ECOWAS: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in ECOWAS

The ECOWAS salts of acetic acid market skyrocketed to $X in 2022, growing by 18% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Salts Of Acetic Acid in ECOWAS

In value terms, salts of acetic acid production stood at $X in 2022 estimated in export price. In general, production, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 23% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Salts Of Acetic Acid

Exports in ECOWAS

In 2022, the amount of salts of acetic acid exported in ECOWAS soared to X tons, increasing by 46% on the year before. Overall, exports showed a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by 67% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, salts of acetic acid exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 59%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) and Ghana (X tons) were the largest exporters of salts of acetic acid in 2022, finishing at near 47% and 39% of total exports, respectively. It was distantly followed by Senegal (X tons), achieving an 11% share of total exports. Cote d'Ivoire (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +42.9%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest salts of acetic acid supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was held by Nigeria ($X), with a 25% share of total exports. It was followed by Senegal, with a 4.6% share.

In Ghana, salts of acetic acid exports expanded at an average annual rate of +14.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+21.0% per year) and Senegal (+45.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, reducing by -21% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 50% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.3%), while the other leaders experienced more modest paces of growth.

Imports of Salts Of Acetic Acid

Imports in ECOWAS

In 2022, supplies from abroad of salts of acetic acid was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2017 when imports increased by 133% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, salts of acetic acid imports surged to $X in 2022. Over the period under review, imports showed a pronounced expansion. The pace of growth appeared the most rapid in 2017 with an increase of 102% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 91% of total imports in 2022. Burkina Faso (X tons), Mali (X tons) and Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Burkina Faso (+47.9%), Mali (+14.7%) and Senegal (+5.7%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +47.9% from 2012-2022. From 2012 to 2022, the share of Burkina Faso increased by +2.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported salts of acetic acid in ECOWAS, comprising 90% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with a 3.1% share of total imports. It was followed by Senegal, with a 1.8% share.

In Nigeria, salts of acetic acid imports increased at an average annual rate of +4.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Burkina Faso (+41.0% per year) and Senegal (+5.5% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, shrinking by -14.2% against the previous year. Over the period under review, the import price continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2018 an increase of 50%. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Burkina Faso ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform