ECOWAS: Mineral Wool Market 2024

Mineral Wool Market Size in ECOWAS

The ECOWAS mineral wool market fell to $X in 2021, which is down by -10.9% against the previous year. In general, consumption, however, showed a buoyant expansion. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Mineral Wool Production in ECOWAS

In value terms, mineral wool production fell to $X in 2021 estimated in export price. Overall, production, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 51%. The level of production peaked at $X in 2020, and then declined in the following year.

Mineral Wool Exports

Exports in ECOWAS

In 2021, the amount of slag wool, rock wool and similar mineral wools and mixtures exported in ECOWAS dropped notably to X tons, falling by -26.3% against 2020. Over the period under review, exports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 498%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, mineral wool exports fell to $X in 2021. Overall, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2017 with an increase of 206% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria represented the key exporting country with an export of about X tons, which reached 48% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 23% share, followed by Senegal (13%) and Cote d'Ivoire (8.9%). Sierra Leone (X kg), Niger (X kg) and Burkina Faso (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to mineral wool exports from Nigeria stood at -5.0%. At the same time, Ghana (+9.3%) and Senegal (+2.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +9.3% from 2012-2021. By contrast, Cote d'Ivoire (-1.2%), Burkina Faso (-2.8%), Niger (-17.0%) and Sierra Leone (-19.8%) illustrated a downward trend over the same period. Ghana (+23 p.p.) and Senegal (+4.7 p.p.) significantly strengthened its position in terms of the total exports, while Niger, Nigeria and Sierra Leone saw its share reduced by -6.8%, -10.5% and -12% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, together comprising 79% of total exports.

Among the main exporting countries, Ghana, with a CAGR of -2.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, jumping by 28% against the previous year. Overall, the export price, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2016 an increase of 79%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+2.9%), while the other leaders experienced a decline in the export price figures.

Mineral Wool Imports

Imports in ECOWAS

In 2021, mineral wool imports in ECOWAS surged to X tons, picking up by 37% on the previous year. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 81%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2021.

In value terms, mineral wool imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed perceptible growth. The pace of growth was the most pronounced in 2018 when imports increased by 66% against the previous year. The level of import peaked in 2021 and is likely to continue growth in years to come.

Imports by Country

Nigeria represented the largest importing country with an import of around X tons, which resulted at 55% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Senegal (X tons), Ghana (X tons) and Mali (X tons), together creating a 34% share of total imports. Benin (X tons), Burkina Faso (X tons) and Togo (X tons) took a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -1.8% from 2012 to 2021. At the same time, Benin (+51.0%), Cote d'Ivoire (+24.4%), Burkina Faso (+19.3%), Senegal (+5.2%) and Mali (+3.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +51.0% from 2012-2021. Togo and Ghana experienced a relatively flat trend pattern. Cote d'Ivoire (+15 p.p.), Benin (+2.8 p.p.), Senegal (+2.3 p.p.) and Burkina Faso (+2 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -10.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in ECOWAS, comprising 60% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Senegal, with a 5.4% share.

In Nigeria, mineral wool imports expanded at an average annual rate of +1.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+28.6% per year) and Senegal (+8.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform