Nigeria: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Nigeria

The Nigerien non-aqueous paint and varnish market skyrocketed to $X in 2022, rising by 18% 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). Overall, consumption saw a tangible expansion. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Nigeria

After two years of decline, shipments abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium increased by 59% to X tons in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 1,563%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-aqueous paint and varnish exports surged to $X in 2022. In general, exports, however, continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2016 with an increase of 561% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for non-aqueous paint and varnish exports from Nigeria, with a 66% share of total exports. Moreover, non-aqueous paint and varnish exports to Niger exceeded the volume sent to the second major destination, Benin (X tons), fourfold. Ghana (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger stood at -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+13.9% per year) and Ghana (+27.7% per year).

In value terms, Niger ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from Nigeria, comprising 56% of total exports. The second position in the ranking was held by China ($X), with a 17% share of total exports. It was followed by Benin, with an 8% share.

From 2012 to 2022, the average annual growth rate of value to Niger amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+35.7% per year) and Benin (-1.1% per year).

Export Prices by Country

The average non-aqueous paint and varnish export price stood at $X per ton in 2022, falling by -21.5% against the previous year. Over the period under review, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 70%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Benin ($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 China (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Nigeria

In 2022, non-aqueous paint and varnish imports into Nigeria surged to X tons, picking up by 24% compared with the year before. In general, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 when imports increased by 111% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, non-aqueous paint and varnish imports amounted to $X in 2022. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +61.6% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 61% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest non-aqueous paint and varnish supplier to Nigeria, with a 43% share of total imports. Moreover, non-aqueous paint and varnish imports from China exceeded the figures recorded by the second-largest supplier, Egypt (X tons), threefold. The third position in this ranking was held by South Africa (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+17.8% per year) and South Africa (+0.1% per year).

In value terms, China ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in a non-aqueous medium to Nigeria, comprising 22% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 9.5% share of total imports. It was followed by South Africa, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+13.0% per year) and South Africa (+0.6% per year).

Import Prices by Country

In 2022, the average non-aqueous paint and varnish import price amounted to $X per ton, waning by -8.9% against the previous year. In general, the import price saw a pronounced slump. The most prominent rate of growth was recorded in 2015 when the average import price increased by 26%. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :