Western Africa: Melamine Resins Market 2024

Melamine Resins Market Size in Western Africa

The West African melamine resins market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, saw a slight decrease. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Melamine Resins Production in Western Africa

In value terms, melamine resins production expanded notably to $X in 2021 estimated in export price. Overall, production, however, showed a perceptible downturn. The pace of growth was the most pronounced in 2018 when the production volume increased by 35% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Melamine Resins Exports

Exports in Western Africa

In 2021, the amount of melamine resins in primary forms exported in Western Africa fell remarkably to X tons, shrinking by -23% against 2020 figures. Overall, exports, however, saw buoyant growth. The growth pace was the most rapid in 2015 when exports increased by 1,937% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, melamine resins exports skyrocketed to $X in 2021. In general, exports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 1,409%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Senegal (X tons) and Ghana (X tons) prevails in exports structure, together generating 91% of total exports. It was distantly followed by Cote d'Ivoire (X tons), committing an 8.6% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +21.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2021.

Senegal, with a CAGR of +18.6%, recorded the highest rates of growth with regard to 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

The export price in Western Africa stood at $X per ton in 2021, growing by 66% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by 95%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

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 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 (+4.8%), while the other leaders experienced a decline in the export price figures.

Melamine Resins Imports

Imports in Western Africa

In 2021, melamine resins imports in Western Africa skyrocketed to X tons, with an increase of 33% compared with the previous year's figure. Overall, imports saw significant growth. The growth pace was the most rapid in 2016 when imports increased by 209%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, melamine resins imports surged to $X in 2021. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 169% against the previous year. The level of import peaked in 2021 and is likely to continue growth in years to come.

Imports by Country

Togo was the major importing country with an import of around X tons, which finished at 64% of total imports. It was distantly followed by Ghana (X tons), Guinea (X tons) and Nigeria (X tons), together mixing up a 31% share of total imports. Mauritania (X tons) and Cote d'Ivoire (X tons) took a relatively small share of total imports.

Togo was also the fastest-growing in terms of the melamine resins in primary forms imports, with a CAGR of +104.8% from 2012 to 2021. At the same time, Ghana (+57.9%), Guinea (+55.1%) and Nigeria (+11.6%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-4.7%) and Mauritania (-11.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Togo, Ghana and Guinea increased by +63, +13 and +8.5 percentage points, respectively.

In value terms, Togo ($X) constitutes the largest market for imported melamine resins in primary forms in Western Africa, comprising 53% of total imports. The second position in the ranking was held by Nigeria ($X), with a 16% share of total imports. It was followed by Ghana, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Togo totaled +71.2%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+11.8% per year) and Ghana (+34.8% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price saw a perceptible slump. The pace of growth was the most pronounced in 2013 an increase of 33% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, 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 ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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