Nigeria: Sulphuric Acid Market 2023

Sulphuric Acid Market Size in Nigeria

The Nigerien sulphuric acid market shrank sharply to $X in 2021, dropping by -17.1% against the previous year. Overall, consumption, however, posted a strong expansion. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Sulphuric Acid Production in Nigeria

In value terms, sulphuric acid production contracted sharply to $X in 2021 estimated in export price. In general, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 88% against the previous year. Sulphuric acid production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Sulphuric Acid Exports

Exports from Nigeria

Sulphuric acid exports from Nigeria skyrocketed to X tons in 2021, increasing by 2,958% against 2020 figures. Over the period under review, exports, however, saw a precipitous contraction. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, sulphuric acid exports skyrocketed to $X in 2021. Overall, exports, however, showed a abrupt curtailment. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Niger (X tons) was the main destination for sulphuric acid exports from Nigeria, accounting for a 72% share of total exports. Moreover, sulphuric acid exports to Niger exceeded the volume sent to the second major destination, Benin (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Niger totaled -24.2%.

In value terms, Niger ($X) and Benin ($X) were the largest markets for sulphuric acid exported from Nigeria worldwide.

Among the main countries of destination, Benin, with a CAGR of +36.0%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The average sulphuric acid export price stood at $X per ton in 2021, with a decrease of -8% against the previous year. In general, the export price, however, showed a notable expansion. The pace of growth was the most pronounced in 2016 an increase of 114% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the country with the highest price was Benin ($X per ton), while the average price for exports to Niger amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sulphuric Acid Imports

Imports into Nigeria

In 2021, approx. X tons of sulphuric acid and oleum were imported into Nigeria; shrinking by -2.6% against the previous year. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 126%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, sulphuric acid imports fell dramatically to $X in 2021. Overall, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by 88%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) was the main supplier of sulphuric acid to Nigeria, with a 100% share of total imports. It was followed by Germany (X kg), with a 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from India totaled +133.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-38.6% per year) and Belgium (-65.2% per year).

In value terms, India ($X) constituted the largest supplier of sulphuric acid and oleum to Nigeria, comprising 100% of total imports. The second position in the ranking was held by Germany ($X), with a 0.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from India amounted to +135.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-37.8% per year) and Belgium (-55.4% per year).

Import Prices by Country

The average sulphuric acid import price stood at $X per ton in 2021, with a decrease of -20.1% against the previous year. In general, the import price showed a deep reduction. The pace of growth appeared the most rapid in 2018 an increase of 170% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Belgium ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+27.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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