Western Africa: Saturated Acyclic Hydrocarbons Market 2024

Saturated Acyclic Hydrocarbons Market Size in Western Africa

The West African saturated acyclic hydrocarbons market declined modestly to $X in 2022, waning by -2.2% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Saturated Acyclic Hydrocarbons Production in Western Africa

In value terms, saturated acyclic hydrocarbons production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a slight curtailment. The growth pace was the most rapid in 2019 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Saturated Acyclic Hydrocarbons Exports

Exports in Western Africa

In 2022, approx. X tons of saturated acyclic hydrocarbons were exported in Western Africa; rising by 1,391% compared with the year before. In general, exports, however, faced a precipitous descent. The growth pace was the most rapid in 2017 with an increase of 3,904%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, saturated acyclic hydrocarbons exports soared to $X in 2022. Over the period under review, exports, however, showed a sharp slump. The pace of growth appeared the most rapid in 2017 when exports increased by 2,130%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria dominates exports structure, amounting to X tons, which was approx. 92% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), mixing up a 5.8% share of total exports. Togo (X tons) took a little share of total exports.

Exports from Nigeria decreased at an average annual rate of -24.1% from 2012 to 2022. Togo (-9.5%) and Cote d'Ivoire (-15.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -4.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) emerged as the largest saturated acyclic hydrocarbons supplier in Western Africa, comprising 85% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 12% share of total exports.

In Nigeria, saturated acyclic hydrocarbons exports plunged by an average annual rate of -35.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-19.3% per year) and Togo (-15.4% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, declining by -71.4% against the previous year. In general, the export price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 an increase of 159%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 ($X per ton), while Nigeria ($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 (-4.6%), while the other leaders experienced a decline in the export price figures.

Saturated Acyclic Hydrocarbons Imports

Imports in Western Africa

In 2022, overseas purchases of saturated acyclic hydrocarbons decreased by -23.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, recorded perceptible growth. The pace of growth was the most pronounced in 2019 with an increase of 66%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, saturated acyclic hydrocarbons imports dropped to $X in 2022. In general, imports, however, enjoyed a noticeable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 79%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was approx. 78% of total imports in 2022. Cote d'Ivoire (X tons) took a 9% share (based on physical terms) of total imports, which put it in second place, followed by Benin (5.1%) and Burkina Faso (5%).

From 2012 to 2022, average annual rates of growth with regard to saturated acyclic hydrocarbons imports into Nigeria stood at +4.8%. At the same time, Cote d'Ivoire (+21.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +21.5% from 2012-2022. By contrast, Burkina Faso (-4.0%) and Benin (-4.2%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+7.1 p.p.) and Nigeria (+5.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Burkina Faso (-6.1 p.p.) and Benin (-6.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported saturated acyclic hydrocarbons in Western Africa, comprising 77% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 7.1% share of total imports. It was followed by Burkina Faso, with a 6% share.

In Nigeria, saturated acyclic hydrocarbons imports expanded at an average annual rate of +4.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+17.3% per year) and Burkina Faso (-5.5% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, growing by 12% against the previous year. Over the period under review, the import price, however, showed a mild descent. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($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 (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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