ECOWAS: Market for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles 2024

Market Size for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in ECOWAS

The ECOWAS market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles dropped slightly to $X in 2021, almost unchanged from the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in ECOWAS

In value terms, production of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles fell slightly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 13%. Over the period under review, production of reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Exports in ECOWAS

In 2021, shipments abroad of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, recorded a perceptible downturn. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles skyrocketed to $X in 2021. In general, exports, however, saw a deep setback. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Togo (X tons) was the main exporter of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles, mixing up 67% of total exports. It was distantly followed by Ghana (X tons), generating a 29% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

Togo was also the fastest-growing in terms of the glass fibre filaments, rovings, chopped strands, and staple glass fibre articles exports, with a CAGR of +16.9% from 2012 to 2021. Nigeria experienced a relatively flat trend pattern. Ghana (-13.1%) illustrated a downward trend over the same period. Togo (+67 p.p.) and Nigeria (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -41.3% from 2012 to 2021, respectively.

In value terms, Togo ($X) emerged as the largest glass fibre filament, roving, and staple glass fibre article supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was taken by Ghana ($X), with a 20% share of total exports.

In Togo, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles contracted by an average annual rate of -13.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-20.8% per year) and Nigeria (+12.4% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 33% against the previous year. Overall, the export price, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2013 when the export price increased by 173%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (+11.6%), while the other leaders experienced a decline in the export price figures.

Imports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Imports in ECOWAS

In 2021, purchases abroad of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles decreased by -27.3% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, recorded temperate growth. The most prominent rate of growth was recorded in 2014 with an increase of 158% against the previous year. Over the period under review, imports of reached the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles dropped to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 118%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, Nigeria (X tons) was the main importer of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles, making up 65% of total imports. Sierra Leone (X tons) ranks second in terms of the total imports with a 12% share, followed by Ghana (11%) and Senegal (5%). The following importers - Cote d'Ivoire (X tons) and Togo (X tons) - each amounted to a 3.9% share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles. At the same time, Sierra Leone (+65.1%), Togo (+16.0%), Senegal (+11.3%) and Ghana (+4.6%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +65.1% from 2012-2021. By contrast, Cote d'Ivoire (-14.9%) illustrated a downward trend over the same period. Sierra Leone (+12 p.p.), Senegal (+2.7 p.p.) and Ghana (+2 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Nigeria saw its share reduced by -8.8% and -10.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glass fibre filaments, rovings, chopped strands, and staple glass fibre articles in ECOWAS, comprising 68% of total imports. The second position in the ranking was held by Sierra Leone ($X), with a 9.8% share of total imports. It was followed by Senegal, with a 7.7% share.

In Nigeria, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Sierra Leone (+43.3% per year) and Senegal (+9.8% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, increasing by 21% against the previous year. Over the period under review, the import price, however, recorded a mild decrease. The pace of growth appeared the most rapid in 2015 an increase of 21%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire ($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 (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform