Nigeria: Market for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms 2024

Market Size for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms in Nigeria

In 2022, the Nigerien market for polyethylene terephthalate and other polyethylene terephthalate in primary forms decreased by -3.1% to $X for the first time since 2015, thus ending a six-year rising trend. In general, consumption continues to indicate strong growth. Consumption of peaked at $X in 2021, and then contracted modestly in the following year.

Exports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Exports from Nigeria

In 2022, shipments abroad of polyethylene terephthalate and other polyethylene terephthalate in primary forms increased by 59% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a deep reduction. The growth pace was the most rapid in 2015 with an increase of 240%. Over the period under review, the exports of hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms surged to $X in 2022. In general, exports, however, showed a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 99%. Over the period under review, the exports of attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons), Cote d'Ivoire (X tons) and the United States (X tons) were the main destinations of exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from Nigeria, with a combined 80% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +31.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), the United States ($X) and India ($X) were the largest markets for polyethylene terephthalate and other polyethylene terephthalate in primary forms exported from Nigeria worldwide, with a combined 77% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +5.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for polyethylene terephthalate and other polyethylene terephthalate in primary forms stood at $X per ton in 2022, dropping by -20.2% against the previous year. Overall, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Cote d'Ivoire ($X per ton) and the United States ($X per ton), while the average price for exports to India ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-9.1%), while the prices for the other major destinations experienced a decline.

Imports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Imports into Nigeria

In 2022, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms into Nigeria amounted to X tons, therefore, remained relatively stable against 2021 figures. In general, imports enjoyed a strong increase. The growth pace was the most rapid in 2017 with an increase of 40% against the previous year. Over the period under review, imports of reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms contracted slightly to $X in 2022. Overall, imports continue to indicate a prominent increase. The growth pace was the most rapid in 2018 when imports increased by 60% against the previous year. Over the period under review, imports of attained the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of polyethylene terephthalate and other polyethylene terephthalate in primary forms to Nigeria, accounting for a 74% share of total imports. Moreover, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. The third position in this ranking was held by Thailand (X tons), with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+28.8% per year) and Thailand (+15.1% per year).

In value terms, China ($X) constituted the largest supplier of polyethylene terephthalate and other polyethylene terephthalate in primary forms to Nigeria, comprising 73% of total imports. The second position in the ranking was taken by India ($X), with a 15% share of total imports. It was followed by Australia, with a 3.3% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+25.0% per year) and Australia (+16.0% per year).

Import Prices by Country

In 2022, the average import price for polyethylene terephthalate and other polyethylene terephthalate in primary forms amounted to $X per ton, shrinking by -5.9% against the previous year. Overall, the import price saw a perceptible downturn. The growth pace was the most rapid in 2018 when the average import price increased by 15%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 Australia ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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