ECOWAS: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in ECOWAS

In 2022, the ECOWAS non-aqueous paint and varnish market decreased by -3.7% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in ECOWAS

In value terms, non-aqueous paint and varnish production reached $X in 2022 estimated in export price. The total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -16.3% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 72%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas shipments of paints and varnishes dispersed or dissolved in a non-aqueous medium, when their volume increased by 86% to X tons. Over the period under review, exports, however, showed a slight curtailment. The pace of growth was the most pronounced in 2015 when exports increased by 185% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-aqueous paint and varnish exports surged to $X in 2022. In general, exports, however, saw a perceptible slump. The pace of growth was the most pronounced in 2015 when exports increased by 168% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X tons) represented the largest exporter of paints and varnishes dispersed or dissolved in a non-aqueous medium, constituting 61% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 13% share, followed by Senegal (10%). Benin (X tons), Mali (X tons), Nigeria (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, Senegal (+8.7%) and Benin (+7.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +8.7% from 2012-2022. Nigeria experienced a relatively flat trend pattern. By contrast, Cabo Verde (-3.2%), Mali (-3.5%) and Cote d'Ivoire (-15.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Senegal and Benin increased by +33, +6.5 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest non-aqueous paint and varnish supplier in ECOWAS, comprising 53% of total exports. The second position in the ranking was taken by Senegal ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with an 11% share.

In Ghana, non-aqueous paint and varnish exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+4.9% per year) and Cote d'Ivoire (-16.7% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, reducing by -22.2% against the previous year. Overall, the export price continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2017 an increase of 95%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+6.7%), while the other leaders experienced a decline in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports in ECOWAS

In 2022, overseas purchases of paints and varnishes dispersed or dissolved in a non-aqueous medium increased by 1% to X tons, rising for the sixth year in a row after two years of decline. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +78.2% against 2016 indices. The growth pace was the most rapid in 2014 with an increase of 17% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, non-aqueous paint and varnish imports reduced to $X in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +40.4% against 2016 indices. The pace of growth was the most pronounced in 2019 with an increase of 23% against the previous year. The level of import peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Nigeria (X tons), Ghana (X tons) and Liberia (X tons) represented roughly 60% of total imports in 2022. It was distantly followed by Senegal (X tons), Burkina Faso (X tons), Togo (X tons) and Cote d'Ivoire (X tons), together constituting a 26% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +18.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish importing markets in ECOWAS were Liberia ($X), Nigeria ($X) and Ghana ($X), with a combined 65% share of total imports. Cote d'Ivoire, Senegal, Burkina Faso and Togo lagged somewhat behind, together accounting for a further 21%.

Togo, with a CAGR of +14.6%, saw the highest growth rate of the value of imports, in terms of 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, shrinking by -11.8% against the previous year. In general, the import price saw a mild descent. The growth pace was the most rapid in 2019 when the import price increased by 6.6%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform