Western Africa: Ethyl Acetate Market 2024

Ethyl Acetate Market Size in Western Africa

In 2021, after four years of growth, there was significant decline in the West African ethyl acetate market, when its value decreased by -8.6% to $X. Overall, consumption, however, saw a prominent increase. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Ethyl Acetate Production in Western Africa

In value terms, ethyl acetate production rose to $X in 2021 estimated in export price. Overall, production posted a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 84% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Ethyl Acetate Exports

Exports in Western Africa

In 2021, ethyl acetate exports in Western Africa stood at X tons, therefore, remained relatively stable against the previous year's figure. In general, exports saw a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 739%. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, ethyl acetate exports expanded modestly to $X in 2021. Overall, exports recorded a buoyant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 319%. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire prevails in exports structure, finishing at X tons, which was approx. 95% of total exports in 2021. Mali (X kg) took a little share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the ethyl acetate exports, with a CAGR of +57.0% from 2012 to 2021. Mali (-11.6%) illustrated a downward trend over the same period. Cote d'Ivoire (+84 p.p.) significantly strengthened its position in terms of the total exports, while Mali saw its share reduced by -79.4% from 2012 to 2021, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest ethyl acetate supplier in Western Africa, comprising 78% of total exports. The second position in the ranking was held by Mali ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Cote d'Ivoire stood at +37.1%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 2.3% against the previous year. Overall, the export price, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2015 an increase of 110%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Cote d'Ivoire amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+13.1%).

Ethyl Acetate Imports

Imports in Western Africa

In 2021, supplies from abroad of ethyl acetate decreased by -32.1% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, saw prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 108%. As a result, imports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, ethyl acetate imports totaled $X in 2021. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 124%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was near 88% of total imports in 2021. It was distantly followed by Ghana (X tons), committing a 4.7% share of total imports. The following importers - Cote d'Ivoire (X tons) and Togo (X tons) - each finished at a 6.4% share of total imports.

Imports into Nigeria increased at an average annual rate of +10.9% from 2012 to 2021. At the same time, Ghana (+37.6%), Cote d'Ivoire (+18.4%) and Togo (+11.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +37.6% from 2012-2021. Ghana (+4 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -3.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ethyl acetate in Western Africa, comprising 89% of total imports. The second position in the ranking was held by Ghana ($X), with a 4.4% share of total imports. It was followed by Cote d'Ivoire, with a 3.1% share.

In Nigeria, ethyl acetate imports expanded at an average annual rate of +14.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+39.4% per year) and Cote d'Ivoire (+22.9% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, rising by 53% against the previous year. Import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ethyl acetate import price increased by +65.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Togo ($X per ton) and Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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