Nigeria: Plastic Reservoir Market 2024

Plastic Reservoir Market Size in Nigeria

The Nigerien plastic reservoir market declined to $X in 2022, with a decrease of -9.2% against the previous year. Overall, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -22.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Plastic Reservoir Production in Nigeria

In value terms, plastic reservoir production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 61% against the previous year. Plastic reservoir production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Plastic Reservoir Exports

Exports from Nigeria

In 2022, after two years of growth, there was significant decline in shipments abroad of plastic reservoirs, tanks and vats, when their volume decreased by -19.5% to X tons. Over the period under review, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 251% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic reservoir exports declined to $X in 2022. Overall, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 58%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Cameroon (X tons) was the main destination for plastic reservoir exports from Nigeria, accounting for a 51% share of total exports. Moreover, plastic reservoir exports to Cameroon exceeded the volume sent to the second major destination, Benin (X tons), twofold. The third position in this ranking was held by Niger (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cameroon totaled +61.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+12.1% per year) and Niger (+13.5% per year).

In value terms, Cameroon ($X) remains the key foreign market for plastic reservoirs, tanks and vats exports from Nigeria, comprising 62% of total exports. The second position in the ranking was held by Benin ($X), with a 19% share of total exports. It was followed by Niger, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cameroon stood at +36.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-1.3% per year) and Niger (-0.6% per year).

Export Prices by Country

In 2022, the average plastic reservoir export price amounted to $X per ton, picking up by 9.8% against the previous year. Over the period under review, the export price, however, faced a abrupt curtailment. The growth pace was the most rapid in 2013 an increase of 80% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cameroon ($X per ton), while the average price for exports to Togo ($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 (-11.9%), while the prices for the other major destinations experienced a decline.

Plastic Reservoir Imports

Imports into Nigeria

In 2022, supplies from abroad of plastic reservoirs, tanks and vats decreased by -29.8% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, saw a resilient expansion. The growth pace was the most rapid in 2017 when imports increased by 195%. Imports peaked at X tons in 2021, and then shrank markedly in the following year.

In value terms, plastic reservoir imports expanded significantly to $X in 2022. Overall, imports, however, posted a pronounced expansion. The growth pace was the most rapid in 2017 with an increase of 191% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest plastic reservoir supplier to Nigeria, accounting for a 38% share of total imports. Moreover, plastic reservoir imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. India (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+37.4% per year) and India (+10.7% per year).

In value terms, China ($X), the Netherlands ($X) and the United States ($X) were the largest plastic reservoir suppliers to Nigeria, together comprising 34% of total imports.

The Netherlands, with a CAGR of +29.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average plastic reservoir import price stood at $X per ton in 2022, growing by 61% against the previous year. In general, the import price, however, showed a noticeable shrinkage. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Malaysia ($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 United States (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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