ECOWAS: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in ECOWAS

In 2021, the ECOWAS market for oil and water paints and varnishes increased by 1.9% to $X, rising for the fourth consecutive year after four years of decline. The total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +66.0% against 2017 indices. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Production of Oil And Water Paints And Varnishes in ECOWAS

In value terms, production of oil and water paints and varnishes expanded slightly to $X in 2021 estimated in export price. The total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 71%. As a result, production attained the peak level of $X. From 2020 to 2021, production of growth failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in ECOWAS

Exports of oil and water paints and varnishes reduced to X tons in 2021, which is down by -9.9% against the year before. In general, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 70% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes reduced to $X in 2021. Over the period under review, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 50%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Cote d'Ivoire was the largest exporting country with an export of around X tons, which finished at 42% of total exports. Mali (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (19%), Ghana (5.7%) and Sierra Leone (5%). Benin (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Sierra Leone (with a CAGR of +156.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) emerged as the largest oil and water paints and varnishes supplier in ECOWAS, comprising 39% of total exports. The second position in the ranking was held by Nigeria ($X), with an 18% share of total exports. It was followed by Benin, with a 14% share.

In Cote d'Ivoire, exports of oil and water paints and varnishes plunged by an average annual rate of -21.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+38.5% per year) and Benin (-0.8% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, dropping by -3.8% against the previous year. Overall, the export price showed a drastic downturn. The pace of growth appeared the most rapid in 2013 when the export price increased by 66% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Benin ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+17.9%), while the other leaders experienced a decline in the export price figures.

Imports of Oil And Water Paints And Varnishes

Imports in ECOWAS

In 2021, purchases abroad of oil and water paints and varnishes increased by 8.5% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 60% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. Total imports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +25.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 60% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

The countries with the highest levels of imports of oil and water paints and varnishes in 2021 were Nigeria (X tons), Ghana (X tons) and Senegal (X tons), together finishing at 65% of total import. Burkina Faso (X tons) held an 8.8% share (based on physical terms) of total imports, which put it in second place, followed by Niger (8.2%) and Gambia (4.6%). Guinea-Bissau (X tons) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Niger (with a CAGR of +48.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 63% of total imports. Niger, Gambia, Burkina Faso and Guinea-Bissau lagged somewhat behind, together comprising a further 21%.

In terms of the main importing countries, Niger, with a CAGR of +49.4%, 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 2021, the import price in ECOWAS amounted to $X per ton, rising by 6.1% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for oil and water paints and varnishes decreased by -23.0% against 2016 indices. The pace of growth appeared the most rapid in 2016 an increase of 36% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Niger ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform