Nigeria: Synthetic Filament Tow Market 2022

Synthetic Filament Tow Market Size in Nigeria

The Nigerien synthetic filament tow market expanded remarkably to $X in 2021, increasing by 11% against the previous year. Overall, consumption, however, showed a deep downturn. Synthetic filament tow consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Synthetic Filament Tow Production in Nigeria

In value terms, synthetic filament tow production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, saw a deep setback. The growth pace was the most rapid in 2018 with an increase of 65% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Synthetic Filament Tow Exports

Exports from Nigeria

Synthetic filament tow exports from Nigeria surged to X tons in 2021, increasing by 4,099% compared with the previous year. Overall, exports, however, recorded a abrupt shrinkage. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, synthetic filament tow exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a precipitous slump. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Portugal (X tons), Brazil (X tons) and Morocco (X tons) were the main destinations of synthetic filament tow exports from Nigeria, with a combined 75% share of total exports. These countries were followed by the United States, Germany, Spain, Bulgaria, Poland, Turkey, the UK, Lithuania and China, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were in Bulgaria (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic filament tow exported from Nigeria were Portugal ($X), Germany ($X) and the UK ($X), with a combined 50% share of total exports. Brazil, the United States, Morocco, Spain, Poland, China, Turkey, Lithuania and Bulgaria lagged somewhat behind, together comprising a further 33%.

Spain, with a CAGR of +7.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average synthetic filament tow export price stood at $X per ton in 2021, waning by -85.3% against the previous year. Overall, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2013 an increase of 410% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Bulgaria ($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 the United States (+19.3%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Filament Tow Imports

Imports into Nigeria

In 2021, the amount of synthetic filament tow and staple fibers, not carded or combed imported into Nigeria contracted modestly to X tons, reducing by -2.4% compared with the previous year. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 126% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, synthetic filament tow imports rose notably to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 96%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Malaysia (X tons) and Japan (X tons) were the main suppliers of synthetic filament tow imports to Nigeria, with a combined 62% share of total imports. Thailand, Turkey, South Africa and India lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +98.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic filament tow suppliers to Nigeria were China ($X), Malaysia ($X) and Japan ($X), with a combined 73% share of total imports. Turkey, Thailand, South Africa and India lagged somewhat behind, together comprising a further 24%.

Thailand, with a CAGR of +104.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic filament tow import price stood at $X per ton in 2021, increasing by 8.9% 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 2020 when the average import price increased by 24%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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