Western Africa: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Western Africa

The West African refined or synthetic glycerol market amounted to $X in 2022, rising by 2.1% against the previous year. Overall, consumption enjoyed a prominent expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Refined or Synthetic Glycerol in Western Africa

In value terms, refined or synthetic glycerol production reached $X in 2022 estimated in export price. Over the period under review, production recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 28%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Refined or Synthetic Glycerol

Exports in Western Africa

In 2022, shipments abroad of refined or synthetic glycerol decreased by -16.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, saw resilient growth. The growth pace was the most rapid in 2021 with an increase of 52%. As a result, the exports reached the peak of X tons, and then declined notably in the following year.

In value terms, refined or synthetic glycerol exports plummeted to $X in 2022. Over the period under review, exports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2017 when exports increased by 86% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

In 2022, Senegal (X tons) was the main exporter of refined or synthetic glycerol in Western Africa, committing 96% of total export.

Senegal was also the fastest-growing in terms of the refined or synthetic glycerol exports, with a CAGR of +10.0% from 2012 to 2022. Senegal (+17 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, Senegal ($X) also remains the largest refined or synthetic glycerol supplier in Western Africa.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal stood at +10.8%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, with a decrease of -3% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 33% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2022, the rate of growth in terms of prices for Senegal amounted to +0.8% per year.

Imports of Refined or Synthetic Glycerol

Imports in Western Africa

In 2022, purchases abroad of refined or synthetic glycerol decreased by -1.7% to X tons, falling for the second year in a row after five years of growth. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.4% 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 -19.9% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 55% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, refined or synthetic glycerol imports declined to $X in 2022. In general, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 54% against the previous year. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the main importer of refined or synthetic glycerol, committing 45% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Senegal (X tons) and Togo (X tons), together committing a 50% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported refined or synthetic glycerol in Western Africa, comprising 54% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Ghana, with a 9.9% share.

In Nigeria, refined or synthetic glycerol imports increased at an average annual rate of +8.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.9% per year) and Ghana (+7.5% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 when the import price increased by 32% against the previous year. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of destination: 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 (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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