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Base Chemicals and Non-oil Sectors to Boost the Nigerian Chemicals Market Notes Frost & Sullivan - The petrochemicals sector in Nigeria is the core of the country's chemicals market. It accounts for over 70 per cent of the market share and is a key driver of the country's economy
Base Chemicals and Non-oil Sectors to Boost the Nigerian Chemicals Market Notes Frost & Sullivan

 

PRZOOM - /newswire/ - Cape Town, South Africa, 2009/11/16 - The petrochemicals sector in Nigeria is the core of the country's chemicals market. It accounts for over 70 per cent of the market share and is a key driver of the country's economy.

   
 
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However, the current decreased production, mainly due to unrest in the Niger Delta and reduced production quotas imposed by the Organization of the Petroleum Exporting Countries (OPEC), has had a strong impact on the sector. Frost & Sullivan therefore expects the contribution of the non-oil sector to the chemicals market, and the economy in general, to increase.

New analysis from Frost & Sullivan (chemicals.frost.com), Strategic Analysis of the Nigerian Chemicals Market, finds that the market earned revenues of over $11.4 billion in 2008 and estimates this to nearly triple by 2015 to reach $29.7 billion. The markets covered in this study are base chemicals, life science chemicals, specialty chemicals, oilfield chemicals and consumer product chemicals.

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Patrick Cairns, Corporate Communications, at patrick.cairns[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.

"The sustained global demand for energy will continue to support the petrochemicals industry," says Frost & Sullivan Research Analyst Kholofelo Maele. "Growth in this sector will be the key driver of the total Nigerian chemicals market and a major determinant for the performance of the Nigerian economy as a whole."

Relatively strong economic conditions are however buoying the non-oil sectors. While these industries account for a smaller share of the market, they are experiencing higher growth, which will be sustained in the medium term.

In particular, rising public and private investment into infrastructure will drive growth in the specialty chemicals sector. Furthermore, the government has strengthened its drive to diversify the economy from oil by implementing numerous policies to support the non-oil sector. As a result, the healthcare and consumer product sectors have experienced high growth and the manufacturing industry has benefited as well. Demand for specialty chemicals will also rise due to increased manufacturing in the country.

"However, the limited availability of electricity in Nigeria is one of the largest barriers to the development of the manufacturing industry," remarks Maele. "The existing power infrastructure provides limited and inconsistent coverage of the country and affects local manufacturers, whose production costs are greatly increased."

Local manufacturers and companies that are focused primarily on imports also face escalating costs due to port congestion, high import charges and inefficient processing. This delays the import of finished products for distribution to end users.

Local manufacturing is often uncompetitive and imports remain the cheaper alternative for many products in the Nigerian chemicals market. However, tariff barriers for importing some finished goods have improved the economics of manufacturing in the country for the pharmaceutical and consumer product chemicals sectors.

In the specialty chemicals sector, the paints and coatings market is almost completely catered to by local manufacturers. They need to ensure that they manage production efficiently to remain competitive with other local manufacturers and imports.

"Companies which are primarily focused on imports should partner with local, well-established distributors, to enable them to anticipate demand and plan ahead to meet consumer needs on time despite the long lead time to clear through the ports," concludes Maele. "On the other hand, manufacturers have to optimise their supply chain to minimise the impact of delays on raw materials."

Strategic Analysis of the Nigerian Chemicals Market is part of the Chemicals & Materials Growth Partnership Services programme, which also includes research in the following markets: South African Market for Construction Chemicals, South African Industrial Paints and Coatings Market, and Sub-Saharan African Biofuels Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.

Strategic Analysis of the Nigerian Chemicals Market / M3EF

 
 
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Base Chemicals and Non-oil Sectors to Boost the Nigerian Chemicals Market Notes Frost & Sullivan

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