Cote d'Ivoire: Paint And Varnish Market 2024

Paint And Varnish Market Size in Cote d'Ivoire

The Cote d'Ivoire's paint and varnish market was estimated at $X in 2022, remaining constant against the previous year. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +14.6% against 2018 indices. Paint and varnish consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Paint And Varnish Production in Cote d'Ivoire

In value terms, paint and varnish production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the production volume increased by 49%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Paint And Varnish Exports

Exports from Cote d'Ivoire

For the fourth consecutive year, Cote d'Ivoire recorded decline in shipments abroad of paints and varnishes, which decreased by -28.9% to X tons in 2022. In general, exports faced a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 59% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, paint and varnish exports shrank sharply to $X in 2022. Overall, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 20%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons) was the main destination for paint and varnish exports from Cote d'Ivoire, accounting for a 61% share of total exports. Moreover, paint and varnish exports to Burkina Faso exceeded the volume sent to the second major destination, Niger (X tons), threefold. The third position in this ranking was taken by Mali (X tons), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume to Burkina Faso stood at -6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+18.6% per year) and Mali (-0.6% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for paints and varnishes exports from Cote d'Ivoire, comprising 42% of total exports. The second position in the ranking was taken by France ($X), with a 20% share of total exports. It was followed by Niger, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Burkina Faso stood at -6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+22.6% per year) and Niger (+14.0% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, approximately mirroring the previous year. Over the period under review, the export price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 65%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+15.2%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Cote d'Ivoire

After two years of growth, overseas purchases of paints and varnishes decreased by -5.1% to X tons in 2022. Over the period under review, imports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 92% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, paint and varnish imports expanded notably to $X in 2022. Overall, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 144%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, France (X tons) constituted the largest paint and varnish supplier to Cote d'Ivoire, accounting for a 23% share of total imports. Moreover, paint and varnish imports from France exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+37.7% per year) and the United Arab Emirates (+16.0% per year).

In value terms, the largest paint and varnish suppliers to Cote d'Ivoire were France ($X), China ($X) and the United Arab Emirates ($X), with a combined 46% share of total imports. Germany, Italy, Ghana, Belgium, Portugal, Spain, Tunisia, Egypt, Turkey and Morocco lagged somewhat behind, together accounting for a further 40%.

In terms of the main suppliers, Ghana, with a CAGR of +85.3%, 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

The average paint and varnish import price stood at $X per ton in 2022, with an increase of 11% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 27%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Morocco ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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