Ghana: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Ghana

The Ghanian market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium contracted significantly to $X in 2022, waning by -19.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a resilient expansion. Consumption of peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports from Ghana

In 2022, shipments abroad of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium decreased by -6.6% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 511%. The exports peaked at X tons in 2021, and then declined in the following year.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 570%. Over the period under review, the exports of reached the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Ghana, with a 91% share of total exports. It was followed by Senegal (X tons), with a 2.8% share of total exports. Cote d'Ivoire (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume to Benin stood at +94.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (+32.8% per year) and Cote d'Ivoire (+113.2% per year).

In value terms, Benin ($X) remains the key foreign market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exports from Ghana, comprising 72% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 11% share of total exports. It was followed by Senegal, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Benin totaled +76.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+107.9% per year) and Senegal (+37.6% per year).

Export Prices by Country

The average export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X per ton in 2022, increasing by 8.6% against the previous year. Over the period under review, the export price, however, recorded a noticeable decrease. The growth pace was the most rapid in 2015 when the average export price increased by 61% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports into Ghana

In 2022, overseas purchases of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium decreased by -10.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 165% against the previous year. Over the period under review, imports of hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reduced sharply to $X in 2022. Overall, imports, however, saw strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 254% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Cote d'Ivoire (X tons) constituted the largest supplier of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Ghana, accounting for a 45% share of total imports. Moreover, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. Indonesia (X tons) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Cote d'Ivoire stood at +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+12.3% per year) and Indonesia (+5.4% per year).

In value terms, the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium suppliers to Ghana were Cote d'Ivoire ($X), Brazil ($X) and South Africa ($X), together accounting for 52% of total imports. China, the United Arab Emirates, Spain, the UK, the United States and Indonesia lagged somewhat behind, together accounting for a further 16%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +44.9%, 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

In 2022, the average import price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $X per ton, shrinking by -5.7% against the previous year. In general, the import price recorded a pronounced setback. The most prominent rate of growth was recorded in 2014 when the average import price increased by 34%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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