Nigeria: Acyclic Hydrocarbons Derivatives Market 2024

Acyclic Hydrocarbons Derivatives Market Size in Nigeria

The Nigerien acyclic hydrocarbons derivatives market rose significantly to $X in 2021, picking up by 13% 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). The market value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Acyclic hydrocarbons derivatives consumption peaked in 2021 and is expected to retain growth in the near future.

Acyclic Hydrocarbons Derivatives Exports

Exports from Nigeria

In 2021, the amount of fluorinated, brominated or iodinated derivatives of acyclic hydrocarbons exported from Nigeria skyrocketed to X kg, with an increase of 279% compared with 2020 figures. Overall, exports, however, continue to indicate a slight decrease. The pace of growth appeared the most rapid in 2015 with an increase of 3,540%. As a result, the exports attained the peak of X kg. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, acyclic hydrocarbons derivatives exports skyrocketed to $X in 2021. Over the period under review, exports saw significant growth. The pace of growth was the most pronounced in 2015 with an increase of 3,980% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Benin (X kg) was the main destination for acyclic hydrocarbons derivatives exports from Nigeria, accounting for a 84% share of total exports. Moreover, acyclic hydrocarbons derivatives exports to Benin exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin totaled +1,013.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-18.4% per year) and Angola (0.0% per year).

In value terms, Benin ($X) remains the key foreign market for fluorinated, brominated or iodinated derivatives of acyclic hydrocarbons exports from Nigeria, comprising 89% of total exports. The second position in the ranking was taken by Angola ($X), with a 9.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin amounted to +1,492.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (0.0% per year) and Cote d'Ivoire (-19.5% per year).

Export Prices by Country

In 2021, the average acyclic hydrocarbons derivatives export price amounted to $X per ton, picking up by 6.6% against the previous year. In general, the export price continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2020 an increase of 363% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Angola ($X per ton), while the average price for exports to Cote d'Ivoire ($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 Benin (+9.2%), while the prices for the other major destinations experienced mixed trend patterns.

Acyclic Hydrocarbons Derivatives Imports

Imports into Nigeria

In 2021, supplies from abroad of fluorinated, brominated or iodinated derivatives of acyclic hydrocarbons decreased by -1.3% to X tons, falling for the second year in a row after two years of growth. Overall, total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -3.5% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 39%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2021.

In value terms, acyclic hydrocarbons derivatives imports surged to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 41% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of acyclic hydrocarbons derivatives to Nigeria, accounting for a 70% share of total imports. Moreover, acyclic hydrocarbons derivatives imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), sixfold. The third position in this ranking was taken by the UK (X tons), with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+55.0% per year) and the UK (+43.7% per year).

In value terms, the largest acyclic hydrocarbons derivatives suppliers to Nigeria were China ($X), Hong Kong SAR ($X) and the UK ($X), with a combined 71% share of total imports.

Hong Kong SAR, with a CAGR of +79.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average acyclic hydrocarbons derivatives import price stood at $X per ton in 2021, picking up by 23% against the previous year. Over the period under review, the import price, however, showed a mild reduction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 24%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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