Ghana: Paint And Varnish Market 2024

Paint And Varnish Market Size in Ghana

The Ghanian paint and varnish market reduced markedly to $X in 2022, shrinking by -18.4% 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 recorded a mild contraction. Paint and varnish consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Exports

Exports from Ghana

In 2022, overseas shipments of paints and varnishes decreased by -13.7% to X tons, falling for the third consecutive year after three years of growth. In general, exports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 1,403%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, paint and varnish exports plummeted to $X in 2022. Overall, exports saw a slight slump. The pace of growth was the most pronounced in 2015 with an increase of 927% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Benin (X tons), Togo (X tons) and Nigeria (X tons) were the main destinations of paint and varnish exports from Ghana, together accounting for 83% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +25.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Ghana were Nigeria ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 67% share of total exports.

In terms of the main countries of destination, Senegal, with a CAGR of +15.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, with a decrease of -13.5% against the previous year. In general, the export price continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 when the average export price increased by 37%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while the average price for exports to Togo ($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 Senegal (+0.4%), while the prices for the other major destinations experienced a decline.

Paint And Varnish Imports

Imports into Ghana

In 2022, the amount of paints and varnishes imported into Ghana fell remarkably to X tons, waning by -21% on 2021 figures. Over the period under review, imports recorded a mild decrease. The pace of growth appeared the most rapid in 2017 with an increase of 27% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports contracted notably to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 33% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Cote d'Ivoire (X tons), the United Arab Emirates (X tons) and Brazil (X tons) were the main suppliers of paint and varnish imports to Ghana, with a combined 49% share of total imports. China, the United States, the UK, Indonesia, Spain, the Netherlands, South Africa, Australia, Ireland and Portugal lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +38.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United Arab Emirates ($X) and Cote d'Ivoire ($X) appeared to be the largest paint and varnish suppliers to Ghana, together accounting for 34% of total imports. The United States, the Netherlands, Brazil, the UK, Portugal, South Africa, Australia, Spain, Indonesia and Ireland lagged somewhat behind, together comprising a further 40%.

In terms of the main suppliers, Australia, with a CAGR of +11.7%, 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

The average paint and varnish import price stood at $X per ton in 2022, picking up by 6.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2014 when the average import price increased by 18% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 the Netherlands ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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