Western Africa: Resinoids Market 2022

Resinoids Market Size in Western Africa

The West African resinoids market surged to $X in 2021, growing by 26% against the previous year. In general, consumption recorded a tangible increase. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Resinoids Production in Western Africa

In value terms, resinoids production totaled $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2014 with an increase of 125%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Resinoids Exports

Exports in Western Africa

In 2021, the amount of resinoids exported in Western Africa declined sharply to X kg, falling by -29.6% against the previous year's figure. Overall, exports recorded a dramatic curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 1,491% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, resinoids exports shrank markedly to $X in 2021. Over the period under review, exports faced a sharp slump. The pace of growth appeared the most rapid in 2016 with an increase of 952% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Senegal (X kg), distantly followed by Nigeria (X kg) represented the main exporters of resinoids, together making up 100% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Nigeria (with a CAGR of +21.5%).

In value terms, the largest resinoids supplying countries in Western Africa were Nigeria ($X) and Senegal ($X).

Nigeria, with a CAGR of +6.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with a decrease of -16.8% against the previous year. Over the period under review, the export price, however, enjoyed perceptible growth. The growth pace was the most rapid in 2020 an increase of 806% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Nigeria ($X per ton), while Senegal totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+24.0%).

Resinoids Imports

Imports in Western Africa

In 2021, approx. X tons of resinoids were imported in Western Africa; increasing by 37% on the year before. In general, imports showed a measured expansion. The pace of growth was the most pronounced in 2018 when imports increased by 85%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, resinoids imports soared to $X in 2021. Overall, imports showed prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 116%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria represented the major importer of resinoids in Western Africa, with the volume of imports recording X tons, which was approx. 48% of total imports in 2021. Ghana (X tons) took a 29% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (5.8%), Mauritania (5.7%) and Togo (4.7%). Guinea (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were in Senegal (with a CAGR of +48.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest resinoids importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Senegal ($X), together accounting for 82% of total imports.

Senegal, with a CAGR of +55.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, falling by -5.5% against the previous year. Import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, resinoids import price decreased by -16.8% against 2019 indices. The growth pace was the most rapid in 2017 when the import price increased by 100%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Guinea ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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