Ghana: Glass Fiber Market 2024

Glass Fiber Market Size in Ghana

In 2021, the Ghanian glass fiber market increased by 43% to $X, rising for the third consecutive year after three years of decline. In general, consumption continues to indicate a strong increase. Glass fiber consumption peaked in 2021 and is expected to retain growth in the near future.

Glass Fiber Exports

Exports from Ghana

In 2021, overseas shipments of voiles, webs, mats and other articles of glass fibers were finally on the rise to reach X tons after two years of decline. Overall, exports recorded a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fiber exports skyrocketed to $X in 2021. In general, exports continue to indicate a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Togo (X tons) was the main destination for glass fiber exports from Ghana, accounting for a 79% share of total exports. Moreover, glass fiber exports to Togo exceeded the volume sent to the second major destination, Angola (X tons), sevenfold. Cote d'Ivoire (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Togo totaled +39.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+7.7% per year) and Cote d'Ivoire (+10.6% per year).

In value terms, Togo ($X) emerged as the key foreign market for voiles, webs, mats and other articles of glass fibers exports from Ghana, comprising 82% of total exports. The second position in the ranking was held by Angola ($X), with an 8.6% share of total exports. It was followed by Burkina Faso, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value to Togo amounted to +39.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-6.5% per year) and Burkina Faso (-4.1% per year).

Export Prices by Country

In 2021, the average glass fiber export price amounted to $X per ton, declining by -26.1% against the previous year. Over the period under review, the export price showed a abrupt contraction. The pace of growth appeared the most rapid in 2019 when the average export price increased by 157% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+9.6%), while the prices for the other major destinations experienced mixed trend patterns.

Glass Fiber Imports

Imports into Ghana

In 2021, glass fiber imports into Ghana surged to X tons, rising by 28% against the previous year's figure. In general, imports showed resilient growth. The pace of growth appeared the most rapid in 2015 when imports increased by 106%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, glass fiber imports soared to $X in 2021. Over the period under review, imports saw buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 103% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest glass fiber supplier to Ghana, accounting for a 67% share of total imports. Moreover, glass fiber imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), sixfold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 3.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+33.3% per year) and the United Arab Emirates (+40.9% per year).

In value terms, China ($X) constituted the largest supplier of voiles, webs, mats and other articles of glass fibers to Ghana, comprising 69% of total imports. The second position in the ranking was held by Turkey ($X), with a 5.6% share of total imports. It was followed by the United Arab Emirates, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +34.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+35.9% per year) and the United Arab Emirates (+42.9% per year).

Import Prices by Country

The average glass fiber import price stood at $X per ton in 2021, growing by 31% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 66%. 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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