Nigeria: Market for Cyclanes, Cyclenes And Cycloterpenes (Excluding Cyclohexane) 2024

Market Size for Cyclanes, Cyclenes And Cycloterpenes (Excluding Cyclohexane) in Nigeria

In 2021, after five years of growth, there was significant decline in the Nigerien cyclanes, cyclenes and cycloterpenes market, when its value decreased by -6.9% to $X. Over the period under review, consumption, however, recorded a buoyant expansion. Cyclanes, cyclenes and cycloterpenes consumption peaked at $X in 2020, and then declined in the following year.

Production of Cyclanes, Cyclenes And Cycloterpenes (Excluding Cyclohexane) in Nigeria

In value terms, cyclanes, cyclenes and cycloterpenes production dropped to $X in 2021 estimated in export price. In general, production, however, posted resilient growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 84% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then declined in the following year.

Exports of Cyclanes, Cyclenes And Cycloterpenes (Excluding Cyclohexane)

Exports from Nigeria

In 2021, after two years of decline, there was significant decline in shipments abroad of cyclanes, cyclenes and cycloterpenes (excluding cyclohexane), when their volume decreased by -8.5% to X tons. Overall, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 45%. Over the period under review, the exports attained the maximum at X tons in 2020, and then dropped in the following year.

In value terms, cyclanes, cyclenes and cycloterpenes exports shrank to $X in 2021. In general, exports, however, saw a significant increase. The growth pace was the most rapid in 2018 when exports increased by 153%. Over the period under review, the exports reached the peak figure at $X in 2020, and then declined slightly in the following year.

Exports by Country

Kenya (X tons) was the main destination for cyclanes, cyclenes and cycloterpenes exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Kenya was relatively modest.

In value terms, Kenya ($X) emerged as the key foreign market for cyclanes, cyclenes and cycloterpenes (excluding cyclohexane) exports from Nigeria.

From 2012 to 2021, the average annual growth rate of value to Kenya was relatively modest.

Export Prices by Country

The average cyclanes, cyclenes and cycloterpenes export price stood at $X per ton in 2021, with an increase of 8.2% against the previous year. Overall, the export price showed a prominent expansion. The most prominent rate of growth was recorded in 2018 an increase of 75% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for Niger amounted to +32.2% per year.

Imports of Cyclanes, Cyclenes And Cycloterpenes (Excluding Cyclohexane)

Imports into Nigeria

In 2021, purchases abroad of cyclanes, cyclenes and cycloterpenes (excluding cyclohexane) decreased by -45.3% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2014 when imports increased by 1,024%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, cyclanes, cyclenes and cycloterpenes imports declined rapidly to $X in 2021. Over the period under review, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 1,453%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest cyclanes, cyclenes and cycloterpenes supplier to Nigeria, accounting for a 54% share of total imports. Moreover, cyclanes, cyclenes and cycloterpenes imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +46.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+56.0% per year) and South Korea (+8.3% per year).

In value terms, India ($X) constituted the largest supplier of cyclanes, cyclenes and cycloterpenes (excluding cyclohexane) to Nigeria, comprising 67% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports. It was followed by South Korea, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India amounted to +41.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+25.6% per year) and South Korea (+6.6% per year).

Import Prices by Country

The average cyclanes, cyclenes and cycloterpenes import price stood at $X per ton in 2021, with a decrease of -6.8% against the previous year. Over the period under review, the import price, however, recorded strong growth. The growth pace was the most rapid in 2015 when the average import price increased by 43%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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