Western Africa: Silicone Market 2024

Silicone Market Size in Western Africa

The West African silicone market shrank to $X in 2021, with a decrease of -12.2% against the previous year. The total consumption indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +7.6% against 2015 indices. As a result, consumption attained the peak level of $X, and then declined in the following year.

Silicone Production in Western Africa

In value terms, silicone production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the production volume increased by 33% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then reduced in the following year.

Silicone Exports

Exports in Western Africa

In 2021, exports of silicones (in primary forms) in Western Africa fell notably to X tons, which is down by -54.4% against the previous year's figure. In general, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when exports increased by 98%. As a result, the exports reached the peak of X tons, and then fell notably in the following year.

In value terms, silicone exports shrank notably to $X in 2021. Overall, exports saw a noticeable decline. The most prominent rate of growth was recorded in 2020 with an increase of 111% against the previous year. As a result, the exports attained the peak of $X, and then contracted dramatically in the following year.

Exports by Country

In 2021, Sierra Leone (X tons) and Senegal (X tons) were the largest exporters of silicones (in primary forms) in Western Africa, together committing 58% of total exports. Gambia (X kg) took the next position in the ranking, distantly followed by Cote d'Ivoire (X kg), Liberia (X kg) and Ghana (X kg). All these countries together held near 38% share of total exports. Niger (X kg) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Sierra Leone (with a CAGR of +54.5%), while the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) emerged as the largest silicone supplier in Western Africa, comprising 47% of total exports. The second position in the ranking was held by Senegal ($X), with a 17% share of total exports. It was followed by Gambia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sierra Leone amounted to +40.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+28.6% per year) and Gambia (+10.0% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with a decrease of -21.3% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silicone export price decreased by -28.9% against 2018 indices. The growth pace was the most rapid in 2018 an increase of 72% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+7.3%), while the other leaders experienced mixed trends in the export price figures.

Silicone Imports

Imports in Western Africa

Silicone imports dropped markedly to X tons in 2021, which is down by -18.5% on the previous year. In general, imports, however, showed a remarkable increase. The growth pace was the most rapid in 2018 when imports increased by 113% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then reduced remarkably in the following year.

In value terms, silicone imports expanded remarkably to $X in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -7.6% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 68%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria represented the major importing country with an import of about X tons, which reached 61% of total imports. Cote d'Ivoire (X tons) held the second position in the ranking, distantly followed by Senegal (X tons). All these countries together took near 28% share of total imports. Ghana (X tons), Togo (X tons) and Cabo Verde (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to silicone imports into Nigeria stood at +9.7%. At the same time, Senegal (+19.3%), Cabo Verde (+15.1%), Togo (+13.5%) and Cote d'Ivoire (+12.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.3% from 2012-2021. By contrast, Ghana (-2.1%) illustrated a downward trend over the same period. While the share of Senegal (+3.8 p.p.) and Cote d'Ivoire (+3.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 82% share of total imports.

Senegal, with a CAGR of +17.3%, 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, rising by 31% against the previous year. Over the period under review, the import price, however, saw a noticeable downturn. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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