ECOWAS: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in ECOWAS

In 2022, the ECOWAS glass fibres and wool market increased by 4.3% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +6.0% against 2020 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Production of Glass Fibres And Glass Wool in ECOWAS

In value terms, glass fibres and wool production amounted to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.9% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 56%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Glass Fibres And Glass Wool

Exports in ECOWAS

Glass fibres and wool exports dropped to X tons in 2022, reducing by -11% on 2021 figures. Overall, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 176% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibres and wool exports fell to $X in 2022. Over the period under review, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 108%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) dominates exports structure, together constituting 81% of total exports. Niger (X kg) held an 8.3% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (6.2%). Nigeria (X kg) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Senegal (with a CAGR of +7.8%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Ghana ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, with a combined 81% share of total exports. Nigeria and Senegal lagged somewhat behind, together comprising a further 9.4%.

Senegal, with a CAGR of +6.5%, 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 mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 101% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 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 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 Nigeria (+11.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Glass Fibres And Glass Wool

Imports in ECOWAS

In 2022, overseas purchases of glass fibres and glass wool increased by 162% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports saw resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fibres and wool imports skyrocketed to $X in 2022. Overall, imports showed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 77% of total imports in 2022. Ghana (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons) and Senegal (X tons). All these countries together held near 14% share of total imports. The following importers - Togo (X tons) and Cabo Verde (X tons) - each finished at a 3.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to glass fibres and wool imports into Nigeria stood at +9.2%. At the same time, Togo (+25.5%), Cote d'Ivoire (+22.9%), Senegal (+20.1%), Cabo Verde (+7.9%) and Ghana (+3.6%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.5% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire, Senegal and Togo increased by +3.2, +2.7 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glass fibres and glass wool in ECOWAS, comprising 76% of total imports. The second position in the ranking was held by Ghana ($X), with a 6.2% share of total imports. It was followed by Cote d'Ivoire, with a 5% share.

In Nigeria, glass fibres and wool imports increased at an average annual rate of +11.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-0.7% per year) and Cote d'Ivoire (+19.4% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, declining by -19.5% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 32% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform