Nigeria: Ethylene Polymer Bag Market 2024

Ethylene Polymer Bag Market Size in Nigeria

The Nigerien ethylene polymer bag market contracted modestly to $X in 2022, approximately equating the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Ethylene Polymer Bag Production in Nigeria

In value terms, ethylene polymer bag production totaled $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 86%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Ethylene Polymer Bag Exports

Exports from Nigeria

Ethylene polymer bag exports from Nigeria declined significantly to X tons in 2022, which is down by -35.5% compared with 2021. In general, exports showed a sharp downturn. The pace of growth was the most pronounced in 2019 when exports increased by 288% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ethylene polymer bag exports dropped significantly to $X in 2022. Over the period under review, exports faced a significant decline. The growth pace was the most rapid in 2013 with an increase of 300% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Belgium (X tons) was the main destination for ethylene polymer bag exports from Nigeria, accounting for a 66% share of total exports. Moreover, ethylene polymer bag exports to Belgium exceeded the volume sent to the second major destination, Chad (X tons), threefold. Liberia (X tons) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to Belgium stood at -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chad (-18.5% per year) and Liberia (-5.3% per year).

In value terms, Belgium ($X) remains the key foreign market for sacks and bags of polymers of ethylene exports from Nigeria, comprising 68% of total exports. The second position in the ranking was taken by Chad ($X), with an 18% share of total exports. It was followed by Liberia, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to Belgium amounted to -15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chad (-28.2% per year) and Liberia (-15.5% per year).

Export Prices by Country

In 2022, the average ethylene polymer bag export price amounted to $X per ton, increasing by 8.9% against the previous year. Overall, the export price, however, showed a perceptible curtailment. The growth pace was the most rapid in 2020 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (-4.2%), while the prices for the other major destinations experienced a decline.

Ethylene Polymer Bag Imports

Imports into Nigeria

In 2022, approx. X tons of sacks and bags of polymers of ethylene were imported into Nigeria; with an increase of 1.9% against the year before. In general, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 494% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, ethylene polymer bag imports soared to $X in 2022. Over the period under review, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 696%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of ethylene polymer bag to Nigeria, accounting for a 46% share of total imports. Moreover, ethylene polymer bag imports from China exceeded the figures recorded by the second-largest supplier, Togo (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +39.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Togo (+21.8% per year) and Germany (+29.3% per year).

In value terms, the largest ethylene polymer bag suppliers to Nigeria were Germany ($X), China ($X) and Turkey ($X), together comprising 67% of total imports.

Turkey, with a CAGR of +67.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average ethylene polymer bag import price amounted to $X per ton, increasing by 17% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 34% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+6.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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