Western Africa: Fiberboard Market 2024

Fiberboard Market Size in Western Africa

In 2022, the West African fiberboard market decreased by -1.6% to $X, falling for the fifth year in a row after six years of growth. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Fiberboard Production in Western Africa

In value terms, fiberboard production declined modestly to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Fiberboard Exports

Exports in Western Africa

After three years of growth, overseas shipments of fiber board of wood or other ligneous materials decreased by -19.3% to X cubic meters in 2022. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 176%. The volume of export peaked at X cubic meters in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, fiberboard exports dropped dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2016 with an increase of 71% against the previous year. The level of export peaked at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

Cote d'Ivoire was the largest exporter of fiber board of wood or other ligneous materials in Western Africa, with the volume of exports finishing at X cubic meters, which was approx. 60% of total exports in 2022. Ghana (X cubic meters) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (9.1%) and Sierra Leone (5.2%).

Cote d'Ivoire was also the fastest-growing in terms of the fiber board of wood or other ligneous materials exports, with a CAGR of +55.7% from 2012 to 2022. At the same time, Ghana (+34.8%) and Sierra Leone (+2.7%) displayed positive paces of growth. By contrast, Nigeria (-7.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+59 p.p.) and Ghana (+23 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -10.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest fiberboard supplier in Western Africa, comprising 70% of total exports. The second position in the ranking was taken by Ghana ($X), with a 19% share of total exports. It was followed by Sierra Leone, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +52.5%. In the other countries, the average annual rates were as follows: Ghana (+23.8% per year) and Sierra Leone (-2.6% per year).

Export Prices by Country

The export price in Western Africa stood at $X per cubic meter in 2022, leveling off at the previous year. Export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fiberboard export price increased by +25.3% against 2020 indices. The pace of growth was the most pronounced in 2015 when the export price increased by 85%. Over the period under review, the export prices attained the peak figure at $X per cubic meter in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per cubic meter), while Nigeria ($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 Cote d'Ivoire (-2.1%), while the other leaders experienced a decline in the export price figures.

Fiberboard Imports

Imports in Western Africa

In 2022, supplies from abroad of fiber board of wood or other ligneous materials decreased by -3.2% to X cubic meters, falling for the third year in a row after five years of growth. In general, imports, however, showed a resilient expansion. The growth pace was the most rapid in 2017 with an increase of 72% against the previous year. Over the period under review, imports attained the maximum at X cubic meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, fiberboard imports contracted to $X in 2022. Overall, imports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by 70% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the largest importer of fiber board of wood or other ligneous materials in Western Africa, with the volume of imports resulting at X cubic meters, which was near 34% of total imports in 2022. Ghana (X cubic meters) took the second position in the ranking, followed by Sierra Leone (X cubic meters), Liberia (X cubic meters), Guinea (X cubic meters), Senegal (X cubic meters), Cabo Verde (X cubic meters) and Gambia (X cubic meters). All these countries together took near 61% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to fiberboard imports into Nigeria stood at +1.3%. At the same time, Senegal (+29.5%), Ghana (+19.9%), Gambia (+11.3%), Sierra Leone (+10.5%), Guinea (+8.5%), Cabo Verde (+8.1%) and Liberia (+6.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +29.5% from 2012-2022. From 2012 to 2022, the share of Ghana, Senegal, Sierra Leone and Gambia increased by +10, +6.8, +2.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fiber board of wood or other ligneous materials in Western Africa, comprising 35% of total imports. The second position in the ranking was taken by Ghana ($X), with a 15% share of total imports. It was followed by Senegal, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +2.7%. In the other countries, the average annual rates were as follows: Ghana (+17.9% per year) and Senegal (+28.3% per year).

Import Prices by Country

The import price in Western Africa stood at $X per cubic meter in 2022, shrinking by -9.4% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 47% against the previous year. Over the period under review, import prices hit record highs at $X per cubic meter in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per cubic meter), while Liberia ($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 Nigeria (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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