Nigeria: Polycarboxylic Acid Market 2024

Polycarboxylic Acid Market Size in Nigeria

The Nigerien polycarboxylic acid market was estimated at $X in 2022, surging by 12% 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). Overall, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 -7.7% against 2020 indices. Polycarboxylic acid consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Polycarboxylic Acid Exports

Exports from Nigeria

In 2021, shipments abroad of polycarboxylic acids decreased by 0% to X kg for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports recorded a dramatic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 2.5% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, polycarboxylic acid exports totaled $X in 2021. In general, exports showed a dramatic curtailment. The smallest decline of -21.7% was in 2016. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X kg) was the main destination for polycarboxylic acid exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2013 to 2021, the average annual growth rate of volume to South Africa was relatively modest.

From 2013 to 2021, the average annual growth rate of value to South Africa was relatively modest.

Export Prices by Country

The average polycarboxylic acid export price stood at $X per ton in 2021, approximately reflecting the previous year. Overall, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2014 an increase of 8.2% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

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

From 2013 to 2021, the rate of growth in terms of prices for South Korea amounted to 0.0% per year.

Polycarboxylic Acid Imports

Imports into Nigeria

In 2022, overseas purchases of polycarboxylic acids decreased by -10.7% to X tons, falling for the second consecutive year after four years of growth. 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 33%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, polycarboxylic acid imports skyrocketed to $X in 2022. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, South Korea (X tons) constituted the largest polycarboxylic acid supplier to Nigeria, with a 57% share of total imports. Moreover, polycarboxylic acid imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. India (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.5% per year) and India (+9.7% per year).

In value terms, South Korea ($X) constituted the largest supplier of polycarboxylic acids to Nigeria, comprising 63% of total imports. The second position in the ranking was taken by China ($X), with a 9.4% share of total imports. It was followed by Lithuania, with a 3.3% share.

From 2012 to 2022, the average annual growth rate of value from South Korea amounted to +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.4% per year) and Lithuania (+1.7% per year).

Import Prices by Country

The average polycarboxylic acid import price stood at $X per ton in 2022, rising by 46% against the previous year. In general, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polycarboxylic acid import price increased by +93.7% against 2020 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 Spain ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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