Nigeria: Polycarboxylic Acid Market 2023

Polycarboxylic Acid Market Size in Nigeria

In 2021, after four years of growth, there was significant decline in the Nigerien polycarboxylic acid market, when its value decreased by -20% to $X. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020, and then contracted significantly in the following year.

Polycarboxylic Acid Exports

Exports from Nigeria

After two years of decline, overseas shipments of polycarboxylic acids decreased by 0% to X kg in 2021. In general, exports recorded a precipitous slump. The pace of growth appeared the most rapid in 2015 when exports increased by 2.5% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, polycarboxylic acid exports amounted to $X in 2021. Overall, exports showed a precipitous decline. The smallest decline of -21.7% was in 2016. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

South Africa (X kg) was the main destination for polycarboxylic acid exports from Nigeria, with a approx. 100% share of total exports.

From 2013 to 2021, the average annual growth rate of volume to South Africa was relatively modest.

From 2013 to 2021, the average annual rate of growth in terms of value to South Africa was relatively modest.

Export Prices by Country

In 2021, the average polycarboxylic acid export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when the average export price increased by 8.2%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2013 to 2021, the rate of growth in terms of prices for South Korea amounted to 0.0% per year.

Polycarboxylic Acid Imports

Imports into Nigeria

In 2021, after four years of growth, there was significant decline in purchases abroad of polycarboxylic acids, when their volume decreased by -30.9% to X tons. Over the period under review, imports, however, enjoyed modest growth. The pace of growth appeared the most rapid in 2019 when imports increased by 33%. Over the period under review, imports reached the maximum at X tons in 2020, and then declined remarkably in the following year.

In value terms, polycarboxylic acid imports fell to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 26% against the previous year. Imports peaked at $X in 2020, and then declined in the following year.

Imports by Country

In 2021, South Korea (X tons) constituted the largest polycarboxylic acid supplier to Nigeria, with a 72% share of total imports. Moreover, polycarboxylic acid imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was held by Lithuania (X tons), with a 3.3% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.9% per year) and Lithuania (-1.9% per year).

In value terms, South Korea ($X) constituted the largest supplier of polycarboxylic acids to Nigeria, comprising 74% of total imports. The second position in the ranking was held by China ($X), with a 6.5% share of total imports. It was followed by Lithuania, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea stood at +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.1% per year) and Lithuania (-5.4% per year).

Import Prices by Country

In 2021, the average polycarboxylic acid import price amounted to $X per ton, rising by 36% against the previous year. Overall, the import price, however, continues to indicate a slight shrinkage. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+68.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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