ECOWAS: Market for Glass Fibres and Glass Fibre Articles 2024

Market Size for Glass Fibres and Glass Fibre Articles in ECOWAS

The ECOWAS glass fibre and article market fell slightly to $X in 2022, which is down by X% against the previous year. Overall, consumption saw a mild decrease. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Production of Glass Fibres and Glass Fibre Articles in ECOWAS

In value terms, glass fibre and article production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Exports of Glass Fibres and Glass Fibre Articles

Exports in ECOWAS

In 2022, approx. X tons of glass fibres and glass fibre articles were exported in ECOWAS; falling by X% against the year before. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, glass fibre and article exports declined remarkably to $X in 2022. Overall, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Togo was the largest exporting country with an export of around X tons, which reached X% of total exports. It was distantly followed by Ghana (X tons), generating an X% share of total exports. Senegal (X tons) followed a long way behind the leaders.

Togo was also the fastest-growing in terms of the glass fibres and glass fibre articles exports, with a CAGR of X% from 2012 to 2022. At the same time, Senegal (X%) displayed positive paces of growth. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo and Senegal increased by X and X percentage points, respectively.

In value terms, Togo ($X), Ghana ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Togo, with a CAGR of X%, 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 mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price showed a abrupt descent. The pace of growth was the most pronounced in 2013 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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

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

Imports of Glass Fibres and Glass Fibre Articles

Imports in ECOWAS

In 2022, overseas purchases of glass fibres and glass fibre articles increased by X% to X tons, rising for the fourth year in a row after four years of decline. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, glass fibre and article imports contracted to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

Nigeria represented the largest importing country with an import of about X tons, which reached X% of total imports. Ghana (X tons) ranks second in terms of the total imports with a X% share, followed by Senegal (X%) and Cote d'Ivoire (X%). Togo (X tons) and Sierra Leone (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Senegal, Togo and Sierra Leone lagged somewhat behind, together accounting for a further X%.

Togo, with a CAGR of X%, recorded the highest growth rate of 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

The import price in ECOWAS stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the import price saw a slight curtailment. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Togo ($X per ton), while Senegal ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform