ECOWAS: Acetic Acid Market 2024

Acetic Acid Market Size in ECOWAS

In 2023, the ECOWAS acetic acid market decreased by X% to $X, falling for the second consecutive year after four years of growth. The total consumption indicated notable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Acetic Acid Production in ECOWAS

In value terms, acetic acid production expanded slightly to $X in 2023 estimated in export price. The total production indicated perceptible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Acetic Acid Exports

Exports in ECOWAS

In 2023, approx. X tons of acetic acid were exported in ECOWAS; falling by X% on the previous year's figure. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, acetic acid exports skyrocketed to $X in 2023. Over the period under review, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2023, Ghana (X tons) represented the key exporter of acetic acid, committing X% of total exports. It was distantly followed by Cote d'Ivoire (X tons), generating a X% share of total exports.

Exports from Ghana decreased at an average annual rate of X% from 2012 to 2023. Cote d'Ivoire experienced a relatively flat trend pattern. From 2012 to 2023, the share of Ghana and Cote d'Ivoire increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest acetic acid supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Ghana amounted to X%.

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, jumping by X% against the previous year. Overall, the export price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2023, 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 Ghana ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%).

Acetic Acid Imports

Imports in ECOWAS

In 2023, purchases abroad of acetic acid decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, acetic acid imports declined markedly to $X in 2023. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Nigeria (X tons) represented the major importer of acetic acid, creating X% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Burkina Faso (X%), Gambia (X%) and Senegal (X%). Mali (X tons) took a relatively small share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Nigeria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest acetic acid importing markets in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for X% of total imports. Burkina Faso, Gambia, Mali and Senegal lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Gambia, with a CAGR of X%, saw the highest growth rate of the value of imports, 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 ECOWAS stood at $X per ton in 2023, approximately mirroring the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2013; afterwards, it flattened through to 2023.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform