Western Africa: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Western Africa

In 2022, the West African urea and thiourea resins market increased by 14% to $X, rising for the seventh consecutive year after two years of decline. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Urea Resins And Thiourea Resins In Primary Forms in Western Africa

In value terms, urea and thiourea resins production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 18% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in Western Africa

In 2022, approx. X tons of urea resins and thiourea resins in primary forms were exported in Western Africa; declining by -14.7% compared with the previous year's figure. Overall, exports, however, continue to indicate measured growth. The pace of growth appeared the most rapid in 2016 when exports increased by 193% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, urea and thiourea resins exports contracted sharply to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 152%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, reaching X tons, which was near 97% of total exports in 2022. Ghana (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms exports, with a CAGR of +15.1% from 2012 to 2022. Ghana (-1.4%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+66 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest urea and thiourea resins supplier in Western Africa, comprising 98% of total exports. The second position in the ranking was taken by Ghana ($X), with a 2.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +13.6%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, declining by -2.6% against the previous year. Over the period under review, the export price recorded a pronounced decrease. The most prominent rate of growth was recorded in 2017 an increase of 17%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably 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 Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-1.4%).

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in Western Africa

For the sixth consecutive year, Western Africa recorded growth in supplies from abroad of urea resins and thiourea resins in primary forms, which increased by 62% to X tons in 2022. Overall, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea and thiourea resins imports surged to $X in 2022. In general, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 83% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons) and Ghana (X tons), together making up a 17% share of total imports.

Nigeria was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms imports, with a CAGR of +38.8% from 2012 to 2022. At the same time, Cote d'Ivoire (+7.5%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. Nigeria (+63 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by -21% and -34.8% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported urea resins and thiourea resins in primary forms in Western Africa, comprising 82% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +41.2%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+9.0% per year) and Ghana (+2.6% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, growing by 29% against the previous year. Overall, the import price saw a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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