Nigeria: Market for Polyethylene in Primary Forms 2024

Market Size for Polyethylene in Primary Forms in Nigeria

The Nigerien polyethylene in primary forms market fell significantly to $X in 2021, which is down by -15.2% against the previous year. In general, consumption recorded a mild descent. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Production of Polyethylene in Primary Forms in Nigeria

In value terms, polyethylene in primary forms production reduced to $X in 2021 estimated in export price. Overall, production saw a pronounced downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 39%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Polyethylene in Primary Forms

Exports from Nigeria

In 2021, after two years of decline, there was significant growth in shipments abroad of polyethylene in primary forms, when their volume increased by 14,069% to X tons. Overall, exports showed a resilient increase. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, polyethylene in primary forms exports surged to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Ireland (X tons) and Ghana (X tons) were the main destinations of polyethylene in primary forms exports from Nigeria, together accounting for 43% of total exports. Guatemala, Colombia, Cote d'Ivoire, El Salvador, the Dominican Republic, France, Portugal, Belgium, Mexico and the UK lagged somewhat behind, together comprising a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of +61.7%), while the other leaders experienced more modest paces of growth.

It was followed by Guatemala, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled -8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-6.7% per year) and Guatemala (0.0% per year).

Export Prices by Country

The average polyethylene in primary forms export price stood at $X per ton in 2021, jumping by 92% against the previous year. Overall, the export price, however, showed a abrupt descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+1.1%), while the prices for the other major destinations experienced a decline.

Imports of Polyethylene in Primary Forms

Imports into Nigeria

After two years of growth, purchases abroad of polyethylene in primary forms decreased by -31.2% to X tons in 2021. In general, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 114%. Over the period under review, imports hit record highs at X tons in 2020, and then fell notably in the following year.

In value terms, polyethylene in primary forms imports expanded markedly to $X in 2021. Overall, imports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2014 when imports increased by 132% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Saudi Arabia (X tons), South Korea (X tons) and the United States (X tons) were the main suppliers of polyethylene in primary forms imports to Nigeria, together comprising 59% of total imports. Qatar, Thailand, the United Arab Emirates and Belgium lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +54.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest polyethylene in primary forms suppliers to Nigeria were Saudi Arabia ($X), the United States ($X) and South Korea ($X), with a combined 60% share of total imports. These countries were followed by Qatar, Thailand, the United Arab Emirates and Belgium, which together accounted for a further 29%.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +53.1%, recorded the highest growth rate of 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

In 2021, the average polyethylene in primary forms import price amounted to $X per ton, jumping by 54% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and Qatar ($X per ton), while the price for South Korea ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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