Western Africa: Market for Reaction Initiators, Reaction Accelerators And Catalytic Preparations 2024

Market Size for Reaction Initiators, Reaction Accelerators And Catalytic Preparations in Western Africa

The West African reaction initiators and accelerators market expanded remarkably to $X in 2022, growing by 5.9% against the previous year. Over the period under review, consumption showed a prominent expansion. Over the period under review, the market hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Production of Reaction Initiators, Reaction Accelerators And Catalytic Preparations in Western Africa

In value terms, reaction initiators and accelerators production rose to $X in 2022 estimated in export price. In general, production enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 49%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Exports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Exports in Western Africa

In 2022, overseas shipments of reaction initiators, reaction accelerators and catalytic preparations decreased by -22.7% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 304%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, reaction initiators and accelerators exports fell significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a notable increase. The pace of growth was the most pronounced in 2021 with an increase of 194%. As a result, the exports reached the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) represented roughly 65% of total exports in 2022. Senegal (X tons) ranks next in terms of the total exports with an 11% share, followed by Nigeria (11%) and Guinea (5%). The following exporters - Niger (X tons) and Benin (X tons) - together made up 6.5% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +30.3%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) emerged as the largest reaction initiators and accelerators supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was taken by Ghana ($X), with a 15% share of total exports. It was followed by Niger, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +3.4%. In the other countries, the average annual rates were as follows: Ghana (+19.8% per year) and Niger (-1.2% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, falling by -42.1% against the previous year. Over the period under review, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2021 an increase of 890% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, 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 Niger (+9.9%), while the other leaders experienced a decline in the export price figures.

Imports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Imports in Western Africa

In 2022, reaction initiators and accelerators imports in Western Africa soared to X tons, with an increase of 88% on the year before. Overall, imports recorded a resilient expansion. The pace of growth was the most pronounced in 2015 with an increase of 231% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, reaction initiators and accelerators imports soared to $X in 2022. Over the period under review, imports showed a measured expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 245%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria represented the largest importing country with an import of around X tons, which recorded 73% of total imports. Niger (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (6%) and Senegal (4.7%). Cote d'Ivoire (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to reaction initiators and accelerators imports into Nigeria stood at +6.7%. At the same time, Senegal (+34.2%), Cote d'Ivoire (+11.8%) and Niger (+4.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +34.2% from 2012-2022. Ghana experienced a relatively flat trend pattern. Senegal (+4.2 p.p.) and Nigeria (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Niger and Ghana saw its share reduced by -2.5% and -5.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported reaction initiators, reaction accelerators and catalytic preparations in Western Africa, comprising 85% of total imports. The second position in the ranking was taken by Niger ($X), with a 6.2% share of total imports. It was followed by Senegal, with a 3% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +4.3%. The remaining importing countries recorded the following average annual rates of imports growth: Niger (+4.2% per year) and Senegal (+31.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, with a decrease of -38.6% against the previous year. Overall, the import price showed a slight descent. The growth pace was the most rapid in 2019 an increase of 150%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :