ECOWAS: Cellulose Fibrecement Sheet Market 2024

Cellulose Fibrecement Sheet Market Size in ECOWAS

The ECOWAS cellulose fibrecement sheet market fell to $X in 2022, declining by -3.3% against the previous year. Over the period under review, consumption showed a perceptible downturn. The pace of growth appeared the most rapid in 2021 with an increase of 6.3% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Cellulose Fibrecement Sheet Production in ECOWAS

In value terms, cellulose fibrecement sheet production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 7.6% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Cellulose Fibrecement Sheet Exports

Exports in ECOWAS

In 2022, after three years of growth, there was decline in overseas shipments of sheets, panels and tiles of cellulose fibrecement, when their volume decreased by -1.2% to X tons. Over the period under review, exports saw a deep contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 43%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cellulose fibrecement sheet exports expanded rapidly to $X in 2022. Overall, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2014 with an increase of 28%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria prevails in exports structure, finishing at X tons, which was approx. 85% of total exports in 2022. It was distantly followed by Ghana (X tons), constituting an 8% share of total exports. Togo (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Exports from Nigeria decreased at an average annual rate of -8.0% from 2012 to 2022. At the same time, Togo (+14.6%) and Ghana (+2.3%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +14.6% from 2012-2022. By contrast, Cote d'Ivoire (-4.8%) illustrated a downward trend over the same period. Ghana (+5 p.p.) and Togo (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -9.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cellulose fibrecement sheet supplying countries in ECOWAS were Ghana ($X), Nigeria ($X) and Togo ($X), together accounting for 94% of total exports.

Togo, with a CAGR of +25.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 12% against the previous year. In general, the export price, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 when the export price increased by 63%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+9.5%), while the other leaders experienced mixed trends in the export price figures.

Cellulose Fibrecement Sheet Imports

Imports in ECOWAS

In 2022, overseas purchases of sheets, panels and tiles of cellulose fibrecement decreased by -9.5% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 189% against the previous year. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, cellulose fibrecement sheet imports contracted slightly to $X in 2022. Overall, imports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2016 with an increase of 181% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted modestly in the following year.

Imports by Country

Ghana was the key importing country with an import of about X tons, which amounted to 49% of total imports. Senegal (X tons) held the second position in the ranking, distantly followed by Benin (X tons) and Nigeria (X tons). All these countries together held approx. 44% share of total imports. The following importers - Togo (X tons) and Cabo Verde (X tons) - together made up 5% of total imports.

Imports into Ghana increased at an average annual rate of +18.9% from 2012 to 2022. At the same time, Senegal (+40.0%), Benin (+22.3%), Nigeria (+15.9%) and Cabo Verde (+9.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +40.0% from 2012-2022. Togo experienced a relatively flat trend pattern. From 2012 to 2022, the share of Senegal, Benin and Ghana increased by +19, +4.8 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Senegal ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, with a combined 78% share of total imports.

Among the main importing countries, Senegal, with a CAGR of +35.6%, 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

In 2022, the import price in ECOWAS amounted to $X per ton, rising by 7.9% against the previous year. Overall, the import price, however, showed a slight downturn. The growth pace was the most rapid in 2013 an increase of 47%. As a result, import price attained 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 Nigeria ($X per ton), while Togo ($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 (+1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform