Western Africa: Polystyrene Market 2024

Polystyrene Market Size in Western Africa

The West African polystyrene market stood at $X in 2022, approximately equating the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Polystyrene Production in Western Africa

In value terms, polystyrene production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 28% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Polystyrene Exports

Exports in Western Africa

In 2022, approx. X tons of polystyrene were exported in Western Africa; which is down by -38% against the previous year. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 81%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, polystyrene exports declined notably to $X in 2022. Over the period under review, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 112% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Cote d'Ivoire (X tons), Senegal (X tons) and Ghana (X tons) was the major exporter of polystyrene in Western Africa, comprising 78% of total export. Nigeria (X tons) ranks next in terms of the total exports with a 16% share, followed by Togo (5.3%).

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +11.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest polystyrene supplying countries in Western Africa were Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for 78% of total exports. Nigeria and Togo lagged somewhat behind, together accounting for a further 14%.

Nigeria, with a CAGR of +7.7%, recorded 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 2022, the export price in Western Africa amounted to $X per ton, which is down by -9.4% against the previous year. Over the period under review, the export price recorded a perceptible slump. The growth pace was the most rapid in 2017 an increase of 66%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Togo (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Polystyrene Imports

Imports in Western Africa

In 2022, overseas purchases of polystyrene decreased by -4.8% to X tons, falling for the second year in a row after five years of growth. Overall, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 58% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, polystyrene imports expanded significantly to $X in 2022. Over the period under review, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2014 when imports increased by 57% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

Nigeria represented the major importing country with an import of about X tons, which recorded 56% of total imports. It was distantly followed by Ghana (X tons), mixing up a 37% share of total imports. Cote d'Ivoire (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 key importing countries, was attained by Ghana (with a CAGR of +21.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported polystyrene in Western Africa, comprising 70% of total imports. The second position in the ranking was held by Ghana ($X), with a 25% share of total imports. It was followed by Cote d'Ivoire, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +14.6%. In the other countries, the average annual rates were as follows: Ghana (+18.6% per year) and Cote d'Ivoire (+2.2% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with an increase of 12% against the previous year. Import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polystyrene import price increased by +72.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 54% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+4.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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