Nigeria: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Nigeria

The Nigerien glass fibres and wool market skyrocketed to $X in 2022, increasing by 333% 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 continues to indicate buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Glass Fibres And Glass Wool

Exports from Nigeria

In 2022, glass fibres and wool exports from Nigeria fell remarkably to X kg, which is down by -16.7% on the previous year. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2019 when exports increased by 531% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibres and wool exports skyrocketed to $X in 2022. Overall, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 460%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X kg) was the main destination for glass fibres and wool exports from Nigeria, accounting for a 81% share of total exports. Moreover, glass fibres and wool exports to Benin exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to Benin amounted to +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+14.9% per year) and Niger (-25.1% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for glass fibres and glass wool exports from Nigeria, comprising 71% of total exports. The second position in the ranking was held by Benin ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire totaled +31.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-12.4% per year) and Niger (-14.7% per year).

Export Prices by Country

In 2022, the average glass fibres and wool export price amounted to $X per ton, increasing by 59% against the previous year. In general, the export price recorded a strong expansion. The pace of growth was the most pronounced in 2017 when the average export price increased by 92% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Niger ($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 Cote d'Ivoire (+14.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Glass Fibres And Glass Wool

Imports into Nigeria

For the third consecutive year, Nigeria recorded growth in purchases abroad of glass fibres and glass wool, which increased by 395% to X tons in 2022. In general, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fibres and wool imports soared to $X in 2022. Over the period under review, imports enjoyed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of glass fibres and wool to Nigeria, with a 50% share of total imports. Moreover, glass fibres and wool imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), twofold. The third position in this ranking was held by India (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+126.2% per year) and India (+4.4% per year).

In value terms, Singapore ($X), China ($X) and India ($X) appeared to be the largest glass fibres and wool suppliers to Nigeria, together comprising 75% of total imports.

Singapore, with a CAGR of +111.2%, saw the highest growth rate of the value of imports, among the main suppliers 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 glass fibres and wool import price amounted to $X per ton, waning by -20.9% against the previous year. Overall, the import price, however, showed a noticeable increase. The growth pace was the most rapid in 2015 an increase of 72% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

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 United States ($X per ton), while the price for Saudi Arabia ($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 Arab Emirates (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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