Western Africa: Cyclic Hydrocarbons Market 2024

Cyclic Hydrocarbons Market Size in Western Africa

In 2021, after two years of decline, there was significant growth in the West African cyclic hydrocarbons market, when its value increased by 6.6% to $X. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.4% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Cyclic Hydrocarbons Production in Western Africa

In value terms, cyclic hydrocarbons production rose rapidly to $X in 2021 estimated in export price. In general, production recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 39%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Cyclic Hydrocarbons Exports

Exports in Western Africa

After four years of decline, overseas shipments of other cyclic hydrocarbons increased by 5.4% to X kg in 2021. Over the period under review, exports, however, saw a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 144% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, cyclic hydrocarbons exports contracted modestly to $X in 2021. In general, exports, however, showed a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 171%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal represented the main exporting country with an export of about X kg, which accounted for 75% of total exports. It was distantly followed by Ghana (X kg), making up a 25% share of total exports.

Senegal was also the fastest-growing in terms of the other cyclic hydrocarbons exports, with a CAGR of +1.2% from 2012 to 2021. Ghana (-20.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal increased by +51 percentage points.

In value terms, Senegal ($X) remains the largest cyclic hydrocarbons supplier in Western Africa, comprising 94% of total exports. The second position in the ranking was taken by Ghana ($X), with a 5.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Senegal totaled +4.1%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, falling by -8.9% against the previous year. Over the period under review, the export price, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2013 when the export price increased by 120% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+2.9%).

Cyclic Hydrocarbons Imports

Imports in Western Africa

After two years of growth, purchases abroad of other cyclic hydrocarbons decreased by -34.8% to X tons in 2021. Over the period under review, imports showed a noticeable setback. The pace of growth appeared the most rapid in 2017 with an increase of 132% against the previous year. The volume of import peaked at X tons in 2020, and then declined significantly in the following year.

In value terms, cyclic hydrocarbons imports contracted remarkably to $X in 2021. Overall, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 78%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, recording X tons, which was near 96% of total imports in 2021. Cote d'Ivoire (X tons) held a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -2.5% from 2012 to 2021. At the same time, Cote d'Ivoire (+15.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +15.2% from 2012-2021. While the share of Nigeria (+5.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported other cyclic hydrocarbons in Western Africa, comprising 88% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 7.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at -5.3%.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, surging by 10% against the previous year. Over the period under review, the import price, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2014 an increase of 31% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 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 Cote d'Ivoire ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.5%).

Source: IndexBox Platform

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