ECOWAS: Sandstone Market 2024

Sandstone Market Size in ECOWAS

The ECOWAS sandstone market expanded slightly to $X in 2022, increasing by 1.9% against the previous year. In general, consumption, however, continues to indicate a deep contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Sandstone Production in ECOWAS

In value terms, sandstone production rose to $X in 2022 estimated in export price. Overall, production, however, showed a deep reduction. The most prominent rate of growth was recorded in 2015 when the production volume increased by 13% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Sandstone Exports

Exports in ECOWAS

In 2022, approx. X tons of sandstone were exported in ECOWAS; growing by 9.2% compared with 2021 figures. Overall, exports enjoyed a significant expansion. The growth pace was the most rapid in 2019 with an increase of 25,532% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, sandstone exports expanded modestly to $X in 2022. Over the period under review, exports showed a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 21,127% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana represented the major exporter of sandstone in ECOWAS, with the volume of exports accounting for X tons, which was near 63% of total exports in 2022. It was distantly followed by Senegal (X tons), comprising a 34% share of total exports. 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 key exporting countries, was attained by Nigeria (with a CAGR of +82.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X) remains the largest sandstone supplier in ECOWAS, comprising 76% of total exports. The second position in the ranking was taken by Senegal ($X), with a 21% share of total exports.

In Ghana, sandstone exports expanded at an average annual rate of +57.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (-13.4% per year) and Nigeria (+39.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by -4.2% against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The growth pace was the most rapid in 2015 an increase of 42%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-12.5%).

Sandstone Imports

Imports in ECOWAS

Sandstone imports reduced notably to X tons in 2022, which is down by -40.8% on the previous year's figure. In general, imports continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2014 when imports increased by 453%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, sandstone imports contracted notably to $X in 2022. Over the period under review, imports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 172%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria was the largest importing country with an import of about X tons, which resulted at 67% of total imports. Benin (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (6.8%). The following importers - Senegal (X tons), Togo (X tons) and Niger (X tons) - together made up 11% of total imports.

Imports into Nigeria decreased at an average annual rate of -6.5% from 2012 to 2022. At the same time, Benin (+29.2%), Cote d'Ivoire (+27.7%), Togo (+10.7%), Senegal (+5.6%) and Niger (+5.4%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +29.2% from 2012-2022. From 2012 to 2022, the share of Benin, Cote d'Ivoire, Togo, Senegal and Niger increased by +14, +6.4, +2.7, +2.4 and +1.8 percentage points, respectively.

In value terms, the largest sandstone importing markets in ECOWAS were Nigeria ($X), Benin ($X) and Togo ($X), together comprising 75% of total imports.

Among the main importing countries, Benin, with a CAGR of +27.6%, 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

The import price in ECOWAS stood at $X per ton in 2022, with an increase of 31% against the previous year. In general, the import price, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2013 when the import price increased by 137%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, 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 Benin ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform