ECOWAS: Triethanolamine Market 2024

Triethanolamine Market Size in ECOWAS

After five years of growth, the ECOWAS triethanolamine market decreased by -2.1% to $X in 2021. In general, consumption, however, recorded a buoyant expansion. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Triethanolamine Production in ECOWAS

In value terms, triethanolamine production shrank to $X in 2021 estimated in export price. Overall, production, however, showed resilient growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 35% against the previous year. The level of production peaked at $X in 2020, and then declined slightly in the following year.

Triethanolamine Exports

Exports in ECOWAS

In 2021, shipments abroad of triethanolamine and its salts increased by 0.8% to X tons, rising for the fifth consecutive year after three years of decline. Over the period under review, exports, however, saw a pronounced contraction. The growth pace was the most rapid in 2013 with an increase of 112%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, triethanolamine exports declined to $X in 2021. In general, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 120%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Senegal (X tons) represented roughly 99% of total exports in 2021.

Senegal was also the fastest-growing in terms of the triethanolamine and its salts exports, with a CAGR of -2.2% from 2012 to 2021. From 2012 to 2021, the share of Senegal increased by +11 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest triethanolamine supplier in ECOWAS.

From 2012 to 2021, the average annual growth rate of value in Senegal stood at -8.7%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, dropping by -4.7% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The pace of growth appeared the most rapid in 2013 when the export price increased by 3.6%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Senegal amounted to -6.6% per year.

Triethanolamine Imports

Imports in ECOWAS

In 2021, approx. X tons of triethanolamine and its salts were imported in ECOWAS; shrinking by -3.7% compared with 2020 figures. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 51% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, triethanolamine imports reduced to $X in 2021. Over the period under review, imports saw a perceptible downturn. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Senegal (X tons) was the key importer of triethanolamine and its salts, making up 41% of total imports. Nigeria (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (16%), Ghana (14%) and Togo (7.7%). Gambia (X tons) followed a long way behind the leaders.

Senegal experienced a relatively flat trend pattern with regard to volume of imports of triethanolamine and its salts. At the same time, Gambia (+16.2%), Nigeria (+15.4%) and Ghana (+4.3%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.2% from 2012-2021. By contrast, Togo (-5.0%) and Cote d'Ivoire (-9.4%) illustrated a downward trend over the same period. Nigeria (+14 p.p.), Senegal (+5.3 p.p.) and Ghana (+4.8 p.p.) significantly strengthened its position in terms of the total imports, while Togo and Cote d'Ivoire saw its share reduced by -3.9% and -20.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported triethanolamine and its salts in ECOWAS, comprising 43% of total imports. The second position in the ranking was taken by Ghana ($X), with a 19% share of total imports. It was followed by Nigeria, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in Senegal was relatively modest. In the other countries, the average annual rates were as follows: Ghana (+1.7% per year) and Nigeria (-0.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, picking up by 3.8% against the previous year. In general, the import price, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 an increase of 9% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Ghana ($X per ton), while Togo ($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 (-1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform