Western Africa: Aromatic Hydrocarbons Derivatives Market 2024

Aromatic Hydrocarbons Derivatives Market Size in Western Africa

The West African aromatic hydrocarbons derivatives market fell to $X in 2021, which is down by -5.9% against the previous year. Overall, consumption continues to indicate buoyant growth. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Aromatic Hydrocarbons Derivatives Production in Western Africa

In value terms, aromatic hydrocarbons derivatives production reached $X in 2021 estimated in export price. Overall, production recorded a prominent increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 113%. The level of production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Aromatic Hydrocarbons Derivatives Exports

Exports in Western Africa

In 2021, the amount of halogenated derivatives of aromatic hydrocarbons exported in Western Africa contracted notably to X tons, declining by -77.6% on 2020. Overall, exports, however, posted tangible growth. The pace of growth appeared the most rapid in 2013 with an increase of 4,172% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, aromatic hydrocarbons derivatives exports dropped markedly to $X in 2021. Over the period under review, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 1,730%. As a result, the exports reached the peak of $X, and then reduced rapidly in the following year.

Exports by Country

The biggest shipments were from Nigeria (X tons), together amounting to 100% of total export.

Nigeria was also the fastest-growing in terms of the halogenated derivatives of aromatic hydrocarbons exports, with a CAGR of +2.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

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

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled -18.5%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, which is down by -89.9% against the previous year. In general, the export price faced a significant contraction. The pace of growth appeared the most rapid in 2014 when the export price increased by 513% against the previous year. The level of export peaked at $X per ton in 2020, and then contracted sharply in the following year.

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

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -20.8% per year.

Aromatic Hydrocarbons Derivatives Imports

Imports in Western Africa

After three years of growth, purchases abroad of halogenated derivatives of aromatic hydrocarbons decreased by -34.1% to X tons in 2021. Overall, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 705% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then fell sharply in the following year.

In value terms, aromatic hydrocarbons derivatives imports shrank modestly to $X in 2021. Over the period under review, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 426% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then fell modestly in the following year.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 85% of total imports in 2021. It was distantly followed by Ghana (X tons), making up a 6.2% share of total imports. Togo (X tons), Cote d'Ivoire (X tons) and Liberia (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to aromatic hydrocarbons derivatives imports into Nigeria stood at +3.7%. At the same time, Cote d'Ivoire (+21.7%), Liberia (+13.6%), Togo (+7.2%) and Ghana (+6.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +21.7% from 2012-2021. While the share of Nigeria (+85 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-3.7 p.p.), Liberia (-4.3 p.p.), Togo (-20.1 p.p.) and Ghana (-34.6 p.p.) displayed negative dynamics.

In value terms, Ghana ($X), Nigeria ($X) and Togo ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 97% share of total imports.

Ghana, with a CAGR of +36.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 47% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 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 Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+27.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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