Western Africa: Monophenols Market 2024

Monophenols Market Size in Western Africa

In 2021, the West African monophenols market decreased by -3.5% to $X for the first time since 2014, thus ending a six-year rising trend. Overall, consumption continues to indicate a prominent expansion. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Monophenols Production in Western Africa

In value terms, monophenols production shrank modestly to $X in 2021 estimated in export price. In general, production enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 55% against the previous year. The level of production peaked at $X in 2020, and then reduced in the following year.

Monophenols Exports

Exports in Western Africa

Monophenols exports amounted to X tons in 2021, growing by 13% compared with the year before. Over the period under review, exports posted a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 103% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, monophenols exports skyrocketed to $X in 2021. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2018 with an increase of 367% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

Senegal prevails in exports structure, finishing at X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Nigeria (X tons), achieving a 7.7% share of total exports. Cote d'Ivoire (X tons) took a minor share of total exports.

Senegal was also the fastest-growing in terms of the monophenols exports, with a CAGR of +32.4% from 2012 to 2021. Nigeria (-1.8%) and Cote d'Ivoire (-9.8%) illustrated a downward trend over the same period. While the share of Senegal (+40 p.p.) and Nigeria (+7.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-48 p.p.) displayed negative dynamics.

In value terms, the largest monophenols supplying countries in Western Africa were Nigeria ($X), Senegal ($X) and Cote d'Ivoire ($X), together accounting for 100% of total exports.

Senegal, with a CAGR of +20.8%, saw 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 2021, the export price in Western Africa amounted to $X per ton, surging by 100% against the previous year. Overall, the export price posted a pronounced expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 139%. As a result, the export price attained 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, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+22.2%), while the other leaders experienced mixed trends in the export price figures.

Monophenols Imports

Imports in Western Africa

In 2021, after four years of growth, there was significant decline in overseas purchases of monophenols, when their volume decreased by -20.4% to X tons. In general, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 72% against the previous year. The volume of import peaked at X tons in 2020, and then fell significantly in the following year.

In value terms, monophenols imports dropped rapidly to $X in 2021. Over the period under review, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 82%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of around X tons, which reached 55% of total imports. Senegal (X tons) ranks second in terms of the total imports with a 19% share, followed by Cote d'Ivoire (14%). Ghana (X tons) and Mali (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +20.4% from 2012 to 2021. At the same time, Senegal (+25.0%), Mali (+24.3%) and Cote d'Ivoire (+3.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +25.0% from 2012-2021. By contrast, Ghana (-5.1%) illustrated a downward trend over the same period. While the share of Nigeria (+30 p.p.), Senegal (+13 p.p.) and Mali (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-8.2 p.p.) and Cote d'Ivoire (-11.3 p.p.) displayed negative dynamics.

In value terms, Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 83% share of total imports.

In terms of the main importing countries, Senegal, with a CAGR of +20.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, dropping by -8.5% against the previous year. Over the period under review, the import price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2018 when the import price increased by 73% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :