Western Africa: Cyclic Hydrocarbons Market 2024

Cyclic Hydrocarbons Market Size in Western Africa

The West African cyclic hydrocarbons market was estimated at $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cyclic Hydrocarbons Production in Western Africa

In value terms, cyclic hydrocarbons production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Cyclic Hydrocarbons Exports

Exports in Western Africa

Cyclic hydrocarbons exports surged to X tons in 2022, rising by X% compared with the previous year. In general, exports saw a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cyclic hydrocarbons exports dropped to $X in 2022. Over the period under review, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by X%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X tons) represented roughly X% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the cyclic hydrocarbons exports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest cyclic hydrocarbons supplier in Western Africa.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, dropping by X% against the previous year. In general, the export price saw a deep downturn. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. 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 remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Cyclic Hydrocarbons Imports

Imports in Western Africa

In 2022, the amount of cyclic hydrocarbons imported in Western Africa was estimated at X tons, picking up by X% on the previous year. Over the period under review, imports recorded a prominent increase. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cyclic hydrocarbons imports surged to $X in 2022. Overall, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2019 when imports increased by X%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

Nigeria was the key importing country with an import of about X tons, which resulted at X% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%).

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. Ghana (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported cyclic hydrocarbons in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, showed a mild reduction. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per ton), while Cote d'Ivoire ($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 (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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