ECOWAS: Aluminium Foil Market 2024

Aluminium Foil Market Size in ECOWAS

In 2021, the ECOWAS aluminium foil market decreased by -5.3% to $X, falling for the second year in a row after two years of growth. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Aluminium Foil Production in ECOWAS

In value terms, aluminium foil production soared to $X in 2021 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -14.5% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 84% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Aluminium Foil Exports

Exports in ECOWAS

After three years of decline, shipments abroad of aluminium foil increased by 8.1% to X tons in 2021. Total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -41.0% against 2017 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 56%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, aluminium foil exports shrank modestly to $X in 2021. Over the period under review, exports, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2017 with an increase of 53% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone represented the largest exporting country with an export of about X tons, which resulted at 45% of total exports. It was distantly followed by Cote d'Ivoire (X tons), Nigeria (X tons) and Senegal (X tons), together achieving a 47% share of total exports. The following exporters - Ghana (X tons) and Mali (X tons) - together made up 7.2% of total exports.

Exports from Sierra Leone increased at an average annual rate of +6.0% from 2012 to 2021. At the same time, Ghana (+34.5%) and Nigeria (+1.4%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +34.5% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Senegal (-3.8%) and Mali (-5.7%) illustrated a downward trend over the same period. While the share of Sierra Leone (+16 p.p.) and Ghana (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Mali (-2.5 p.p.), Cote d'Ivoire (-4 p.p.) and Senegal (-6.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest aluminium foil supplying countries in ECOWAS were Sierra Leone ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined 79% share of total exports. These countries were followed by Senegal, Mali and Ghana, which together accounted for a further 18%.

Ghana, with a CAGR of +13.9%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, declining by -9.1% against the previous year. Overall, the export price saw a pronounced setback. The pace of growth appeared the most rapid in 2016 when the export price increased by 25% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+8.4%), while the other leaders experienced a decline in the export price figures.

Aluminium Foil Imports

Imports in ECOWAS

After six years of growth, overseas purchases of aluminium foil decreased by -23.8% to X tons in 2021. In general, imports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2018 with an increase of 51%. The volume of import peaked at X tons in 2020, and then reduced dramatically in the following year.

In value terms, aluminium foil imports fell to $X in 2021. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 38% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020, and then contracted in the following year.

Imports by Country

Nigeria represented the largest importer of aluminium foil in ECOWAS, with the volume of imports finishing at X tons, which was near 55% of total imports in 2021. Ghana (X tons) ranks second in terms of the total imports with a 19% share, followed by Cote d'Ivoire (14%) and Senegal (5.4%).

Imports into Nigeria increased at an average annual rate of +3.6% from 2012 to 2021. At the same time, Cote d'Ivoire (+15.1%), Ghana (+5.2%) and Senegal (+1.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +15.1% from 2012-2021. From 2012 to 2021, the share of Cote d'Ivoire increased by +7.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported aluminium foil in ECOWAS, comprising 52% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Ghana, with a 17% share.

In Nigeria, aluminium foil imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+11.9% per year) and Ghana (-2.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, rising by 19% against the previous year. In general, the import price, however, recorded a perceptible setback. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform