Western Africa: Market for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) 2024

Market Size for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in Western Africa

In 2021, the West African benzol, toluol and xylol market increased by 15% to $X for the first time since 2016, thus ending a four-year declining trend. Over the period under review, consumption showed modest growth. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Production of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in Western Africa

In value terms, benzol, toluol and xylol production soared to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 92%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Exports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Exports in Western Africa

In 2021, benzol, toluol and xylol exports in Western Africa skyrocketed to X kg, rising by 2,677% compared with 2020 figures. Over the period under review, exports, however, saw a dramatic shrinkage. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, benzol, toluol and xylol exports soared to $X in 2021. Overall, exports, however, continue to indicate a precipitous curtailment. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X kg) represented roughly 100% of total exports in 2021.

Cote d'Ivoire was also the fastest-growing in terms of the benzol (benzene), toluol (toluene) and xylol (xylenes) exports, with a CAGR of +23.3% from 2017 to 2021. From 2017 to 2021, the share of Cote d'Ivoire increased by +99 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

From 2017 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to -24.8%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, reducing by -94.9% against the previous year. Overall, the export price, however, showed a significant expansion. The pace of growth appeared the most rapid in 2020 an increase of 1,732%. As a result, the export price reached the peak level of $X per ton, and then shrank rapidly in the following year.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2017 to 2021, the rate of growth in terms of prices for Cote d'Ivoire amounted to -39.0% per year.

Imports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Imports in Western Africa

In 2021, the amount of benzol (benzene), toluol (toluene) and xylol (xylenes) imported in Western Africa declined to X tons, falling by -11.9% on 2020 figures. Overall, imports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 204%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, benzol, toluol and xylol imports expanded to $X in 2021. In general, imports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by 141% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the main importer of benzol (benzene), toluol (toluene) and xylol (xylenes) in Western Africa, with the volume of imports recording X tons, which was approx. 61% of total imports in 2021. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together held approx. 32% share of total imports. Senegal (X tons) and Guinea-Bissau (X tons) took a relatively small share of total imports.

Nigeria was also the fastest-growing in terms of the benzol (benzene), toluol (toluene) and xylol (xylenes) imports, with a CAGR of +18.7% from 2012 to 2021. At the same time, Cote d'Ivoire (+17.5%) and Ghana (+16.5%) displayed positive paces of growth. Guinea-Bissau experienced a relatively flat trend pattern. By contrast, Senegal (-5.3%) illustrated a downward trend over the same period. While the share of Nigeria (+19 p.p.), Cote d'Ivoire (+4.4 p.p.), Ghana (+2.6 p.p.) and Guinea-Bissau (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-12.4 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported benzol (benzene), toluol (toluene) and xylol (xylenes) in Western Africa, comprising 68% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Ghana, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +22.6%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+18.8% per year) and Ghana (+7.2% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 15% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 32% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Guinea-Bissau ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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