Report Update Nov 1, 2024

Nigeria - Industrial Stearic Acid - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Nigeria

The Nigerien industrial stearic acid market contracted markedly to $X in 2021, reducing by -61.7% 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, recorded a buoyant increase. As a result, consumption reached the peak level of $X, and then reduced notably in the following year.

Industrial Stearic Acid Exports

Exports from Nigeria

After two years of decline, overseas shipments of industrial stearic acid decreased by -70% to X kg in 2019. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 1,329% against the previous year. Over the period under review, the exports hit record highs at X kg in 2018, and then reduced remarkably in the following year.

In value terms, industrial stearic acid exports reduced dramatically to $X in 2019. Overall, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2016 when exports increased by 664% against the previous year. The exports peaked at $X in 2018, and then shrank markedly in the following year.

Exports by Country

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

From 2013 to 2019, the average annual growth rate of volume to Ghana stood at -70.0%.

In value terms, Ghana ($X) also remains the key foreign market for industrial stearic acid exports from Nigeria.

From 2013 to 2019, the average annual growth rate of value to Ghana amounted to -64.9%.

Export Prices by Country

The average industrial stearic acid export price stood at $X per ton in 2019, surging by 17% against the previous year. In general, the export price, however, recorded a sharp contraction. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2019, the export prices failed to regain momentum.

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

From 2013 to 2019, the rate of growth in terms of prices for Ghana amounted to +17.0% per year.

Industrial Stearic Acid Imports

Imports into Nigeria

In 2021, the amount of industrial stearic acid imported into Nigeria dropped significantly to X tons, which is down by -65.1% compared with 2020 figures. In general, imports, however, saw buoyant growth. The growth pace was the most rapid in 2020 with an increase of 244%. As a result, imports reached the peak of X tons, and then dropped markedly in the following year.

In value terms, industrial stearic acid imports reduced markedly to $X in 2021. Over the period under review, imports, however, recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 339% against the previous year. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

In 2021, Gabon (X tons) constituted the largest supplier of industrial stearic acid to Nigeria, with a 34% share of total imports. Moreover, industrial stearic acid imports from Gabon exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. The third position in this ranking was taken by Malaysia (X tons), with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume from Gabon was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+3.9% per year) and Malaysia (+3.7% per year).

In value terms, the largest industrial stearic acid suppliers to Nigeria were Gabon ($X), Indonesia ($X) and Malaysia ($X), with a combined 54% share of total imports. Singapore, Australia, South Korea and Senegal lagged somewhat behind, together comprising a further 10%.

In terms of the main suppliers, Senegal, with a CAGR of +26.6%, recorded the highest rates of growth with regard to 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 industrial stearic acid import price stood at $X per ton in 2021, growing by 16% against the previous year. In general, the import price, however, saw a perceptible decrease. The growth pace was the most rapid in 2020 an increase of 28% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Australia ($X per ton), while the price for Gabon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+5.4%), 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 industrial stearic acid in the world?

China constituted the country with the largest volume of industrial stearic acid consumption, comprising approx. 26% of total volume. Moreover, industrial stearic acid consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. The third position in this ranking was occupied by India, with an 11% share.

What are the largest producers of industrial stearic acid in the world?

The countries with the highest volumes of industrial stearic acid production in 2020 were Indonesia, China and the United States, together accounting for 51% of global production.

What are the leading suppliers of industrial stearic acid to Nigeria?

In value terms, Indonesia constituted the largest supplier of industrial stearic acid to Nigeria, comprising 80% of total imports. The second position in the ranking was occupied by Malaysia, with a 17% share of total imports.

What are the leading importers of industrial stearic acid from Nigeria?

In value terms, Ghana $47) remains the key foreign market for industrial stearic acid exports from Nigeria.

What is the average export price for industrial stearic acid in Nigeria?

In 2019, the average industrial stearic acid export price amounted to $627 per ton, surging by 17% against the previous year.

What is the average import price for industrial stearic acid in Nigeria?

The average industrial stearic acid import price stood at $911 per ton in 2020, growing by 28% against the previous year.

This report provides an in-depth analysis of the industrial stearic 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 20143120 - Industrial stearic 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