ECOWAS: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in ECOWAS

In 2021, the ECOWAS aqueous paint and varnish market increased by 0.8% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in ECOWAS

In value terms, aqueous paint and varnish production dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 25%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports in ECOWAS

In 2021, shipments abroad of paints and varnishes dispersed or dissolved in an aqueous medium decreased by -13% to X tons, falling for the third consecutive year after two years of growth. Total exports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -28.7% against 2018 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 31% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, aqueous paint and varnish exports reduced markedly to $X in 2021. Over the period under review, exports saw a perceptible slump. The pace of growth was the most pronounced in 2015 when exports increased by 39%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Ghana (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons) represented the main exporter of paints and varnishes dispersed or dissolved in an aqueous medium in ECOWAS, constituting 91% of total export. It was distantly followed by Benin (X tons), committing a 5.5% share of total exports. Senegal (X tons) took a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +45.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest aqueous paint and varnish supplying countries in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Burkina Faso ($X), together comprising 77% of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +35.1%, saw the highest growth rate of the value of exports, 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 2021, falling by -3% against the previous year. In general, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 an increase of 6.1%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+0.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports in ECOWAS

In 2021, imports of paints and varnishes dispersed or dissolved in an aqueous medium in ECOWAS surged to X tons, picking up by 25% compared with the previous year. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 47% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.8% 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 +38.4% against 2018 indices. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Ghana (X tons) and Burkina Faso (X tons) represented roughly 54% of total imports in 2021. Senegal (X tons) held a 9.5% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (9.5%), Niger (7.2%) and Cote d'Ivoire (5.9%). Gambia (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +32.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Senegal ($X) were the countries with the highest levels of imports in 2021, together accounting for 57% of total imports. These countries were followed by Cote d'Ivoire, Niger, Burkina Faso and Gambia, which together accounted for a further 26%.

In terms of the main importing countries, Cote d'Ivoire, 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 2021, the import price in ECOWAS amounted to $X per ton, picking up by 10% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2014 when the import price increased by 27%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+4.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform