ECOWAS: Toluene Market 2024

Toluene Market Size in ECOWAS

The ECOWAS toluene market dropped to $X in 2021, waning by -7.5% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Toluene Production in ECOWAS

In value terms, toluene production contracted to $X in 2021 estimated in export price. In general, production showed a noticeable setback. The most prominent rate of growth was recorded in 2016 with an increase of 42%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Toluene Exports

Exports in ECOWAS

In 2021, approx. X tons of toluene were exported in ECOWAS; jumping by 124% on the previous year. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 590%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, toluene exports surged to $X in 2021. In general, exports continue to indicate buoyant growth. The growth pace was the most rapid in 2016 with an increase of 235%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Niger was the largest exporter of toluene in ECOWAS, with the volume of exports accounting for X tons, which was near 56% of total exports in 2021. Cote d'Ivoire (X tons) took the second position in the ranking, distantly followed by Senegal (X kg). All these countries together took near 42% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Cote d'Ivoire (with a CAGR of +10.0%), while the other leaders experienced a decline in the exports figures.

In value terms, Niger ($X), Cote d'Ivoire ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 97% of total exports.

Cote d'Ivoire, with a CAGR of +13.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with a decrease of -25.7% against the previous year. Overall, the export price continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2013 an increase of 103%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+10.5%), while the other leaders experienced more modest paces of growth.

Toluene Imports

Imports in ECOWAS

After two years of growth, supplies from abroad of toluene decreased by -16.5% to X tons in 2021. Over the period under review, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 80% against the previous year. As a result, imports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, toluene imports shrank to $X in 2021. In general, imports, however, posted a measured expansion. The pace of growth appeared the most rapid in 2020 with an increase of 70%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2021, Nigeria (X tons) represented the major importer of toluene, committing 61% of total imports. It was distantly followed by Cote d'Ivoire (X tons) and Ghana (X tons), together making up a 36% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to toluene imports into Nigeria stood at +9.8%. At the same time, Ghana (+20.6%) and Cote d'Ivoire (+5.4%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +20.6% from 2012-2021. Nigeria (+5.5 p.p.) and Ghana (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -9% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported toluene in ECOWAS, comprising 64% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 25% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +6.5%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-0.0% per year) and Ghana (+13.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 8.7% against the previous year. Overall, the import price, however, showed a pronounced curtailment. The growth pace was the most rapid in 2018 an increase of 16%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform