Nigeria: Market for Caustic Soda in the Solid Form 2024

Market Size for Caustic Soda in the Solid Form in Nigeria

The Nigerien market for caustic soda in the solid form surged to $X in 2021, growing by 24% 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). In general, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +22.3% against 2018 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see steady growth in the near future.

Exports of Caustic Soda in the Solid Form

Exports from Nigeria

After six years of decline, overseas shipments of caustic soda in the solid form increased by 368% to X tons in 2021. Overall, exports, however, continue to indicate a abrupt slump. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of caustic soda in the solid form surged to $X in 2021. In general, exports, however, faced a sharp downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for exports of caustic soda in the solid form from Nigeria, accounting for a 31% share of total exports. Moreover, exports of caustic soda in the solid form to Benin exceeded the volume sent to the second major destination, Burkina Faso (X tons), fourfold. Niger (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin amounted to -12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (+22.7% per year) and Niger (-39.2% per year).

In value terms, the largest markets for caustic soda in the solid form exported from Nigeria were Burkina Faso ($X), Benin ($X) and Niger ($X), together comprising 93% of total exports.

Among the main countries of destination, Burkina Faso, with a CAGR of +24.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average export price for caustic soda in the solid form amounted to $X per ton, approximately equating the previous year. In general, the export price, however, saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2017 when the average export price increased by 32%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while the average price for exports to Benin ($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 Burkina Faso (+1.3%), while the prices for the other major destinations experienced a decline.

Imports of Caustic Soda in the Solid Form

Imports into Nigeria

In 2021, imports of caustic soda in the solid form into Nigeria soared to X tons, jumping by 17% on 2020. Overall, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +79.0% against 2017 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 47%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, imports of caustic soda in the solid form soared to $X in 2021. In general, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +18.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 89%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of caustic soda in the solid form to Nigeria, accounting for a 41% share of total imports. Moreover, imports of caustic soda in the solid form from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Saudi Arabia (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+38.7% per year) and Saudi Arabia (+22.5% per year).

In value terms, China ($X), India ($X) and Saudi Arabia ($X) appeared to be the largest caustic soda in the solid form suppliers to Nigeria, with a combined 71% share of total imports. These countries were followed by Hong Kong SAR, Germany, France, Qatar, Romania, the Netherlands, Belgium and the United States, which together accounted for a further 22%.

In terms of the main suppliers, Qatar, with a CAGR of +77.6%, 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

In 2021, the average import price for caustic soda in the solid form amounted to $X per ton, surging by 7.5% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :