ECOWAS: Silicone Market 2024

Silicone Market Size in ECOWAS

The ECOWAS silicone market contracted to $X in 2021, dropping by -12.2% against the previous year. The total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +7.6% against 2015 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Silicone Production in ECOWAS

In value terms, silicone production contracted to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 33% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Silicone Exports

Exports in ECOWAS

In 2021, the amount of silicones (in primary forms) exported in ECOWAS contracted significantly to X tons, declining by -48.7% on the year before. Overall, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2020 when exports increased by 98%. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, silicone exports shrank rapidly to $X in 2021. In general, exports showed a perceptible contraction. The most prominent rate of growth was recorded in 2020 with an increase of 87%. As a result, the exports reached the peak of $X, and then reduced rapidly in the following year.

Exports by Country

In 2021, Sierra Leone (X tons) and Senegal (X tons) were the key exporters of silicones (in primary forms) in ECOWAS, together accounting for near 58% of total exports. Gambia (X kg) ranks next in terms of the total exports with a 16% share, followed by Cote d'Ivoire (8.8%), Liberia (8.3%) and Ghana (4.8%). Niger (X kg) held a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Sierra Leone (with a CAGR of +54.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) emerged as the largest silicone supplier in ECOWAS, comprising 47% of total exports. The second position in the ranking was taken by Senegal ($X), with a 17% share of total exports. It was followed by Gambia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sierra Leone totaled +40.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+28.6% per year) and Gambia (+10.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, shrinking by -11.4% against the previous year. Export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silicone export price decreased by -28.9% against 2018 indices. The pace of growth was the most pronounced in 2018 an increase of 72%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+7.3%), while the other leaders experienced mixed trends in the export price figures.

Silicone Imports

Imports in ECOWAS

Silicone imports contracted dramatically to X tons in 2021, which is down by -18.7% on the year before. In general, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 115% against the previous year. The volume of import peaked at X tons in 2020, and then dropped significantly in the following year.

In value terms, silicone imports rose rapidly to $X in 2021. Total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -7.8% against 2018 indices. The growth pace was the most rapid in 2018 when imports increased by 71% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Nigeria (X tons) represented the key importer of silicones (in primary forms), committing 61% of total imports. Cote d'Ivoire (X tons) took a 21% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (7.1%). The following importers - Ghana (X tons), Togo (X tons) and Cabo Verde (X tons) - together made up 8.4% of total imports.

From 2012 to 2021, average annual rates of growth with regard to silicone imports into Nigeria stood at +9.7%. At the same time, Senegal (+19.3%), Cabo Verde (+15.1%), Togo (+13.5%) and Cote d'Ivoire (+12.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.3% from 2012-2021. By contrast, Ghana (-2.1%) illustrated a downward trend over the same period. While the share of Senegal (+3.8 p.p.) and Cote d'Ivoire (+3.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest silicone importing markets in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Senegal ($X), together comprising 83% of total imports.

Senegal, with a CAGR of +17.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, increasing by 31% against the previous year. Overall, the import price, however, showed a noticeable contraction. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform