Ghana: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Ghana

In 2021, the Ghanian nitric and sulphonitric acids market decreased by -20.5% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, enjoyed a noticeable increase. Nitric and sulphonitric acids consumption peaked at $X in 2020, and then reduced dramatically in the following year.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Ghana

In 2021, after two years of decline, there was significant growth in shipments abroad of nitric acid and sulphonitric acids, when their volume increased by 13% to X tons. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 235% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports skyrocketed to $X in 2021. In general, exports recorded a significant increase. The growth pace was the most rapid in 2015 with an increase of 240% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Mali (X tons) was the main destination for nitric and sulphonitric acids exports from Ghana, with a 87% share of total exports. Moreover, nitric and sulphonitric acids exports to Mali exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), more than tenfold. Burkina Faso (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume to Mali totaled +66.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+52.6% per year) and Burkina Faso (-3.5% per year).

In value terms, Mali ($X) remains the key foreign market for nitric acid and sulphonitric acids exports from Ghana, comprising 89% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 7.6% share of total exports. It was followed by Burkina Faso, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value to Mali amounted to +56.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+61.0% per year) and Burkina Faso (-14.2% per year).

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, surging by 18% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+5.3%), while the prices for the other major destinations experienced a decline.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Ghana

After two years of growth, overseas purchases of nitric acid and sulphonitric acids decreased by -22.5% to X tons in 2021. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 167%. Over the period under review, imports attained the peak figure at X tons in 2020, and then reduced sharply in the following year.

In value terms, nitric and sulphonitric acids imports fell markedly to $X in 2021. Over the period under review, imports, however, saw a tangible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 125% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then dropped significantly in the following year.

Imports by Country

In 2021, Belgium (X tons) constituted the largest nitric and sulphonitric acids supplier to Ghana, with a 65% share of total imports. Moreover, nitric and sulphonitric acids imports from Belgium exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. India (X tons) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+64.1% per year) and India (+26.7% per year).

In value terms, Belgium ($X) constituted the largest supplier of nitric acid and sulphonitric acids to Ghana, comprising 60% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 26% share of total imports. It was followed by India, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium stood at +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+45.7% per year) and India (+20.7% per year).

Import Prices by Country

In 2021, the average nitric and sulphonitric acids import price amounted to $X per ton, increasing by 7.4% against the previous year. In general, the import price, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 34% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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