ECOWAS: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in ECOWAS

In 2022, the ECOWAS urea and thiourea resins market increased by 14% to $X, rising for the seventh year in a row after two years of decline. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Urea Resins And Thiourea Resins In Primary Forms in ECOWAS

In value terms, urea and thiourea resins production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in ECOWAS

In 2022, urea and thiourea resins exports in ECOWAS fell to X tons, dropping by -14.7% against the year before. In general, exports, however, continue to indicate a measured increase. The pace of growth was the most pronounced in 2016 with an increase of 193% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, urea and thiourea resins exports reduced dramatically to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 152%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, finishing at X tons, which was approx. 97% of total exports in 2022. Ghana (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms exports, with a CAGR of +15.1% from 2012 to 2022. Ghana (-1.4%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+66 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest urea and thiourea resins supplier in ECOWAS, comprising 98% of total exports. The second position in the ranking was held by Ghana ($X), with a 2.4% share of total exports.

In Cote d'Ivoire, urea and thiourea resins exports expanded at an average annual rate of +13.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by -2.6% against the previous year. In general, the export price continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2017 when the export price increased by 17%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-1.4%).

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in ECOWAS

Urea and thiourea resins imports surged to X tons in 2022, jumping by 61% compared with the previous year's figure. Overall, imports showed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea and thiourea resins imports soared to $X in 2022. In general, imports saw significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 83% of total imports in 2022. Cote d'Ivoire (X tons) held a 9.9% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (6.7%).

Nigeria was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms imports, with a CAGR of +38.8% from 2012 to 2022. At the same time, Cote d'Ivoire (+7.5%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Nigeria increased by +62 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported urea resins and thiourea resins in primary forms in ECOWAS, comprising 82% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 9.5% share of total imports.

In Nigeria, urea and thiourea resins imports expanded at an average annual rate of +41.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+9.0% per year) and Ghana (+2.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform