Western Africa: Isocyanates Market 2024

Isocyanates Market Size in Western Africa

In 2022, the West African isocyanates market decreased by X% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Isocyanates Production in Western Africa

In value terms, isocyanates production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Isocyanates Exports

Exports in Western Africa

In 2022, isocyanates exports in Western Africa fell to X tons, which is down by X% compared with 2021 figures. In general, exports saw a perceptible descent. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, isocyanates exports shrank to $X in 2022. Overall, exports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Senegal (X tons) and Cote d'Ivoire (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Togo (X tons), Benin (X tons), Niger (X tons) and Ghana (X tons), together constituting a X% share of total exports. Burkina Faso (X tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Togo ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Togo, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Isocyanates Imports

Imports in Western Africa

In 2022, purchases abroad of isocyanates decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, isocyanates imports declined to $X in 2022. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) represented the main importer of isocyanates, achieving X% of total imports. It was distantly followed by Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons), together constituting a X% share of total imports. Guinea (X tons), Mali (X tons), Mauritania (X tons), Liberia (X tons), Burkina Faso (X tons), Togo (X tons) and Gambia (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to isocyanates imports into Nigeria stood at X%. At the same time, Guinea (X%), Togo (X%), Cote d'Ivoire (X%), Ghana (X%), Gambia (X%), Liberia (X%), Senegal (X%), Mali (X%) and Mauritania (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Cote d'Ivoire (X p.p.), Senegal (X p.p.), Guinea (X p.p.) and Togo (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, growing by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Togo ($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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