Nigeria: Market for Caustic Soda in Aqueous Solution (Soda Lye) 2024

Market Size for Caustic Soda in Aqueous Solution (Soda Lye) in Nigeria

The Nigerien market for caustic soda in aqueous solution (soda lye) skyrocketed to $X in 2021, increasing 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). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Exports of Caustic Soda in Aqueous Solution (Soda Lye)

Exports from Nigeria

In 2021, approx. X tons of caustic soda in aqueous solution (soda lye) were exported from Nigeria; picking up by 34% on 2020 figures. Overall, exports recorded resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by 276% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of caustic soda in aqueous solution (soda lye) soared to $X in 2021. In general, exports enjoyed a tangible expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 174%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Niger (X tons) was the main destination for exports of caustic soda in aqueous solution (soda lye) from Nigeria, accounting for a 90% share of total exports. Moreover, exports of caustic soda in aqueous solution (soda lye) to Niger exceeded the volume sent to the second major destination, Benin (X tons), ninefold.

From 2012 to 2021, the average annual growth rate of volume to Niger totaled +22.7%.

In value terms, Benin ($X) and Niger ($X) were the largest markets for caustic soda in aqueous solution (soda lye) exported from Nigeria worldwide.

Niger, with a CAGR of +9.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average export price for caustic soda in aqueous solution (soda lye) stood at $X per ton in 2021, rising by 4.9% against the previous year. Overall, the export price, however, continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2016 when the average export price increased by 81% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Niger stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+14.0%).

Imports of Caustic Soda in Aqueous Solution (Soda Lye)

Imports into Nigeria

In 2021, the amount of caustic soda in aqueous solution (soda lye) imported into Nigeria expanded rapidly to X tons, growing by 10% compared with the previous year. In general, imports, however, recorded a slight decline. The most prominent rate of growth was recorded in 2016 when imports increased by 198% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, imports of caustic soda in aqueous solution (soda lye) surged to $X in 2021. Overall, imports saw a slight increase. The growth pace was the most rapid in 2016 when imports increased by 179% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), China (X tons) and France (X tons) were the main suppliers of imports of caustic soda in aqueous solution (soda lye) to Nigeria, with a combined 55% share of total imports. These countries were followed by the Netherlands, Bulgaria, India, Turkey and Spain, which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +61.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of caustic soda in aqueous solution (soda lye) to Nigeria, comprising 36% of total imports. The second position in the ranking was held by France ($X), with a 14% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-10.9% per year) and China (+23.4% per year).

Import Prices by Country

The average import price for caustic soda in aqueous solution (soda lye) stood at $X per ton in 2021, growing by 29% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for caustic soda in aqueous solution (soda lye) decreased by -18.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 53%. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a 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 the United States ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :