Western Africa: Alkyd Resins Market 2024

Alkyd Resins Market Size in Western Africa

The West African alkyd resins market declined markedly to $X in 2022, with a decrease of -15.5% against the previous year. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +14.2% against 2020 indices. As a result, consumption reached the peak level of $X, and then declined rapidly in the following year.

Alkyd Resins Production in Western Africa

In value terms, alkyd resins production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a strong expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 34% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Alkyd Resins Exports

Exports in Western Africa

Alkyd resins exports surged to X tons in 2022, rising by 45% on the previous year. In general, exports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2015 when exports increased by 45% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, alkyd resins exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a abrupt descent. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Mali (X tons), Senegal (X tons) and Burkina Faso (X tons) was the major exporter of alkyd resins in primary forms in Western Africa, achieving 87% of total export. It was distantly followed by Nigeria (X tons), generating a 7.4% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Nigeria (with a CAGR of +19.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins supplying countries in Western Africa were Senegal ($X), Mali ($X) and Burkina Faso ($X), together comprising 88% of total exports.

Among the main exporting countries, Burkina Faso, with a CAGR of +20.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, picking up by 22% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+7.2%), while the other leaders experienced more modest paces of growth.

Alkyd Resins Imports

Imports in Western Africa

In 2022, imports of alkyd resins in primary forms in Western Africa reduced notably to X tons, which is down by -25.5% against the previous year's figure. Total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 60%. As a result, imports attained the peak of X tons, and then declined sharply in the following year.

In value terms, alkyd resins imports dropped sharply to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 89%. As a result, imports attained the peak of $X, and then reduced markedly in the following year.

Imports by Country

The countries with the highest levels of alkyd resins imports in 2022 were Cote d'Ivoire (X tons), Ghana (X tons) and Guinea (X tons), together finishing at 55% of total import. It was distantly followed by Senegal (X tons), Liberia (X tons), Nigeria (X tons) and Mali (X tons), together making up a 32% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Guinea (with a CAGR of +20.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Guinea ($X) were the countries with the highest levels of imports in 2022, with a combined 53% share of total imports.

Guinea, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, waning by -2.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 19%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Nigeria ($X per ton) and Ghana ($X per ton), while Cote d'Ivoire ($X per ton) and Guinea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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