Western Africa: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Western Africa

The West African monocarboxylic acid market dropped to $X in 2022, reducing by -8.3% against the previous year. Over the period under review, consumption, however, enjoyed tangible growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in Western Africa

In value terms, monocarboxylic acid production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a strong expansion. The growth pace was the most rapid in 2015 with an increase of 35% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Monocarboxylic Acid Exports

Exports in Western Africa

In 2022, shipments abroad of acrylic acid and its salts and other monocarboxylic acid increased by 8.2% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, faced a deep setback. The most prominent rate of growth was recorded in 2014 when exports increased by 479%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, monocarboxylic acid exports soared to $X in 2022. Overall, exports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when exports increased by 144% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) and Senegal (X tons) represented the major exporters of acrylic acid and its salts and other monocarboxylic acid in Western Africa, together achieving 74% of total exports. It was distantly followed by Nigeria (X tons), generating a 26% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Senegal (with a CAGR of +74.8%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Cote d'Ivoire ($X) remains the largest monocarboxylic acid supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was taken by Senegal ($X), with a 17% share of total exports.

In Cote d'Ivoire, monocarboxylic acid exports increased at an average annual rate of +53.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+71.3% per year) and Nigeria (-15.6% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, growing by 8.2% against the previous year. Over the period under review, the export price posted a prominent expansion. The pace of growth appeared the most rapid in 2013 when the export price increased by 123% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-1.7%), while the other leaders experienced a decline in the export price figures.

Monocarboxylic Acid Imports

Imports in Western Africa

In 2022, overseas purchases of acrylic acid and its salts and other monocarboxylic acid decreased by -64.5% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 121%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports shrank significantly to $X in 2022. In general, imports, however, showed a perceptible increase. The pace of growth was the most pronounced in 2019 with an increase of 77%. The level of import peaked at $X in 2021, and then shrank notably in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of acrylic acid and its salts and other monocarboxylic acid, generating 60% of total imports. It was distantly followed by Senegal (X tons), Ghana (X tons) and Cote d'Ivoire (X tons), together comprising a 30% share of total imports. The following importers - Guinea (X tons) and Sierra Leone (X tons) - together made up 7.1% of total imports.

From 2012 to 2022, average annual rates of growth with regard to monocarboxylic acid imports into Nigeria stood at -4.6%. At the same time, Sierra Leone (+34.4%), Guinea (+30.4%), Senegal (+28.0%), Cote d'Ivoire (+16.7%) and Ghana (+11.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +34.4% from 2012-2022. Senegal (+11 p.p.), Ghana (+6.5 p.p.), Cote d'Ivoire (+6.3 p.p.), Guinea (+3.7 p.p.) and Sierra Leone (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -32.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported acrylic acid and its salts and other monocarboxylic acid in Western Africa, comprising 54% of total imports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with an 8.8% share.

In Nigeria, monocarboxylic acid imports shrank by an average annual rate of -2.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+30.5% per year) and Cote d'Ivoire (+14.6% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with an increase of 47% against the previous year. Import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +101.0% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :