Western Africa: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in Western Africa

The West African salts of acetic acid market soared to $X in 2022, rising by 18% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Salts Of Acetic Acid in Western Africa

In value terms, salts of acetic acid production rose markedly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced slump. The growth pace was the most rapid in 2020 with an increase of 23%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Salts Of Acetic Acid

Exports in Western Africa

In 2022, the amount of salts of acetic acid exported in Western Africa soared to X tons, rising by 46% against the year before. In general, exports saw a buoyant increase. The growth pace was the most rapid in 2016 when exports increased by 67% against the previous year. 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, salts of acetic acid exports soared to $X in 2022. Over the period under review, exports posted strong growth. The growth pace was the most rapid in 2017 when exports increased by 59%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Nigeria (X tons) and Ghana (X tons) were the largest exporters of salts of acetic acid in Western Africa, together comprising 87% of total exports. It was distantly followed by Senegal (X tons), making up an 11% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +42.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest salts of acetic acid supplier in Western Africa, comprising 65% of total exports. The second position in the ranking was held by Nigeria ($X), with a 25% share of total exports. It was followed by Senegal, with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value in Ghana amounted to +14.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+21.0% per year) and Senegal (+45.7% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, shrinking by -21% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 50% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell sharply in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.3%), while the other leaders experienced more modest paces of growth.

Imports of Salts Of Acetic Acid

Imports in Western Africa

In 2022, overseas purchases of salts of acetic acid were finally on the rise to reach X tons after two years of decline. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 132% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, salts of acetic acid imports soared to $X in 2022. In general, imports showed a tangible increase. The most prominent rate of growth was recorded in 2017 when imports increased by 102% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 91% of total imports in 2022. Burkina Faso (X tons), Mali (X tons) and Senegal (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to salts of acetic acid imports into Nigeria stood at +6.1%. At the same time, Burkina Faso (+47.9%), Mali (+14.7%) and Senegal (+5.7%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +47.9% from 2012-2022. Burkina Faso (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported salts of acetic acid in Western Africa, comprising 90% of total imports. The second position in the ranking was held by Burkina Faso ($X), with a 3.1% share of total imports. It was followed by Senegal, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +4.0%. In the other countries, the average annual rates were as follows: Burkina Faso (+41.0% per year) and Senegal (+5.5% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, with a decrease of -14.2% against the previous year. Overall, the import price recorded a slight curtailment. The growth pace was the most rapid in 2018 when the import price increased by 50%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 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 Burkina Faso ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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