ECOWAS: Market for Polystyrene In Primary Forms (Excluding Expansible Polystyrene) 2024

Market Size for Polystyrene In Primary Forms (Excluding Expansible Polystyrene) in ECOWAS

The ECOWAS polystyrene in primary forms market reached $X in 2023, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Production of Polystyrene In Primary Forms (Excluding Expansible Polystyrene) in ECOWAS

In value terms, polystyrene in primary forms production rose significantly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Exports of Polystyrene In Primary Forms (Excluding Expansible Polystyrene)

Exports in ECOWAS

After two years of growth, overseas shipments of polystyrene in primary forms (excluding expansible polystyrene) decreased by X% to X tons in 2023. Over the period under review, exports continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, polystyrene in primary forms exports skyrocketed to $X in 2023. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Ghana was the largest exporting country with an export of around X tons, which recorded X% of total exports. Nigeria (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (X%) and Togo (X%). Cote d'Ivoire (X tons) held a little share of total exports.

Ghana was also the fastest-growing in terms of the polystyrene in primary forms (excluding expansible polystyrene) exports, with a CAGR of X% from 2012 to 2023. At the same time, Nigeria (X%) displayed positive paces of growth. By contrast, Togo (X%), Cote d'Ivoire (X%) and Senegal (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Senegal (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest polystyrene in primary forms supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Ghana stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price saw a measured expansion. The growth pace was the most rapid in 2020 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2023 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Polystyrene In Primary Forms (Excluding Expansible Polystyrene)

Imports in ECOWAS

In 2023, approx. X tons of polystyrene in primary forms (excluding expansible polystyrene) were imported in ECOWAS; growing by X% on the previous year's figure. Over the period under review, imports showed prominent growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, polystyrene in primary forms imports shrank to $X in 2023. In general, imports saw a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria was the key importing country with an import of about X tons, which finished at X% of total imports. Ghana (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons). All these countries together took approx. X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana (X p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Nigeria saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported polystyrene in primary forms (excluding expansible polystyrene) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price recorded a slight reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, amid the top importers, 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 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform