Nigeria: Halogenated Hydrocarbon Derivative Market 2024

Halogenated Hydrocarbon Derivative Market Size in Nigeria

The Nigerien halogenated hydrocarbon derivative market amounted to $X in 2022, increasing by 11% 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 a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Halogenated Hydrocarbon Derivative Exports

Exports from Nigeria

In 2022, approx. X tons of halogenated derivatives of hydrocarbons were exported from Nigeria; with a decrease of -35.8% against the previous year. Overall, exports, however, posted prominent growth. The pace of growth was the most pronounced in 2021 when exports increased by 227%. As a result, the exports attained the peak of X tons, and then declined dramatically in the following year.

In value terms, halogenated hydrocarbon derivative exports reduced notably to $X in 2022. Over the period under review, exports showed a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 313% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X tons) was the main destination for halogenated hydrocarbon derivative exports from Nigeria, accounting for a 63% share of total exports. Moreover, halogenated hydrocarbon derivative exports to Ghana exceeded the volume sent to the second major destination, Niger (X tons), fourfold. Benin (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana amounted to +67.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-7.0% per year) and Benin (-36.2% per year).

In value terms, Ghana ($X), Benin ($X) and Niger ($X) constituted the largest markets for halogenated hydrocarbon derivative exported from Nigeria worldwide, with a combined 98% share of total exports.

Ghana, with a CAGR of +38.5%, 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 a decline.

Export Prices by Country

In 2022, the average halogenated hydrocarbon derivative export price amounted to $X per ton, reducing by -3.3% against the previous year. Over the period under review, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 an increase of 38% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+17.9%), while the prices for the other major destinations experienced a decline.

Halogenated Hydrocarbon Derivative Imports

Imports into Nigeria

In 2022, overseas purchases of halogenated derivatives of hydrocarbons decreased by -0.1% to X tons, falling for the second consecutive year after three years of growth. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 51% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, halogenated hydrocarbon derivative imports skyrocketed to $X in 2022. Over the period under review, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +94.9% against 2017 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 65%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of halogenated hydrocarbon derivative to Nigeria, accounting for a 64% share of total imports. Moreover, halogenated hydrocarbon derivative imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), sevenfold. South Korea (X tons) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-4.4% per year) and South Korea (+14.3% per year).

In value terms, China ($X) constituted the largest supplier of halogenated derivatives of hydrocarbons to Nigeria, comprising 69% of total imports. The second position in the ranking was held by India ($X), with a 12% share of total imports. It was followed by Germany, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-1.5% per year) and Germany (+28.4% per year).

Import Prices by Country

In 2022, the average halogenated hydrocarbon derivative import price amounted to $X per ton, growing by 45% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, halogenated hydrocarbon derivative import price increased by +135.2% against 2019 indices. As a result, import price reached the peak level and is likely to continue 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 ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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