Western Africa: Butanone Market 2024

Butanone Market Size in Western Africa

The West African butanone market declined modestly to $X in 2022, stabilizing at the previous year. Over the period under review, consumption, however, enjoyed temperate growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Butanone Production in Western Africa

In value terms, butanone production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 36% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Butanone Exports

Exports in Western Africa

In 2022, the amount of butanone (methyl ethyl ketone) exported in Western Africa contracted significantly to X kg, waning by -55.8% on 2021 figures. Over the period under review, exports recorded a dramatic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 301% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, butanone exports reduced dramatically to $X in 2022. In general, exports recorded a sharp decline. The growth pace was the most rapid in 2015 when exports increased by 976% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire was the main exporter of butanone (methyl ethyl ketone) in Western Africa, with the volume of exports reaching X kg, which was near 88% of total exports in 2022. It was distantly followed by Nigeria (X kg), creating a 12% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the butanone (methyl ethyl ketone) exports, with a CAGR of -11.8% from 2012 to 2022. Nigeria (-14.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Nigeria increased by +87 and +12 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest butanone supplying countries in Western Africa were Cote d'Ivoire ($X) and Nigeria ($X).

Nigeria, with a CAGR of +21.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the export price saw a prominent increase. The most prominent rate of growth was recorded in 2013 an increase of 484% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+42.3%).

Butanone Imports

Imports in Western Africa

In 2022, purchases abroad of butanone (methyl ethyl ketone) decreased by -18.5% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, continue to indicate a perceptible expansion. The growth pace was the most rapid in 2020 when imports increased by 75%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, butanone imports expanded markedly to $X in 2022. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 78%. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

Nigeria represented the main importing country with an import of around X tons, which recorded 68% of total imports. It was distantly followed by Cote d'Ivoire (X tons), achieving a 25% share of total imports. Mali (X tons) and Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to butanone imports into Nigeria stood at +1.4%. At the same time, Mali (+55.5%) and Cote d'Ivoire (+28.9%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +55.5% from 2012-2022. By contrast, Ghana (-15.7%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+22 p.p.) and Mali (+3.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-13.2 p.p.) and Nigeria (-13.3 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported butanone (methyl ethyl ketone) in Western Africa, comprising 76% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Ghana, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+21.6% per year) and Ghana (-10.9% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, surging by 32% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+5.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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