ECOWAS: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in ECOWAS

In 2022, the ECOWAS market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by 0.2% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Production of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in ECOWAS

In value terms, production of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when the production volume increased by 27%. As a result, production reached the peak level of $X. From 2018 to 2022, production of growth failed to regain momentum.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports in ECOWAS

In 2022, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium in ECOWAS dropped to X tons, shrinking by -2% compared with the previous year. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +1.1% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 36% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium expanded remarkably to $X in 2022. In general, exports saw a pronounced curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 50%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

The biggest shipments were from Cote d'Ivoire (X tons), Ghana (X tons) and Burkina Faso (X tons), together resulting at 94% of total export. Benin (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +61.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Burkina Faso ($X) were the countries with the highest levels of exports in 2022, with a combined 85% share of total exports.

Ghana, with a CAGR of +53.2%, 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 more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 8.7% against the previous year. Over the period under review, the export price, however, recorded a deep slump. The pace of growth appeared the most rapid in 2015 an increase of 10%. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+2.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports in ECOWAS

In 2022, approx. X tons of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium were imported in ECOWAS; growing by 14% on the previous year's figure. Overall, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 47% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reached $X in 2022. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 59% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

The countries with the highest levels of imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium in 2022 were Burkina Faso (X tons), Benin (X tons) and Ghana (X tons), together amounting to 57% of total import. It was distantly followed by Nigeria (X tons) and Senegal (X tons), together mixing up a 23% share of total imports. Gambia (X tons), Niger (X tons), Cote d'Ivoire (X tons), Mali (X tons) and Togo (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +45.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2022, with a combined 61% share of total imports. Niger, Benin, Cote d'Ivoire, Mali, Burkina Faso, Gambia and Togo lagged somewhat behind, together comprising a further 34%.

In terms of the main importing countries, Benin, with a CAGR of +39.5%, 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 ton, dropping by -4.4% against the previous year. Overall, the import price saw a mild descent. The pace of growth was the most pronounced in 2013 when the import price increased by 13% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform