Report Update Nov 1, 2024

Nigeria - Acrylic Acid and Its Salts and Other Monocarboxylic Acid - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Nigeria

After three years of growth, the Nigerien monocarboxylic acid market decreased by -69.7% to $X in 2022. Over the period under review, consumption recorded a perceptible shrinkage. Over the period under review, the market attained the maximum level at $X in 2021, and then fell remarkably in the following year.

Monocarboxylic Acid Exports

Exports from Nigeria

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid exported from Nigeria amounted to X tons, remaining relatively unchanged against the year before. In general, exports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 78% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, monocarboxylic acid exports expanded modestly to $X in 2022. Overall, exports, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 71% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X tons) was the main destination for monocarboxylic acid exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Ghana stood at -14.1%.

In value terms, Ghana ($X) also remains the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Nigeria.

From 2012 to 2022, the average annual growth rate of value to Ghana amounted to -15.6%.

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, growing by 1.6% against the previous year. In general, the export price, however, recorded a slight decline. The growth pace was the most rapid in 2013 an increase of 39%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to -1.7% per year.

Monocarboxylic Acid Imports

Imports into Nigeria

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -75.7% to X tons, falling for the second year in a row after two years of growth. Overall, imports saw a perceptible downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 238% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports declined remarkably to $X in 2022. In general, imports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2019 when imports increased by 181% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then declined dramatically in the following year.

Imports by Country

Saudi Arabia (X tons), China (X tons) and Germany (X tons) were the main suppliers of monocarboxylic acid imports to Nigeria, together accounting for 65% of total imports. The United Arab Emirates, Russia, the United States, South Korea, the UK and Belgium lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Saudi Arabia ($X) and the UK ($X) appeared to be the largest monocarboxylic acid suppliers to Nigeria, together comprising 59% of total imports. Germany, the United Arab Emirates, the United States, Russia, South Korea and Belgium lagged somewhat behind, together accounting for a further 18%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +29.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, with an increase of 43% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +117.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 52%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+28.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for acrylic acid and its salts and other monocarboxylic acid in the world?

The countries with the highest volumes of in 2021 were China, the United States and India, together accounting for 43% of global consumption. These countries were followed by Russia, Brazil, Indonesia, Japan, Germany, Mexico, Malaysia, Canada, Democratic Republic of the Congo and Saudi Arabia, which together accounted for a further 31%.

What are the largest producers of acrylic acid and its salts and other monocarboxylic acid in the world?

The countries with the highest volumes of in 2021 were China, the United States and India, together comprising 45% of global production. Japan, Germany, Russia, Saudi Arabia, Indonesia, Brazil, Mexico, Malaysia, Belgium and Democratic Republic of the Congo lagged somewhat behind, together accounting for a further 38%.

What are the leading suppliers of acrylic acid and its salts and other monocarboxylic acid to Nigeria?

In value terms, China constituted the largest supplier of monocarboxylic acid to Nigeria, comprising 53% of total imports. The second position in the ranking was occupied by Germany, with an 11% share of total imports. It was followed by India, with a 9.4% share.

What are the leading importers of acrylic acid and its salts and other monocarboxylic acid from Nigeria?

In value terms, Ghana remains the key foreign market for monocarboxylic acid exports from Nigeria.

What is the average export price for acrylic acid and its salts and other monocarboxylic acid in Nigeria?

The average monocarboxylic acid export price stood at $4,370 per ton in 2021, with an increase of 6.3% against the previous year.

What is the average import price for acrylic acid and its salts and other monocarboxylic acid in Nigeria?

In 2021, the average monocarboxylic acid import price amounted to $3,053 per ton, surging by 60% against the previous year.

This report provides an in-depth analysis of the monocarboxylic acid market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143310 - Acrylic acid and its salts and other monocarboxylic acid

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023