Western Africa: Market for Compounds With Other Nitrogen Function (Excluding Isocyanates) 2024

Market Size for Compounds With Other Nitrogen Function (Excluding Isocyanates) in Western Africa

The West African market for compounds with other nitrogen function (excluding isocyanates) fell modestly to $X in 2022, declining by -3.5% against the previous year. Over the period under review, consumption posted a buoyant increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Compounds With Other Nitrogen Function (Excluding Isocyanates) in Western Africa

In value terms, compounds with other nitrogen function production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 153% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Exports in Western Africa

Compounds with other nitrogen function exports dropped dramatically to X kg in 2022, with a decrease of -98.4% on the year before. Overall, exports saw a significant decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 5,783%. As a result, the exports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, compounds with other nitrogen function exports shrank markedly to $X in 2022. In general, exports recorded a precipitous decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 13,347% against the previous year. As a result, the exports reached the peak of $X, and then declined significantly in the following year.

Exports by Country

The shipments of the one major exporters of compounds with other nitrogen function (excluding isocyanates), namely Senegal, represented more than two-thirds of total export.

Senegal was also the fastest-growing in terms of the compounds with other nitrogen function (excluding isocyanates) exports, with a CAGR of -23.8% from 2012 to 2022. While the share of Senegal (+19 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest compounds with other nitrogen function supplier in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Senegal totaled -32.8%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -57.6% against the previous year. In general, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 129%. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2022, the rate of growth in terms of prices for Senegal amounted to -11.8% per year.

Imports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Imports in Western Africa

In 2022, the amount of compounds with other nitrogen function (excluding isocyanates) imported in Western Africa soared to X tons, rising by 86% compared with the year before. Overall, imports saw a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 119% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, compounds with other nitrogen function imports fell slightly to $X in 2022. In general, imports saw resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by 131% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was approx. 79% of total imports in 2022. Ghana (X tons) ranks second in terms of the total imports with a 6.7% share, followed by Niger (6.5%). The following importers - Senegal (X tons) and Burkina Faso (X tons) - together made up 4.7% of total imports.

Imports into Nigeria increased at an average annual rate of +20.3% from 2012 to 2022. At the same time, Niger (+60.9%), Ghana (+7.5%) and Senegal (+1.4%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +60.9% from 2012-2022. By contrast, Burkina Faso (-3.4%) illustrated a downward trend over the same period. While the share of Nigeria (+41 p.p.) and Niger (+6.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-3.2 p.p.), Burkina Faso (-5.2 p.p.) and Senegal (-5.2 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported compounds with other nitrogen function (excluding isocyanates) in Western Africa, comprising 70% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9% share of total imports. It was followed by Senegal, with a 7.2% share.

In Nigeria, compounds with other nitrogen function imports expanded at an average annual rate of +22.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+9.2% per year) and Senegal (+11.3% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, declining by -47.3% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 106% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted remarkably in the following year.

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 Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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