Nigeria: Synthetic Filament Tow Market 2024

Synthetic Filament Tow Market Size in Nigeria

The Nigerien synthetic filament tow market reduced to $X in 2022, falling by X% against the previous year. Overall, consumption, however, posted prominent growth. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Synthetic Filament Tow Production in Nigeria

In value terms, synthetic filament tow production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

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Synthetic Filament Tow Exports

Exports from Nigeria

In 2022, approx. X tons of synthetic filament tow and staple fibers, not carded or combed were exported from Nigeria; waning by X% against 2021 figures. Overall, exports faced a deep contraction. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, synthetic filament tow exports declined rapidly to $X in 2022. In general, exports faced a sharp slump. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X tons), Morocco (X tons) and Portugal (X tons) were the main destinations of synthetic filament tow exports from Nigeria, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lithuania (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Morocco ($X), Germany ($X) and Poland ($X) appeared to be the largest markets for synthetic filament tow exported from Nigeria worldwide, with a combined X% share of total exports.

Morocco, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average synthetic filament tow export price amounted to $X per ton, flattening at the previous year. Overall, the export price showed a deep contraction. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Portugal ($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 South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Filament Tow Imports

Imports into Nigeria

In 2022, the amount of synthetic filament tow and staple fibers, not carded or combed imported into Nigeria dropped dramatically to X tons, reducing by X% on the previous year's figure. Overall, imports saw a mild descent. The growth pace was the most rapid in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic filament tow imports shrank sharply to $X in 2022. In general, imports showed a mild descent. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of synthetic filament tow to Nigeria, accounting for a X% share of total imports. Moreover, synthetic filament tow imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), twofold. Turkey (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Turkey (X% per year).

In value terms, China ($X) constituted the largest supplier of synthetic filament tow and staple fibers, not carded or combed to Nigeria, comprising X% of total imports. The second position in the ranking was held by Turkey ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (X% per year) and Thailand (X% per year).

Import Prices by Country

The average synthetic filament tow import price stood at $X per ton in 2022, leveling off at the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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