ECOWAS: Paint And Varnish Market 2025

Paint And Varnish Market Size in ECOWAS

In 2022, the ECOWAS paint and varnish market increased by 4.3% to $X, rising for the fourth consecutive year after two years of decline. The market value increased at an average annual rate of +5.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Paint And Varnish Production in ECOWAS

In value terms, paint and varnish production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% 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 2013 when the production volume increased by 48%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports in ECOWAS

In 2022, shipments abroad of paints and varnishes decreased by -13.3% to X tons, falling for the third year in a row after three years of growth. Overall, exports saw a pronounced contraction. The growth pace was the most rapid in 2015 with an increase of 94% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, paint and varnish exports plummeted to $X in 2022. Over the period under review, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 107%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Burkina Faso (X tons), Ghana (X tons) and Cote d'Ivoire (X tons), together recording 85% of total export. It was distantly followed by Benin (X tons), making up a 4.7% share of total exports. Senegal (X tons), Mali (X tons) and Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +9.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish supplying countries in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 64% share of total exports. Burkina Faso, Benin, Mali and Nigeria lagged somewhat behind, together comprising a further 26%.

Burkina Faso, with a CAGR of +8.1%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in ECOWAS amounted to $X per ton, falling by -6.4% against the previous year. Over the period under review, the export price recorded a pronounced reduction. The pace of growth appeared the most rapid in 2017 when the export price increased by 36% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.0%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in ECOWAS

For the sixth year in a row, ECOWAS recorded growth in purchases abroad of paints and varnishes, which increased by 21% to X tons in 2022. Overall, imports enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 33% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, paint and varnish imports rose markedly to $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 +61.2% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 32% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Senegal was the main importing country with an import of around X tons, which reached 34% of total imports. Burkina Faso (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (13%), Ghana (12%) and Liberia (5.9%). The following importers - Cote d'Ivoire (X tons) and Niger (X tons) - each recorded an 8.8% share of total imports.

Senegal was also the fastest-growing in terms of the paints and varnishes imports, with a CAGR of +33.1% from 2012 to 2022. At the same time, Niger (+19.8%), Cote d'Ivoire (+16.2%), Burkina Faso (+13.5%), Liberia (+5.7%) and Nigeria (+4.2%) displayed positive paces of growth. By contrast, Ghana (-1.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal, Burkina Faso, Niger and Cote d'Ivoire increased by +29, +5.5, +2.7 and +2.1 percentage points, respectively.

In value terms, the largest paint and varnish importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Liberia ($X), together comprising 57% of total imports. Senegal, Cote d'Ivoire, Niger and Burkina Faso lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, Senegal, with a CAGR of +17.2%, saw the highest growth rate of 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

The import price in ECOWAS stood at $X per ton in 2022, reducing by -11.6% against the previous year. Over the period under review, the import price saw a noticeable contraction. The pace of growth appeared the most rapid in 2014 an increase of 12%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat 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 Liberia ($X per ton), while Burkina Faso ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform