Updated Oct 1, 2022 04:27

Compound Plasticisers Market in Western Africa

Market Overview
After five years of growth, the West African compound plasticisers market decreased by -% to $ in . Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $ in 2008; however, from 2009 to , consumption failed to regain momentum.

In value terms, compound plasticisers production fell modestly to $ in estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by % against the previous year. Over the period under review, production reached the peak level at $ in 2008; however, from 2009 to , production remained at a lower figure.

Nigeria ( tons) remains the largest compound plasticisers producing country in Western Africa, comprising approx. % of total volume. Moreover, compound plasticisers production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana ( tons), more than tenfold. The third position in this ranking was held by Cote d'Ivoire ( tons), with a % share.

From 2007 to , the average annual growth rate of volume in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Ghana (-% per year) and Cote d'Ivoire (-% per year).


Consumption
In , consumption of compound plasticisers for rubber or plastics decreased by -% to tons, falling for the second consecutive year after five years of growth. In general, consumption showed a relatively flat trend pattern. Over the period under review, consumption hit record highs at tons in 2008; however, from 2009 to , consumption failed to regain momentum.

The value of the compound plasticisers market in Western Africa reduced slightly to $ in , which is down by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $ in 2008; however, from 2009 to , consumption remained at a lower figure.


Consumption by Country
Nigeria ( tons) constituted the country with the largest volume of compound plasticisers consumption, comprising approx. % of total volume. Moreover, compound plasticisers consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Ghana ( tons), more than tenfold. The third position in this ranking was held by Cote d'Ivoire ( tons), with a % share.

In Nigeria, compound plasticisers consumption remained relatively stable over the period from 2007-. The remaining consuming countries recorded the following average annual rates of consumption growth: Ghana (-% per year) and Cote d'Ivoire (-% per year).

In value terms, Nigeria ($) led the market, alone. The second position in the ranking was taken by Ghana ($). It was followed by Burkina Faso.

In Nigeria, the compound plasticisers market remained relatively stable over the period from 2007-. In the other countries, the average annual rates were as follows: Ghana (-% per year) and Burkina Faso (-% per year).

From 2007 to , the average annual growth rate of the compound plasticisers per capita consumption in No country was relatively modest.


Market Forecast
Depressed by shrinking demand for compound plasticisers in Western Africa, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .