Nigeria: Market for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) 2024

Market Size for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) in Nigeria

The Nigerien market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) soared to $X in 2021, surging by 29% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw resilient growth. Consumption of peaked in 2021 and is likely to continue growth in years to come.

Exports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Exports from Nigeria

In 2021, shipments abroad of acrylic polymers, in primary forms (excluding polymethyl methacrylate) increased by 93% to X tons, rising for the fourth consecutive year after five years of decline. In general, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2020 when exports increased by 185%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) skyrocketed to $X in 2021. Over the period under review, exports, however, saw a deep contraction. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cambodia (X tons), Vietnam (X tons) and India (X tons) were the main destinations of exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from Nigeria, together accounting for 93% of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +13.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for acrylic polymers, in primary forms (excluding polymethyl methacrylate) exported from Nigeria were India ($X), Cambodia ($X) and Vietnam ($X), with a combined 70% share of total exports.

Vietnam, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) stood at $X per ton in 2021, which is down by -4.2% against the previous year. Overall, the export price faced a sharp downturn. The most prominent rate of growth was recorded in 2013 an increase of 28% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to Vietnam ($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 South Africa (+27.6%).

Imports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Imports into Nigeria

In 2021, supplies from abroad of acrylic polymers, in primary forms (excluding polymethyl methacrylate) decreased by -16.2% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 49% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) skyrocketed to $X in 2021. In general, imports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 39% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to Nigeria, with a 50% share of total imports. Moreover, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from Australia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fivefold. Japan (X tons) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2021, the average annual growth rate of volume from Australia amounted to +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+51.5% per year) and Japan (+29.6% per year).

In value terms, Japan ($X), Indonesia ($X) and Turkey ($X) were the largest acrylic polymers, in primary forms (excluding polymethyl methacrylate) suppliers to Nigeria, together accounting for 42% of total imports.

Among the main suppliers, Indonesia, with a CAGR of +71.0%, saw 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

In 2021, the average import price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, jumping by 54% against the previous year. In general, the import price, however, saw a perceptible decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform