ECOWAS: Market for Prefabricated Structural Components Of Cement, Concrete Or Artificial Stone 2024

Market Size for Prefabricated Structural Components Of Cement, Concrete Or Artificial Stone in ECOWAS

In 2021, the ECOWAS cement prefabricated structural components market decreased by -8.4% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, recorded a remarkable increase. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Production of Prefabricated Structural Components Of Cement, Concrete Or Artificial Stone in ECOWAS

In value terms, cement prefabricated structural components production reduced to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +101.7% against 2012 indices. The most prominent rate of growth was recorded in 2015 with an increase of 40% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Exports of Prefabricated Structural Components Of Cement, Concrete Or Artificial Stone

Exports in ECOWAS

In 2021, overseas shipments of prefabricated structural components of cement, concrete or artificial stone were finally on the rise to reach X tons after three years of decline. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2014 with an increase of 146%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, cement prefabricated structural components exports soared to $X in 2021. Overall, exports, however, recorded a mild setback. The pace of growth appeared the most rapid in 2014 with an increase of 371% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X tons) and Nigeria (X tons) represented roughly 99.9% of total exports in 2021.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +14.1%).

In value terms, the largest cement prefabricated structural components supplying countries in ECOWAS were Ghana ($X) and Nigeria ($X).

Among the main exporting countries, Nigeria, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, which is down by -3.6% against the previous year. Overall, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when the export price increased by 92%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-15.1%).

Imports of Prefabricated Structural Components Of Cement, Concrete Or Artificial Stone

Imports in ECOWAS

In 2021, approx. X tons of prefabricated structural components of cement, concrete or artificial stone were imported in ECOWAS; jumping by 35% on the previous year. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 250% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

In value terms, cement prefabricated structural components imports expanded markedly to $X in 2021. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2018 when imports increased by 363%. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Imports by Country

In 2021, Nigeria (X tons) was the key importer of prefabricated structural components of cement, concrete or artificial stone, making up 52% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Guinea-Bissau (X tons) and Guinea (X tons), together generating a 40% share of total imports. Senegal (X tons) took a little share of total imports.

Imports into Nigeria increased at an average annual rate of +53.9% from 2012 to 2021. At the same time, Cote d'Ivoire (+74.7%), Senegal (+56.9%), Guinea-Bissau (+23.7%) and Guinea (+1.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +74.7% from 2012-2021. Nigeria (+43 p.p.), Cote d'Ivoire (+22 p.p.) and Senegal (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Guinea-Bissau and Guinea saw its share reduced by -2.1% and -40.9% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported prefabricated structural components of cement, concrete or artificial stone in ECOWAS, comprising 80% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 8.4% share of total imports. It was followed by Guinea, with a 2.7% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +56.2%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+60.1% per year) and Guinea (-10.7% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, which is down by -17.5% against the previous year. Import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 an increase of 55%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform