Western Africa: Polycarboxylic Acid Market 2024

Polycarboxylic Acid Market Size in Western Africa

The West African polycarboxylic acid market totaled $X in 2022, picking up by 2.4% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.2% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Polycarboxylic Acid Production in Western Africa

In value terms, polycarboxylic acid production amounted to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 40% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Polycarboxylic Acid Exports

Exports in Western Africa

In 2022, after two years of growth, there was significant decline in shipments abroad of polycarboxylic acids, when their volume decreased by -10.8% to X tons. Over the period under review, exports, however, posted a tangible expansion. The pace of growth was the most pronounced in 2018 when exports increased by 194%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, polycarboxylic acid exports contracted to $X in 2022. In general, exports saw a perceptible descent. The pace of growth was the most pronounced in 2018 when exports increased by 161% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal was the major exporting country with an export of about X tons, which finished at 52% of total exports. Mali (X tons) took the second position in the ranking, distantly followed by Ghana (X tons). All these countries together took near 43% share of total exports. Cote d'Ivoire (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to polycarboxylic acid exports from Senegal stood at +1.4%. At the same time, Ghana (+69.0%), Cote d'Ivoire (+25.9%) and Mali (+3.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +69.0% from 2012-2022. From 2012 to 2022, the share of Ghana and Cote d'Ivoire increased by +17 and +3.5 percentage points, respectively.

In value terms, Senegal ($X) remains the largest polycarboxylic acid supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was taken by Mali ($X), with a 29% share of total exports. It was followed by Ghana, with a 6% share.

In Senegal, polycarboxylic acid exports contracted by an average annual rate of -1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mali (-5.6% per year) and Ghana (+42.2% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, waning by -1.7% against the previous year. In general, the export price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2014 when the export price increased by 26% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-2.5%), while the other leaders experienced a decline in the export price figures.

Polycarboxylic Acid Imports

Imports in Western Africa

In 2022, purchases abroad of polycarboxylic acids decreased by -6.6% to X tons, falling for the second year in a row after four years of growth. Total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.5% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 19%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, polycarboxylic acid imports rose remarkably to $X in 2022. Total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.0% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 28%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Nigeria (X tons) and Cote d'Ivoire (X tons) dominates imports structure, together committing 92% of total imports. Ghana (X tons) and Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Senegal (with a CAGR of +29.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported polycarboxylic acids in Western Africa, comprising 70% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 24% share of total imports. It was followed by Senegal, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +2.7%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-2.1% per year) and Senegal (+24.2% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, jumping by 23% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 28%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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