Western Africa: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Western Africa

The West African ethylene glycol market expanded slightly to $X in 2022, with an increase of 2% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Ethylene Glycol Production in Western Africa

In value terms, ethylene glycol production rose to $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 34% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Ethylene Glycol Exports

Exports in Western Africa

In 2022, approx. X tons of ethylene glycol (ethanediol) were exported in Western Africa; dropping by -6% on the year before. Over the period under review, exports, however, saw a slight expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 73%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, ethylene glycol exports declined slightly to $X in 2022. Overall, exports showed a pronounced decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 66% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal represented the key exporting country with an export of around X tons, which accounted for 53% of total exports. Ghana (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together held approx. 45% share of total exports.

Senegal was also the fastest-growing in terms of the ethylene glycol (ethanediol) exports, with a CAGR of +21.5% from 2012 to 2022. At the same time, Cote d'Ivoire (+20.6%) displayed positive paces of growth. By contrast, Ghana (-10.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by +44 and +17 percentage points, respectively.

In value terms, the largest ethylene glycol supplying countries in Western Africa were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising 99% of total exports.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +17.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 3.1% against the previous year. Over the period under review, the export price, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2020 when the export price increased by 24%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-2.2%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in Western Africa

In 2022, supplies from abroad of ethylene glycol (ethanediol) decreased by -34.6% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, saw slight growth. The pace of growth appeared the most rapid in 2017 with an increase of 199%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, ethylene glycol imports contracted dramatically to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 147%. Over the period under review, imports hit record highs at $X in 2021, and then shrank sharply in the following year.

Imports by Country

In 2022, Ghana (X tons) was the major importer of ethylene glycol (ethanediol), comprising 58% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a 25% share, followed by Mauritania (6.4%). The following importers - Cote d'Ivoire (X tons) and Senegal (X tons) - each recorded a 6.1% share of total imports.

Ghana was also the fastest-growing in terms of the ethylene glycol (ethanediol) imports, with a CAGR of +26.3% from 2012 to 2022. At the same time, Mauritania (+21.5%), Senegal (+7.8%) and Cote d'Ivoire (+4.2%) displayed positive paces of growth. By contrast, Nigeria (-9.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana and Mauritania increased by +51 and +5.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 83% of total imports.

Ghana, with a CAGR of +17.0%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, growing by 2.1% against the previous year. Over the period under review, the import price, however, saw a slight slump. The growth pace was the most rapid in 2018 when the import price increased by 30% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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