Ghana: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Ghana

In 2021, the Ghanian market for oil and water paints and varnishes increased by 6.2% to $X, rising for the fourth year in a row after four years of decline. Overall, consumption posted noticeable growth. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in Ghana

In value terms, production of oil and water paints and varnishes rose modestly to $X in 2021 estimated in export price. In general, production recorded a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 76% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production of growth remained at a lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Ghana

For the fourth year in a row, Ghana recorded decline in overseas shipments of oil and water paints and varnishes, which decreased by -81.6% to X tons in 2021. Over the period under review, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by 1,414% against the previous year. Over the period under review, the exports of attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes fell notably to $X in 2021. In general, exports, however, recorded strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 1,143%. Over the period under review, the exports of reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X tons), Nigeria (X tons) and Togo (X tons) were the main destinations of exports of oil and water paints and varnishes from Ghana, together comprising 98% of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +83.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for oil and water paints and varnishes exports from Ghana, comprising 88% of total exports. The second position in the ranking was held by Nigeria ($X), with a 7.5% share of total exports. It was followed by Togo, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to +65.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (0.0% per year) and Togo (-20.8% per year).

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, with a decrease of -28.4% against the previous year. In general, the export price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2013 an increase of 66%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (-6.4%), while the prices for the other major destinations experienced a decline.

Imports of Oil And Water Paints And Varnishes

Imports into Ghana

In 2021, overseas purchases of oil and water paints and varnishes increased by 96% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 474% against the previous year. Over the period under review, imports of hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. Over the period under review, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 262%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main supplier of oil and water paints and varnishes to Ghana, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates stood at -5.7%.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of oil and water paints and varnishes to Ghana.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled -3.2%.

Import Prices by Country

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, with an increase of 13% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 95% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +2.7% per year.

Source: IndexBox Platform

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