Nigeria: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Nigeria

The Nigerien sulphuric acid market expanded significantly to $X in 2022, surging by 10% against the previous year. Over the period under review, consumption showed a remarkable increase. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Sulphuric Acid Production in Nigeria

In value terms, sulphuric acid production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 101%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Sulphuric Acid Exports

Exports from Nigeria

In 2022, approx. X tons of sulphuric acid and oleum were exported from Nigeria; reducing by -52.1% against the previous year's figure. Overall, exports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 4,538%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sulphuric acid exports shrank notably to $X in 2022. Over the period under review, exports recorded a sharp downturn. The most prominent rate of growth was recorded in 2021 with an increase of 2,714% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for sulphuric acid exports from Nigeria, with a 95% share of total exports. Moreover, sulphuric acid exports to Niger exceeded the volume sent to the second major destination, Benin (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Niger amounted to -22.4%.

In value terms, Niger ($X) remains the key foreign market for sulphuric acid and oleum exports from Nigeria, comprising 95% of total exports. The second position in the ranking was taken by Benin ($X), with a 4.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Niger stood at -22.1%.

Export Prices by Country

In 2022, the average sulphuric acid export price amounted to $X per ton, with an increase of 8% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 79%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Benin stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+28.3%), while the prices for the other major destinations experienced mixed trend patterns.

Sulphuric Acid Imports

Imports into Nigeria

In 2022, approx. X tons of sulphuric acid and oleum were imported into Nigeria; therefore, remained relatively stable against the year before. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 121% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, sulphuric acid imports stood at $X in 2022. In general, imports, however, showed a drastic downturn. The growth pace was the most rapid in 2018 with an increase of 88% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of sulphuric acid to Nigeria, accounting for a 47% share of total imports. Moreover, sulphuric acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands amounted to -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.6% per year) and India (+28.3% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of sulphuric acid and oleum to Nigeria, comprising 47% of total imports. The second position in the ranking was held by China ($X), with a 4.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled -4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.6% per year) and India (+23.2% per year).

Import Prices by Country

In 2022, the average sulphuric acid import price amounted to $X per ton, picking up by 13% against the previous year. In general, the import price, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2018 an increase of 184% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+28.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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