Ghana: Market for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles 2024

Market Size for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in Ghana

In 2021, the Ghanian market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, saw a perceptible shrinkage. Consumption of peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in Ghana

In value terms, production of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles amounted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 22%. Over the period under review, production of reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Exports from Ghana

In 2021, overseas shipments of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles increased by 212% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, showed a deep slump. Over the period under review, the exports of hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles surged to $X in 2021. In general, exports, however, recorded a sharp descent. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Cameroon (X tons) was the main destination for exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles from Ghana, accounting for a 94% share of total exports. Moreover, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles to Cameroon exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cameroon totaled -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-10.3% per year) and Burkina Faso (-53.9% per year).

In value terms, Cameroon ($X) remains the key foreign market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles exports from Ghana, comprising 85% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Cameroon totaled -17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-30.2% per year) and Burkina Faso (-56.0% per year).

Export Prices by Country

The average export price for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles stood at $X per ton in 2021, declining by -5.1% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 48% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Burkina Faso ($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 (-4.4%), while the prices for the other major destinations experienced a decline.

Imports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Imports into Ghana

In 2021, overseas purchases of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles increased by 32% to X tons, rising for the second consecutive year after three years of decline. Overall, imports posted a perceptible increase. The most prominent rate of growth was recorded in 2014 when imports increased by 257%. Over the period under review, imports of reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles reached $X in 2021. In general, imports, however, recorded a deep downturn. The pace of growth was the most pronounced in 2015 with an increase of 342%. Over the period under review, imports of attained the maximum at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest glass fibre filament, roving, and staple glass fibre article supplier to Ghana, with a 86% share of total imports. Moreover, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+24.7% per year) and Kuwait (+68.6% per year).

In value terms, China ($X) constituted the largest supplier of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles to Ghana, comprising 54% of total imports. The second position in the ranking was held by Kuwait ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Kuwait (+96.0% per year) and the United Arab Emirates (+5.8% per year).

Import Prices by Country

In 2021, the average import price for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles amounted to $X per ton, falling by -22.4% against the previous year. In general, the import price faced a abrupt downturn. The pace of growth was the most pronounced in 2019 an increase of 95%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+16.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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