Western Africa: Toluene Market 2024

Toluene Market Size in Western Africa

The West African toluene market contracted to $X in 2021, declining by -7.5% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Toluene Production in Western Africa

In value terms, toluene production dropped to $X in 2021 estimated in export price. In general, production saw a noticeable setback. The most prominent rate of growth was recorded in 2016 when the production volume increased by 42%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Toluene Exports

Exports in Western Africa

In 2021, the amount of toluene exported in Western Africa surged to X tons, picking up by 124% against the previous year. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 590%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, toluene exports skyrocketed to $X in 2021. In general, exports posted buoyant growth. The pace of growth was the most pronounced in 2016 when exports increased by 235% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Niger (X tons) represented the largest exporter of toluene, creating 56% of total exports. Cote d'Ivoire (X tons) held the second position in the ranking, distantly followed by Senegal (X kg). All these countries together took approx. 42% share 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 Cote d'Ivoire (with a CAGR of +10.0%), while the other leaders experienced a decline in the exports figures.

In value terms, Niger ($X), Cote d'Ivoire ($X) and Senegal ($X) were the countries with the highest levels of exports in 2021, together comprising 97% of total exports.

Cote d'Ivoire, with a CAGR of +13.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, shrinking by -25.7% against the previous year. Overall, the export price recorded a slight decline. The most prominent rate of growth was recorded in 2013 when the export price increased by 103%. As a result, the export price attained the peak level of $X per ton. From 2014 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 Senegal ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+10.5%), while the other leaders experienced more modest paces of growth.

Toluene Imports

Imports in Western Africa

After two years of growth, purchases abroad of toluene decreased by -16.6% to X tons in 2021. In general, imports, however, posted strong growth. The pace of growth was the most pronounced in 2020 with an increase of 81% against the previous year. As a result, imports attained the peak of X tons, and then contracted rapidly in the following year.

In value terms, toluene imports declined to $X in 2021. Over the period under review, imports, however, recorded a moderate increase. The pace of growth was the most pronounced in 2020 with an increase of 71%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

Nigeria represented the major importing country with an import of about X tons, which accounted for 61% of total imports. Cote d'Ivoire (X tons) took a 28% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (7.3%).

Imports into Nigeria increased at an average annual rate of +9.8% from 2012 to 2021. At the same time, Ghana (+20.6%) and Cote d'Ivoire (+5.4%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +20.6% from 2012-2021. From 2012 to 2021, the share of Nigeria and Ghana increased by +5.3 and +4.4 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported toluene in Western Africa, comprising 64% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 25% share of total imports.

In Nigeria, toluene imports expanded at an average annual rate of +6.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-0.0% per year) and Ghana (+13.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 8.8% against the previous year. Overall, the import price, however, recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2018 when the import price increased by 16%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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