ECOWAS: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in ECOWAS

After three years of growth, the ECOWAS plastic furniture fittings market decreased by -11.3% to $X in 2021. In general, consumption, however, recorded a prominent expansion. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Plastic Furniture Fittings Production in ECOWAS

In value terms, plastic furniture fittings production declined to $X in 2021 estimated in export price. In general, production, however, saw strong growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 50%. The level of production peaked at $X in 2020, and then reduced in the following year.

Plastic Furniture Fittings Exports

Exports in ECOWAS

In 2021, approx. X kg of plastic fittings for furniture were exported in ECOWAS; dropping by -80.4% compared with 2020 figures. Overall, exports showed a sharp shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of 922% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic furniture fittings exports shrank remarkably to $X in 2021. Over the period under review, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 134% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, Togo (X kg) was the main exporter of plastic fittings for furniture, mixing up 49% of total exports. Senegal (X kg) held the second position in the ranking, distantly followed by Sierra Leone (X kg) and Nigeria (X kg). All these countries together held near 39% share of total exports. The following exporters - Guinea (X kg), Niger (X kg) and Cote d'Ivoire (X kg) - together made up 7.6% of total exports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +22.0%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X) emerged as the largest plastic furniture fittings supplier in ECOWAS, comprising 34% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 15% share of total exports. It was followed by Togo, with an 11% share.

In Senegal, plastic furniture fittings exports increased at an average annual rate of +23.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (-4.7% per year) and Togo (-16.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 67% against the previous year. In general, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the export price increased by 816%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, 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 Sierra Leone ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+17.6%), while the other leaders experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in overseas purchases of plastic fittings for furniture, when their volume decreased by -10.6% to X tons. Overall, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 103% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, plastic furniture fittings imports soared to $X in 2021. In general, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2019 when imports increased by 83% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Ghana (X tons) and Nigeria (X tons) prevails in imports structure, together creating 76% of total imports. It was distantly followed by Cote d'Ivoire (X tons) and Togo (X tons), together generating a 12% share of total imports. Cabo Verde (X tons), Guinea (X tons) and Senegal (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cabo Verde (with a CAGR of +61.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported plastic fittings for furniture in ECOWAS, comprising 50% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 9% share.

In Ghana, plastic furniture fittings imports expanded at an average annual rate of +8.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (+4.3% per year) and Cote d'Ivoire (+39.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 46% against the previous year. Over the period under review, the import price, however, saw a perceptible decline. The pace of growth was the most pronounced in 2015 an increase of 108%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform