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with a decrease of -38.6% against the previous year. Overall, the import price recorded a slight slump. The most prominent rate of growth was recorded in 2019 when the import price increased by 152% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2020; however, from 2021 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 Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform