ECOWAS: Market for Plastics in Primary Forms 2024

Market Size for Plastics in Primary Forms in ECOWAS

The ECOWAS plastics in primary forms market expanded remarkably to $X in 2023, increasing by X% against the previous year. Overall, consumption saw a measured increase. Over the period under review, the market attained the peak level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Production of Plastics in Primary Forms in ECOWAS

In value terms, plastics in primary forms production expanded remarkably to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Exports of Plastics in Primary Forms

Exports in ECOWAS

In 2023, approx. X tons of plastics in primary formses were exported in ECOWAS; falling by X% against the year before. Overall, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 with an increase of X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, plastics in primary forms exports declined markedly to $X in 2023. Over the period under review, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of plastics in primary formses, namely Ghana, Nigeria and Senegal, represented more than two-thirds of total export. It was distantly followed by Cote d'Ivoire (X tons), generating a X% share of total exports. The following exporters - Mali (X tons) and Togo (X tons) - together made up X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Ghana (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X) emerged as the largest plastics in primary forms supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with an X% share.

In Ghana, plastics in primary forms exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, flattening at the previous year. Overall, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

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 Mali ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Imports of Plastics in Primary Forms

Imports in ECOWAS

In 2023, plastics in primary forms imports in ECOWAS amounted to X tons, remaining stable against the previous year. Overall, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports failed to regain momentum.

In value terms, plastics in primary forms imports dropped to $X in 2023. Total imports indicated a resilient expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of X%. The level of import peaked at $X in 2022, and then fell in the following year.

Imports by Country

Nigeria was the largest importer of plastics in primary formses in ECOWAS, with the volume of imports amounting to X tons, which was approx. X% of total imports in 2023. Ghana (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%) and Togo (X%). Senegal (X tons) and Guinea (X tons) took a relatively small share of total imports.

From 2012 to 2023, average annual rates of growth with regard to plastics in primary forms imports into Nigeria stood at X%. At the same time, Togo (X%), Cote d'Ivoire (X%), Ghana (X%), Senegal (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported plastics in primary formses in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Nigeria totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price continues to indicate a slight setback. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

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 Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform