Western Africa: Silicone Market 2024

Silicone Market Size in Western Africa

The West African silicone market expanded to $X in 2022, growing by X% against the previous year. In general, consumption posted a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Silicone Production in Western Africa

In value terms, silicone production declined slightly to $X in 2022 estimated in export price. Overall, production enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Silicone Exports

Exports in Western Africa

In 2022, exports of silicones (in primary forms) in Western Africa surged to X tons, increasing by X% on the previous year's figure. Overall, exports, however, continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, silicone exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X tons) was the main exporter of silicones (in primary forms), making up X% of total exports. Nigeria (X kg) ranks second in terms of the total exports with a X% share, followed by Gambia (X%) and Liberia (X%). The following exporters - Cote d'Ivoire (X kg) and Niger (X kg) - each resulted at a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to silicone exports from Ghana stood at X%. At the same time, Niger (X%), Gambia (X%), Cote d'Ivoire (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Liberia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Gambia, Nigeria, Cote d'Ivoire and Niger increased by X, X, X, X and X percentage points, respectively.

In value terms, Ghana ($X) emerged as the largest silicone supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports. It was followed by Gambia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Gambia (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, rising by X% against the previous year. Export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, silicone export price decreased by X% against 2020 indices. The growth pace was the most rapid in 2015 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Liberia ($X per ton) was amongst the lowest.

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

Silicone Imports

Imports in Western Africa

In 2022, approx. X tons of silicones (in primary forms) were imported in Western Africa; growing by X% on the previous year's figure. Over the period under review, imports posted a strong expansion. The pace of growth appeared the most rapid in 2020 when imports increased by X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, silicone imports skyrocketed to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The pace of growth was the most pronounced in 2018 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Nigeria represented the main importing country with an import of around X tons, which amounted to X% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a X% share, followed by Togo (X%) and Senegal (X%). The following importers - Burkina Faso (X tons), Mauritania (X tons) and Ghana (X tons) - each reached a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to silicone imports into Nigeria stood at X%. At the same time, Togo (X%), Senegal (X%), Mauritania (X%), Burkina Faso (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. Togo (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest silicone importing markets in Western Africa were Nigeria ($X), Cote d'Ivoire ($X) and Togo ($X), with a combined X% share of total imports.

Togo, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Western Africa stood at $X per ton in 2022, surging by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Mauritania ($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 (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform