ECOWAS: Saturated Acyclic Hydrocarbons Market 2024

Saturated Acyclic Hydrocarbons Market Size in ECOWAS

The ECOWAS saturated acyclic hydrocarbons market dropped to $X in 2022, which is down by -2.1% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Saturated Acyclic Hydrocarbons Production in ECOWAS

In value terms, saturated acyclic hydrocarbons production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a slight slump. The growth pace was the most rapid in 2019 with an increase of 18% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Saturated Acyclic Hydrocarbons Exports

Exports in ECOWAS

In 2022, approx. X tons of saturated acyclic hydrocarbons were exported in ECOWAS; growing by 1,391% against the previous year. Over the period under review, exports, however, faced a significant curtailment. The growth pace was the most rapid in 2017 when exports increased by 3,904% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, saturated acyclic hydrocarbons exports soared to $X in 2022. Overall, exports, however, continue to indicate a sharp descent. The growth pace was the most rapid in 2017 when exports increased by 2,130% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria prevails in exports structure, reaching X tons, which was approx. 92% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), committing a 5.8% share of total exports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to saturated acyclic hydrocarbons exports from Nigeria stood at -24.1%. Togo (-9.5%) and Cote d'Ivoire (-15.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -4.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) emerged as the largest saturated acyclic hydrocarbons supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled -35.8%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-19.3% per year) and Togo (-15.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -71.4% against the previous year. In general, the export price showed a abrupt downturn. The pace of growth was the most pronounced in 2018 an increase of 159% 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 Cote d'Ivoire ($X per ton), while Nigeria ($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 (-4.6%), while the other leaders experienced a decline in the export price figures.

Saturated Acyclic Hydrocarbons Imports

Imports in ECOWAS

In 2022, supplies from abroad of saturated acyclic hydrocarbons decreased by -23.9% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, saw perceptible growth. The most prominent rate of growth was recorded in 2019 when imports increased by 67%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, saturated acyclic hydrocarbons imports dropped to $X in 2022. Over the period under review, imports, however, posted a perceptible increase. The pace of growth appeared the most rapid in 2020 with an increase of 78% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, recording X tons, which was approx. 79% of total imports in 2022. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Benin (X tons) and Burkina Faso (X tons). All these countries together took approx. 19% share of total imports.

Imports into Nigeria increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Cote d'Ivoire (+21.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.5% from 2012-2022. By contrast, Burkina Faso (-4.0%) and Benin (-4.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Nigeria increased by +7.1 and +5.5 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported saturated acyclic hydrocarbons in ECOWAS, comprising 77% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 7.1% share of total imports. It was followed by Burkina Faso, with a 6% share.

In Nigeria, saturated acyclic hydrocarbons imports increased at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+17.3% per year) and Burkina Faso (-5.5% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, rising by 12% against the previous year. Overall, the import price, however, continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2020 an increase of 21% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($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 (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform