Nigeria: Particle Board Market 2024

Particle Board Market Size in Nigeria

The Nigerien particle board market reached $X in 2022, with an increase of 2.1% against the previous year. Overall, consumption, however, recorded a noticeable decline. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Particle Board Production in Nigeria

In value terms, particle board production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production saw a slight decline. The most prominent rate of growth was recorded in 2013 when the production volume increased by 70%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Particle Board Exports

Exports from Nigeria

In 2022, shipments abroad of particle board was finally on the rise to reach X cubic meters after three years of decline. Over the period under review, exports, however, continue to indicate a mild decrease. The pace of growth was the most pronounced in 2017 with an increase of 1,152% against the previous year. Over the period under review, the exports reached the maximum at X cubic meters in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, particle board exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 1,059%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X cubic meters) was the main destination for particle board exports from Nigeria, with a 74% share of total exports. Moreover, particle board exports to China exceeded the volume sent to the second major destination, Benin (X cubic meters), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+30.8% per year) and Niger (+13.3% per year).

In value terms, China ($X) remains the key foreign market for particle board exports from Nigeria, comprising 74% of total exports. The second position in the ranking was taken by Benin ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+39.3% per year) and Niger (+38.4% per year).

Export Prices by Country

In 2022, the average particle board export price amounted to $X per cubic meter, rising by 20% against the previous year. In general, the export price, however, continues to indicate a mild slump. The growth pace was the most rapid in 2013 an increase of 87%. As a result, the export price reached the peak level of $X per cubic meter. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per cubic meter), while the average price for exports to Niger ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+22.1%), while the prices for the other major destinations experienced more modest paces of growth.

Particle Board Imports

Imports into Nigeria

In 2022, approx. X cubic meters of particle board were imported into Nigeria; with an increase of 14% on 2021 figures. In general, imports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2020 when imports increased by 37%. Imports peaked at X cubic meters in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, particle board imports skyrocketed to $X in 2022. Overall, imports, however, showed a noticeable contraction. The pace of growth appeared the most rapid in 2020 with an increase of 45%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X cubic meters) constituted the largest particle board supplier to Nigeria, with a 28% share of total imports. Moreover, particle board imports from Germany exceeded the figures recorded by the second-largest supplier, Belgium (X cubic meters), twofold. The third position in this ranking was taken by Switzerland (X cubic meters), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+14.6% per year) and Switzerland (+13.3% per year).

In value terms, Germany ($X) constituted the largest supplier of particle board to Nigeria, comprising 26% of total imports. The second position in the ranking was held by Switzerland ($X), with an 11% share of total imports. It was followed by Belgium, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+29.5% per year) and Belgium (+15.4% per year).

Import Prices by Country

In 2022, the average particle board import price amounted to $X per cubic meter, surging by 24% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per cubic meter), while the price for Greece ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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