Western Africa: Polyurethanes Market 2024

Polyurethanes Market Size in Western Africa

The West African polyurethanes market was estimated at $X in 2021, picking up by 2.4% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -0.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Polyurethanes Production in Western Africa

In value terms, polyurethanes production stood at $X in 2021 estimated in export price. In general, production posted a resilient expansion. The growth pace was the most rapid in 2013 when the production volume increased by 36%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Polyurethanes Exports

Exports in Western Africa

In 2021, approx. X tons of polyurethanes in primary forms were exported in Western Africa; rising by 599% against the year before. In general, exports, however, continue to indicate a pronounced downturn. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, polyurethanes exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed notable growth. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the major exporting country with an export of about X tons, which recorded 52% of total exports. Guinea (X tons) took the second position in the ranking, followed by Nigeria (X tons). All these countries together took approx. 38% share of total exports. Niger (X kg), Sierra Leone (X kg) and Saint Helena, Ascension and Tristan da Cunha (X kg) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +26.6% from 2012 to 2021. At the same time, Niger (+21.5%) and Guinea (+13.4%) displayed positive paces of growth. By contrast, Nigeria (-11.2%), Sierra Leone (-14.8%) and Saint Helena, Ascension and Tristan da Cunha (-20.5%) illustrated a downward trend over the same period. Senegal (+52 p.p.), Guinea (+20 p.p.), Niger (+3.7 p.p.) and Saint Helena, Ascension and Tristan da Cunha (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone and Nigeria saw its share reduced by -6.3% and -19.1% from 2012 to 2021, respectively.

In value terms, Senegal ($X), Nigeria ($X) and Guinea ($X) were the countries with the highest levels of exports in 2021, together accounting for 90% of total exports. These countries were followed by Saint Helena, Ascension and Tristan da Cunha, Niger and Sierra Leone, which together accounted for a further 9.6%.

Among the main exporting countries, Niger, with a CAGR of +28.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, dropping by -3.9% against the previous year. Overall, the export price, however, enjoyed resilient growth. The growth pace was the most rapid in 2018 when the export price increased by 168%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saint Helena, Ascension and Tristan da Cunha (+15.4%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in Western Africa

In 2021, after four years of growth, there was significant decline in overseas purchases of polyurethanes in primary forms, when their volume decreased by -25.7% to X tons. Over the period under review, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2020 with an increase of 52% against the previous year. As a result, imports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, polyurethanes imports dropped remarkably to $X in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +39.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 71%. As a result, imports attained the peak of $X, and then reduced remarkably in the following year.

Imports by Country

Nigeria was the major importing country with an import of about X tons, which finished at 56% of total imports. Togo (X tons) took a 24% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (7.2%) and Ghana (5.9%). Senegal (X tons) took a little share of total imports.

Imports into Nigeria increased at an average annual rate of +5.9% from 2012 to 2021. At the same time, Togo (+69.2%), Cote d'Ivoire (+21.0%) and Ghana (+8.1%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +69.2% from 2012-2021. Senegal experienced a relatively flat trend pattern. From 2012 to 2021, the share of Togo and Cote d'Ivoire increased by +24 and +4.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported polyurethanes in primary forms in Western Africa, comprising 66% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.4% share of total imports. It was followed by Ghana, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +8.2%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+21.0% per year) and Ghana (+16.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 9.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Ghana (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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