Nigeria: Aromatic Hydrocarbon Mixtures Market 2024

Aromatic Hydrocarbon Mixtures Market Size in Nigeria

In 2022, the Nigerien aromatic hydrocarbon mixtures market decreased by -0.1% to $X, falling for the second year in a row after five years of growth. Overall, consumption continues to indicate a pronounced expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Aromatic Hydrocarbon Mixtures Production in Nigeria

In value terms, aromatic hydrocarbon mixtures production stood at $X in 2022 estimated in export price. Overall, production showed a strong expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 98%. Aromatic hydrocarbon mixtures production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Aromatic Hydrocarbon Mixtures Exports

Exports from Nigeria

In 2022, the amount of naphthalene and other aromatic hydrocarbon mixtures exported from Nigeria expanded rapidly to X tons, with an increase of 6.2% compared with the previous year. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 556% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, aromatic hydrocarbon mixtures exports stood at $X in 2022. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of 344%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons) was the main destination for aromatic hydrocarbon mixtures exports from Nigeria, accounting for a 47% share of total exports. Moreover, aromatic hydrocarbon mixtures exports to Belgium exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belgium stood at +45.4%.

In value terms, Belgium ($X) and the Netherlands ($X) constituted the largest markets for aromatic hydrocarbon mixtures exported from Nigeria worldwide.

Among the main countries of destination, the Netherlands, with a CAGR of +70.6%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average aromatic hydrocarbon mixtures export price stood at $X per ton in 2022, shrinking by -3.3% against the previous year. Over the period under review, the export price showed a abrupt decline. The growth pace was the most rapid in 2021 when the average export price increased by 14% against the previous year. Over the period under review, the average export prices attained the peak figure 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 the Netherlands ($X per ton), while the average price for exports to Belgium stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-7.9%), while the prices for the other major destinations experienced a decline.

Aromatic Hydrocarbon Mixtures Imports

Imports into Nigeria

In 2022, purchases abroad of naphthalene and other aromatic hydrocarbon mixtures decreased by -21.6% to X tons, falling for the second consecutive year after three years of growth. Overall, imports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2014 when imports increased by 319% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, aromatic hydrocarbon mixtures imports reduced to $X in 2022. In general, imports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 169% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Estonia (X tons) was the main aromatic hydrocarbon mixtures supplier to Nigeria, with a 98% share of total imports. It was followed by Belgium (X tons), with a 0.1% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Estonia stood at +12.6%.

In value terms, Estonia ($X) constituted the largest supplier of naphthalene and other aromatic hydrocarbon mixtures to Nigeria, comprising 98% of total imports. The second position in the ranking was taken by Belgium ($X), with a 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Estonia stood at +10.5%.

Import Prices by Country

In 2022, the average aromatic hydrocarbon mixtures import price amounted to $X per ton, increasing by 21% against the previous year. Over the period under review, the import price, however, continues to indicate a mild decline. The most prominent rate of growth was recorded in 2017 an increase of 34%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Estonia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+8.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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