ECOWAS: Glass Fiber Market 2024

Glass Fiber Market Size in ECOWAS

In 2021, after four years of decline, there was significant growth in the ECOWAS glass fiber market, when its value increased by 24% to $X. Overall, consumption saw a modest increase. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Glass Fiber Production in ECOWAS

In value terms, glass fiber production surged to $X in 2021 estimated in export price. In general, production posted a modest increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 76% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Glass Fiber Exports

Exports in ECOWAS

In 2021, shipments abroad of voiles, webs, mats and other articles of glass fibers increased by 231% to X tons, rising for the second consecutive year after two years of decline. In general, exports saw prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fiber exports surged to $X in 2021. Over the period under review, exports recorded a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mali prevails in exports structure, finishing at X tons, which was approx. 67% of total exports in 2021. Ghana (X tons) took an 8.9% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (8.9%), Senegal (4.9%) and Togo (4.8%). Niger (X tons) and Sierra Leone (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to glass fiber exports from Mali stood at +44.9%. At the same time, Sierra Leone (+61.4%), Niger (+29.2%), Ghana (+17.4%), Togo (+16.2%) and Senegal (+7.2%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +61.4% from 2012-2021. By contrast, Nigeria (-2.5%) illustrated a downward trend over the same period. Mali (+59 p.p.), Sierra Leone (+2.3 p.p.), Ghana (+2.2 p.p.) and Niger (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Nigeria saw its share reduced by -3.5% and -27.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) emerged as the largest glass fiber supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 7.7% share of total exports. It was followed by Togo, with a 6.9% share.

In Mali, glass fiber exports expanded at an average annual rate of +44.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (+42.1% per year) and Togo (+26.8% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with a decrease of -22.3% against the previous year. Overall, the export price continues to indicate a slight setback. The most prominent rate of growth was recorded in 2019 when the export price increased by 28% against the previous year. The level of export peaked at $X per ton in 2020, and then contracted dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria ($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 (+9.1%), while the other leaders experienced mixed trends in the export price figures.

Glass Fiber Imports

Imports in ECOWAS

In 2021, overseas purchases of voiles, webs, mats and other articles of glass fibers increased by 38% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 46% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, glass fiber imports soared to $X in 2021. In general, imports showed perceptible growth. The pace of growth appeared the most rapid in 2020 when imports increased by 60% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, Ghana (X tons), Nigeria (X tons) and Cote d'Ivoire (X tons) was the major importer of voiles, webs, mats and other articles of glass fibers in ECOWAS, making up 71% of total import. It was distantly followed by Senegal (X tons), mixing up a 13% share of total imports. Cabo Verde (X tons), Liberia (X tons) and Togo (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Liberia (with a CAGR of +56.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2021, together comprising 73% of total imports. These countries were followed by Senegal, Cabo Verde, Liberia and Togo, which together accounted for a further 22%.

Liberia, with a CAGR of +56.0%, saw the highest growth rate of the value of imports, among the main importing countries 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 2021, rising by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2018 when the import price increased by 19% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($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 (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform