Western Africa: Aromatic Hydrocarbon Mixtures Market 2024

Aromatic Hydrocarbon Mixtures Market Size in Western Africa

In 2022, the West African aromatic hydrocarbon mixtures market decreased by -2.5% to $X, falling for the second consecutive year after five years of growth. In general, consumption, however, recorded a noticeable increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Aromatic Hydrocarbon Mixtures Production in Western Africa

In value terms, aromatic hydrocarbon mixtures production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a temperate expansion. The pace of growth was the most pronounced in 2016 when the production volume increased by 77%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Aromatic Hydrocarbon Mixtures Exports

Exports in Western Africa

For the third consecutive year, Western Africa recorded growth in shipments abroad of naphthalene and other aromatic hydrocarbon mixtures, which increased by 6.1% to X tons in 2022. In general, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 513%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, aromatic hydrocarbon mixtures exports rose to $X in 2022. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 329%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Nigeria (X tons), together reaching 99.9% of total export.

Nigeria was also the fastest-growing in terms of the naphthalene and other aromatic hydrocarbon mixtures exports, with a CAGR of +56.1% from 2012 to 2022. While the share of Nigeria (+9.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, aromatic hydrocarbon mixtures exports expanded at an average annual rate of +41.1% over the period from 2012-2022.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, shrinking by -3.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 an increase of 14% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -9.6% per year.

Aromatic Hydrocarbon Mixtures Imports

Imports in Western Africa

In 2022, the amount of naphthalene and other aromatic hydrocarbon mixtures imported in Western Africa shrank notably to X tons, with a decrease of -85.8% against 2021 figures. Overall, imports continue to indicate a significant decline. The pace of growth appeared the most rapid in 2021 with an increase of 334% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, aromatic hydrocarbon mixtures imports reduced sharply to $X in 2022. Over the period under review, imports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2021 when imports increased by 182% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the largest importer of naphthalene and other aromatic hydrocarbon mixtures, generating 55% of total imports. Ghana (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Mauritania (15%), Cote d'Ivoire (5.3%) and Burkina Faso (5.2%). Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +12.0% from 2012 to 2022. At the same time, Senegal (+18.8%), Mauritania (+7.7%) and Ghana (+6.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +18.8% from 2012-2022. By contrast, Burkina Faso (-6.7%) and Cote d'Ivoire (-11.0%) illustrated a downward trend over the same period. While the share of Nigeria (+54 p.p.), Ghana (+15 p.p.), Mauritania (+14 p.p.), Burkina Faso (+4.6 p.p.), Cote d'Ivoire (+4.3 p.p.) and Senegal (+3.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported naphthalene and other aromatic hydrocarbon mixtures in Western Africa, comprising 51% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Mauritania, with an 11% share.

In Nigeria, aromatic hydrocarbon mixtures imports increased at an average annual rate of +9.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+16.8% per year) and Mauritania (-0.7% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, rising by 93% against the previous year. In general, the import price saw tangible growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+9.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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