Western Africa: Octyl Alcohol Market 2024

Octyl Alcohol Market Size in Western Africa

The West African octyl alcohol market expanded rapidly to $X in 2022, with an increase of 11% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 -8.8% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Octyl Alcohol Production in Western Africa

In value terms, octyl alcohol production expanded significantly to $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 -9.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 58%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

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Octyl Alcohol Exports

Exports in Western Africa

In 2019, approx. X kg of octanol (octyl alcohol) and isomers thereof were exported in Western Africa; stabilizing at 2018 figures. Over the period under review, exports continue to indicate a sharp decline. The smallest decline of 99.9% was in 2015. The volume of export peaked at X kg in 2014; however, from 2015 to 2019, the exports stood at a somewhat lower figure.

In value terms, octyl alcohol exports totaled $X in 2019. Overall, exports faced a significant curtailment. The smallest decline of 99.9% was in 2015. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2019, the exports remained at a lower figure.

Export Prices by Country

In 2019, the export price in Western Africa amounted to $X per ton, picking up by 5% against the previous year. Over the period from 2014 to 2019, it increased at an average annual rate of +5.0%. The most prominent rate of growth was recorded in 2015 when the export price increased by 5%. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2019.

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

From 2014 to 2019, the rate of growth in terms of prices for Senegal amounted to 0.0% per year.

Octyl Alcohol Imports

Imports in Western Africa

In 2022, overseas purchases of octanol (octyl alcohol) and isomers thereof were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 3,293%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, octyl alcohol imports soared to $X in 2022. Over the period under review, imports, however, faced a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 3,118% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was near 72% of total imports in 2022. Senegal (X kg) held the second position in the ranking, followed by Ghana (X kg) and Togo (X kg). All these countries together held near 23% share of total imports. Mali (X kg) held a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -20.1% from 2012 to 2022. At the same time, Senegal (+15.4%), Togo (+14.3%) and Mali (+10.4%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +15.4% from 2012-2022. By contrast, Ghana (-26.1%) illustrated a downward trend over the same period. Senegal (+9.4 p.p.), Togo (+6.3 p.p.) and Mali (+3.6 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Ghana saw its share reduced by -8.4% and -9.9% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported octanol (octyl alcohol) and isomers thereof in Western Africa, comprising 75% of total imports. The second position in the ranking was taken by Senegal ($X), with an 11% share of total imports. It was followed by Ghana, with a 2.4% share.

In Nigeria, octyl alcohol imports declined by an average annual rate of -15.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-1.7% per year) and Ghana (-22.7% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with an increase of 69% against the previous year. Over the period under review, the import price posted a resilient expansion. The growth pace was the most rapid in 2018 when the import price increased by 113% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per ton), while Mali ($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 (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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