Western Africa: Polymethyl Methacrylate Market 2024

Polymethyl Methacrylate Market Size in Western Africa

The West African polymethyl methacrylate market rose rapidly to $X in 2022, growing by 6.7% against the previous year. Overall, consumption saw a buoyant expansion. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Polymethyl Methacrylate Production in Western Africa

In value terms, polymethyl methacrylate production totaled $X in 2022 estimated in export price. Overall, production posted a resilient expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 95% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Polymethyl Methacrylate Exports

Exports in Western Africa

In 2022, overseas shipments of polymethyl methacrylate in primary forms decreased by -8.3% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, recorded significant growth. The growth pace was the most rapid in 2018 with an increase of 241%. The volume of export peaked at X tons in 2021, and then reduced in the following year.

In value terms, polymethyl methacrylate exports totaled $X in 2022. Over the period under review, exports, however, showed a significant expansion. The growth pace was the most rapid in 2018 with an increase of 188%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X tons) represented roughly 99.9% of total exports in 2022.

Ghana was also the fastest-growing in terms of the polymethyl methacrylate in primary forms exports, with a CAGR of +39.5% from 2012 to 2022. Ghana (+15 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest polymethyl methacrylate supplier in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled +25.8%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, growing by 12% against the previous year. Over the period under review, the export price, however, continues to indicate a deep setback. The most prominent rate of growth was recorded in 2016 when the export price increased by 56% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 Ghana.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to -9.8% per year.

Polymethyl Methacrylate Imports

Imports in Western Africa

In 2022, overseas purchases of polymethyl methacrylate in primary forms decreased by -6.4% to X tons for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 204%. Over the period under review, imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, polymethyl methacrylate imports soared to $X in 2022. Overall, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 175% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was approx. 83% of total imports in 2022. Ghana (X tons) took the second position in the ranking, followed by Togo (X tons). All these countries together took approx. 14% share of total imports.

Imports into Nigeria increased at an average annual rate of +53.4% from 2012 to 2022. At the same time, Togo (+70.5%) and Ghana (+14.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +70.5% from 2012-2022. While the share of Nigeria (+53 p.p.) and Togo (+6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-42.4 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported polymethyl methacrylate in primary forms in Western Africa, comprising 82% of total imports. The second position in the ranking was held by Ghana ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +55.0%. In the other countries, the average annual rates were as follows: Ghana (+23.0% per year) and Togo (+65.6% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, rising by 59% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polymethyl methacrylate import price decreased by -3.0% against 2020 indices. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Togo ($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 (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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