ECOWAS: Insulating Board Market 2024

Insulating Board Market Size in ECOWAS

The ECOWAS insulating board market amounted to $X in 2022, stabilizing at the previous year. Overall, consumption continues to indicate a perceptible reduction. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Insulating Board Production in ECOWAS

In value terms, insulating board production expanded slightly to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable contraction. The pace of growth was the most pronounced in 2015 with an increase of 29% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Insulating Board Exports

Exports in ECOWAS

In 2022, approx. X cubic meters of insulating board were exported in ECOWAS; rising by 51% compared with 2021. Over the period under review, exports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 52% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, insulating board exports skyrocketed to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 107%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X cubic meters) represented the key exporter of insulating board, making up 77% of total exports. It was distantly followed by Ghana (X cubic meters), constituting a 23% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to insulating board exports from Senegal stood at -7.3%. At the same time, Ghana (+21.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +21.5% from 2012-2022. Ghana (+21 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -2.1% from 2012 to 2022, respectively.

In value terms, Senegal ($X) emerged as the largest insulating board supplier in ECOWAS, comprising 35% of total exports. The second position in the ranking was held by Ghana ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal stood at -3.1%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, reducing by -10.2% against the previous year. Over the period under review, the export price, however, saw a strong increase. The pace of growth appeared the most rapid in 2017 when the export price increased by 41% against the previous year. Over the period under review, the export prices hit record highs at $X per cubic meter in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per cubic meter), while Senegal totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+4.5%).

Insulating Board Imports

Imports in ECOWAS

After two years of growth, supplies from abroad of insulating board decreased by -17.4% to X cubic meters in 2022. Overall, imports saw a pronounced shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 33%. Over the period under review, imports hit record highs at X cubic meters in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, insulating board imports shrank to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 33% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Cabo Verde (X cubic meters) and Nigeria (X cubic meters) represented the major importers of insulating board in 2022, resulting at near 34% and 32% of total imports, respectively. Senegal (X cubic meters) held the next position in the ranking, distantly followed by Guinea (X cubic meters). All these countries together held approx. 20% share of total imports. Gambia (X cubic meters), Cote d'Ivoire (X cubic meters) and Ghana (X cubic meters) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +36.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cabo Verde ($X), Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2022, with a combined 81% share of total imports.

In terms of the main importing countries, Senegal, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of imports, 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 cubic meter, rising by 7.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 when the import price increased by 16% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per cubic meter), while Cote d'Ivoire ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform