Western Africa: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Western Africa

In 2023, after three years of growth, there was significant decline in the West African nitric and sulphonitric acids market, when its value decreased by X% to $X. The total consumption indicated a slight expansion 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 increased by X% against 2015 indices. As a result, consumption attained the peak level of $X, and then declined in the following year.

Production of Nitric Acid And Sulphonitric Acids in Western Africa

In value terms, nitric and sulphonitric acids production reduced markedly to $X in 2023 estimated in export price. Over the period under review, production showed a noticeable contraction. The most prominent rate of growth was recorded in 2022 when the production volume increased by X%. As a result, production attained the peak level of $X, and then contracted dramatically in the following year.

Exports of Nitric Acid And Sulphonitric Acids

Exports in Western Africa

After two years of growth, overseas shipments of nitric acid and sulphonitric acids decreased by X% to X tons in 2023. Overall, exports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then reduced notably in the following year.

In value terms, nitric and sulphonitric acids exports shrank remarkably to $X in 2023. In general, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2022 with an increase of X%. As a result, the exports reached the peak of $X, and then contracted significantly in the following year.

Exports by Country

In 2023, Nigeria (X tons) was the major exporter of nitric acid and sulphonitric acids, making up X% of total exports. Burkina Faso (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%), Cote d'Ivoire (X%) and Senegal (X%).

From 2012 to 2023, the biggest increases were recorded for Togo (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest nitric and sulphonitric acids supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

In Nigeria, nitric and sulphonitric acids exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (X% per year) and Togo (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the export price, however, recorded a slight decline. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in Western Africa

In 2023, after four years of growth, there was significant decline in purchases abroad of nitric acid and sulphonitric acids, when their volume decreased by X% to X tons. Over the period under review, imports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, nitric and sulphonitric acids imports declined rapidly to $X in 2023. In general, imports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then declined significantly in the following year.

Imports by Country

The countries with the highest levels of nitric and sulphonitric acids imports in 2023 were Burkina Faso (X tons), Ghana (X tons), Senegal (X tons), Nigeria (X tons), Niger (X tons), Guinea (X tons), Mali (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons), together finishing at X% of total import.

From 2012 to 2023, the biggest increases were recorded for Guinea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitric and sulphonitric acids importing markets in Western Africa were Burkina Faso ($X), Ghana ($X) and Nigeria ($X), together comprising X% of total imports. Senegal, Cabo Verde, Mali, Niger, Cote d'Ivoire and Guinea lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Guinea, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2023, the import price in Western Africa amounted to $X per ton, reducing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the import price increased by X%. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Cabo Verde ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform