ECOWAS: Market for Refined or Synthetic Glycerol 2025

Market Size for Refined or Synthetic Glycerol in ECOWAS

The ECOWAS refined or synthetic glycerol market expanded slightly to $X in 2022, increasing by 2.1% against the previous year. Over the period under review, consumption recorded strong growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Refined or Synthetic Glycerol in ECOWAS

In value terms, refined or synthetic glycerol production reached $X in 2022 estimated in export price. In general, production recorded a strong expansion. The growth pace was the most rapid in 2013 with an increase of 28%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Refined or Synthetic Glycerol

Exports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas shipments of refined or synthetic glycerol, when their volume decreased by -16.4% to X tons. Over the period under review, exports, however, saw strong growth. The pace of growth appeared the most rapid in 2021 when exports increased by 52%. As a result, the exports attained the peak of X tons, and then dropped dramatically in the following year.

In value terms, refined or synthetic glycerol exports contracted remarkably to $X in 2022. In general, exports, however, saw resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 86% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then plummeted in the following year.

Exports by Country

In 2022, Senegal (X tons) represented the key exporter of refined or synthetic glycerol in ECOWAS, achieving 96% of total export.

Senegal was also the fastest-growing in terms of the refined or synthetic glycerol exports, with a CAGR of +10.0% from 2012 to 2022. Senegal (+17 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest refined or synthetic glycerol supplier in ECOWAS.

In Senegal, refined or synthetic glycerol exports expanded at an average annual rate of +10.8% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, reducing by -3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 33%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2022, the rate of growth in terms of prices for Senegal amounted to +0.8% per year.

Imports of Refined or Synthetic Glycerol

Imports in ECOWAS

In 2022, supplies from abroad of refined or synthetic glycerol decreased by -1.7% to X tons, falling for the second year in a row after five years of growth. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.4% 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 -20.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 55%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, refined or synthetic glycerol imports reduced slightly to $X in 2022. Overall, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 when imports increased by 54%. Over the period under review, imports reached the peak figure at $X in 2021, and then declined modestly in the following year.

Imports by Country

Nigeria represented the main importer of refined or synthetic glycerol in ECOWAS, with the volume of imports recording X tons, which was near 46% of total imports in 2022. Cote d'Ivoire (X tons) took the second position in the ranking, distantly followed by Ghana (X tons), Senegal (X tons) and Togo (X tons). All these countries together took near 50% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Togo (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported refined or synthetic glycerol in ECOWAS, comprising 54% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Ghana, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +8.1%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.9% per year) and Ghana (+7.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 when the import price increased by 32% against the previous year. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

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 (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform