Nigeria: Market for Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms 2024

Market Size for Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms in Nigeria

The Nigerien market for polyethylene with a specific gravity of less than X, in primary forms declined notably to $X in 2021, shrinking by -38.7% 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). Overall, consumption, however, showed a prominent increase. Consumption of peaked at $X in 2020, and then fell significantly in the following year.

Exports of Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms

Exports from Nigeria

Exports of polyethylene with a specific gravity of less than X, in primary forms from Nigeria skyrocketed to X tons in 2021, increasing by 80% on the year before. Overall, exports, however, saw a abrupt decline. The pace of growth was the most pronounced in 2018 when exports increased by 96% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of polyethylene with a specific gravity of less than X, in primary forms soared to $X in 2021. In general, exports, however, recorded a abrupt contraction. Over the period under review, the exports of reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for exports of polyethylene with a specific gravity of less than X, in primary forms from Nigeria, accounting for a 27% share of total exports. Moreover, exports of polyethylene with a specific gravity of less than X, in primary forms to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), threefold. The third position in this ranking was taken by Colombia (X tons), with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (0.0% per year) and Colombia (+3.3% per year).

In value terms, the United States ($X) remains the key foreign market for polyethylene with a specific gravity of less than X, in primary forms exports from Nigeria, comprising 27% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 9.9% share of total exports. It was followed by Colombia, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled -24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (0.0% per year) and Colombia (+10.2% per year).

Export Prices by Country

The average export price for polyethylene with a specific gravity of less than X, in primary forms stood at $X per ton in 2021, growing by 6.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 42% 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 somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Portugal ($X per ton) and Belgium ($X per ton), while the average price for exports to Mexico ($X per ton) and Guatemala ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Polyethylene with a Specific Gravity of Less than 0.94, in Primary Forms

Imports into Nigeria

After two years of growth, overseas purchases of polyethylene with a specific gravity of less than X, in primary forms decreased by -57.5% to X tons in 2021. In general, imports, however, posted a notable expansion. The growth pace was the most rapid in 2020 with an increase of 95% against the previous year. As a result, imports attained the peak of X tons, and then fell remarkably in the following year.

In value terms, imports of polyethylene with a specific gravity of less than X, in primary forms contracted to $X in 2021. Overall, imports, however, posted prominent growth. The pace of growth appeared the most rapid in 2014 when imports increased by 109%. Over the period under review, imports of hit record highs at $X in 2020, and then declined in the following year.

Imports by Country

Saudi Arabia (X tons), Qatar (X tons) and the United States (X tons) were the main suppliers of imports of polyethylene with a specific gravity of less than X, in primary forms to Nigeria, with a combined 64% share of total imports. These countries were followed by Belgium, South Korea, Germany, Botswana, India, China, Spain and the United Arab Emirates, which together accounted for a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +52.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United States ($X) and Qatar ($X) constituted the largest polyethylene with a specific gravity of less than X suppliers to Nigeria, together comprising 64% of total imports. Belgium, South Korea, India, Germany, Botswana, Spain, the United Arab Emirates and China lagged somewhat behind, together comprising a further 26%.

In terms of the main suppliers, India, with a CAGR of +49.6%, saw 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

The average import price for polyethylene with a specific gravity of less than X, in primary forms stood at $X per ton in 2021, jumping by 126% against the previous year. In general, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for polyethylene with a specific gravity of less than X, in primary forms increased by +128.8% against 2019 indices. As a result, import price attained 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 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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