Western Africa: Epoxide Resin Market 2024

Epoxide Resin Market Size in Western Africa

The West African epoxide resin market declined to $X in 2021, waning by -6% against the previous year. The total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +6.5% against 2019 indices. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Epoxide Resin Production in Western Africa

In value terms, epoxide resin production shrank to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +9.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 28%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Epoxide Resin Exports

Exports in Western Africa

In 2021, approx. X tons of epoxide resins were exported in Western Africa; falling by -32.1% compared with the year before. In general, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 2,699%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, epoxide resin exports reduced dramatically to $X in 2021. Over the period under review, exports, however, showed a perceptible expansion. The pace of growth appeared the most rapid in 2013 with an increase of 1,245%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Ghana (X tons) was the largest exporter of epoxide resins, creating 85% of total exports. It was distantly followed by Nigeria (X tons), mixing up a 13% share of total exports.

Exports from Ghana decreased at an average annual rate of -25.5% from 2012 to 2021. Nigeria (-4.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana increased by +85 percentage points.

In value terms, Ghana ($X) remains the largest epoxide resin supplier in Western Africa, comprising 80% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled -25.5%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, dropping by -19.8% against the previous year. Over the period under review, the export price showed a deep reduction. The most prominent rate of growth was recorded in 2019 an increase of 149% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+0.1%).

Epoxide Resin Imports

Imports in Western Africa

Epoxide resin imports fell to X tons in 2021, flattening at 2020 figures. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.4% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 101% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, epoxide resin imports skyrocketed to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -7.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 54% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X tons) was the main importer of epoxide resins, comprising 51% of total imports. Mauritania (X tons) held a 25% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (7.6%) and Ghana (7.3%). Senegal (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to epoxide resin imports into Nigeria stood at +5.0%. At the same time, Guinea (+20.1%), Ghana (+14.6%), Cote d'Ivoire (+10.9%), Mauritania (+10.0%) and Senegal (+3.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +20.1% from 2012-2021. Mauritania (+4.8 p.p.), Ghana (+3.2 p.p.) and Cote d'Ivoire (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -11.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported epoxide resins in Western Africa, comprising 45% of total imports. The second position in the ranking was held by Ghana ($X), with a 13% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +2.0%. In the other countries, the average annual rates were as follows: Ghana (+13.0% per year) and Cote d'Ivoire (+7.2% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, jumping by 21% against the previous year. Overall, the import price, however, showed a slight slump. The most prominent rate of growth was recorded in 2018 an increase of 25%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guinea ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+5.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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