ECOWAS: Cement Market 2024

Cement Market Size in ECOWAS

In 2022, the ECOWAS cement market decreased by -12% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, continues to indicate a pronounced curtailment. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Cement Production in ECOWAS

In value terms, cement production expanded remarkably to $X in 2022 estimated in export price. The total production indicated a remarkable increase 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, production increased by +17.3% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 17%. Over the period under review, production reached the maximum level in 2022 and is likely to see gradual growth in years to come.

Cement Exports

Exports in ECOWAS

In 2022, overseas shipments of cement increased by 29% to X tons, rising for the second year in a row after three years of decline. Total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 48%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, cement exports soared to $X in 2022. The total export value increased at an average annual rate of +2.0% 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 appeared the most rapid in 2021 with an increase of 46%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

In 2022, Senegal (X tons), Burkina Faso (X tons) and Nigeria (X tons) represented the largest exporter of cement in ECOWAS, achieving 94% of total export. The following exporters - Gambia (X tons) and Togo (X tons) - each resulted at a 4.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Gambia (with a CAGR of +578.9%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Burkina Faso ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 93% of total exports. Togo and Gambia lagged somewhat behind, together comprising a further 4.3%.

Gambia, with a CAGR of +386.9%, recorded the highest growth rate of the value of exports, in terms of 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 2022, dropping by -3.5% against the previous year. Overall, the export price showed a pronounced shrinkage. The pace of growth was the most pronounced in 2018 when the export price increased by 10% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-0.9%), while the other leaders experienced a decline in the export price figures.

Cement Imports

Imports in ECOWAS

In 2022, overseas purchases of cement increased by 1.2% to X tons, rising for the third consecutive year after three years of decline. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 13% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, cement imports stood at $X in 2022. Overall, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mali (X tons) was the key importer of cement, making up 32% of total imports. Niger (X tons) took the second position in the ranking, followed by Sierra Leone (X tons), Cabo Verde (X tons), Ghana (X tons), Gambia (X tons) and Togo (X tons). All these countries together held near 56% share of total imports.

Imports into Mali increased at an average annual rate of +2.2% from 2012 to 2022. At the same time, Togo (+77.8%), Sierra Leone (+23.1%), Gambia (+10.1%), Niger (+9.7%) and Cabo Verde (+8.4%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +77.8% from 2012-2022. By contrast, Ghana (-3.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sierra Leone, Niger, Mali, Cabo Verde, Togo and Gambia increased by +10, +7.5, +6.4, +5.9, +5.1 and +4.9 percentage points, respectively.

In value terms, Mali ($X), Niger ($X) and Cabo Verde ($X) were the countries with the highest levels of imports in 2022, together accounting for 65% of total imports. Sierra Leone, Togo, Gambia and Ghana lagged somewhat behind, together accounting for a further 23%.

Togo, with a CAGR of +60.5%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, rising by 4.4% against the previous year. Overall, the import price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2018 when the import price increased by 13%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform