ECOWAS: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in ECOWAS

The ECOWAS natural stone sett market skyrocketed to $X in 2022, surging by 359% against the previous year. Overall, consumption saw a tangible expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Natural Stone Sett Production in ECOWAS

In value terms, natural stone sett production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production posted moderate growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Natural Stone Sett Exports

Exports in ECOWAS

Natural stone sett exports reduced rapidly to X tons in 2022, waning by -93.1% compared with the previous year. Over the period under review, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 915%. As a result, the exports reached the peak of X tons, and then shrank dramatically in the following year.

In value terms, natural stone sett exports dropped notably to $X in 2022. Overall, exports, however, continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2021 with an increase of 596%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Ghana (X tons) was the major exporter of natural stone setts, kerbstones and flagstones, mixing up 73% of total exports. It was distantly followed by Benin (X tons), creating a 21% share of total exports. The following exporters - Togo (X tons) and Nigeria (X tons) - each reached a 6% share of total exports.

Ghana was also the fastest-growing in terms of the natural stone setts, kerbstones and flagstones exports, with a CAGR of +33.6% from 2012 to 2022. Nigeria (-6.4%), Benin (-8.8%) and Togo (-20.8%) illustrated a downward trend over the same period. While the share of Ghana (+73 p.p.) and Togo (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-6.3 p.p.) and Benin (-66.4 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) emerged as the largest natural stone sett supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was taken by Benin ($X), with a 28% share of total exports. It was followed by Nigeria, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled +34.5%. In the other countries, the average annual rates were as follows: Benin (-7.7% per year) and Nigeria (-3.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 343% against the previous year. Overall, the export price, however, recorded a slight descent. 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 stood at a somewhat lower figure.

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 Benin ($X per ton), while Togo ($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 (+2.8%), while the other leaders experienced more modest paces of growth.

Natural Stone Sett Imports

Imports in ECOWAS

In 2022, the amount of natural stone setts, kerbstones and flagstones imported in ECOWAS shrank to X tons, which is down by -13.7% on the previous year's figure. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +80.0% against 2017 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 53% against the previous year. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, natural stone sett imports rose rapidly to $X in 2022. Overall, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 64%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of natural stone sett imports in 2022 were Nigeria (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons), together recording 67% of total import. It was distantly followed by Ghana (X tons) and Niger (X tons), together achieving a 22% share of total imports. Benin (X tons) and Guinea (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +40.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest natural stone sett importing markets in ECOWAS were Benin ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 68% of total imports.

Benin, with a CAGR of +71.6%, 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, increasing by 23% against the previous year. Overall, the import price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2017 when the import price increased by 65% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+22.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform