Western Africa: Glass Fibre Fabrics Market 2024

Glass Fibre Fabrics Market Size in Western Africa

The West African glass fibre fabrics market reduced to $X in 2022, waning by -5.5% against the previous year. The total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.7% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Glass Fibre Fabrics Production in Western Africa

In value terms, glass fibre fabrics production contracted to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 27%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Glass Fibre Fabrics Exports

Exports in Western Africa

Glass fibre fabrics exports contracted markedly to X kg in 2022, which is down by -99.4% on the previous year. In general, exports saw a significant decline. The most prominent rate of growth was recorded in 2021 when exports increased by 944% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, glass fibre fabrics exports fell remarkably to $X in 2022. Overall, exports saw a precipitous decline. The pace of growth appeared the most rapid in 2021 with an increase of 5,233%. As a result, the exports reached the peak of $X, and then dropped markedly in the following year.

Exports by Country

Nigeria (X kg) represented roughly 100% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the glass fibre fabrics exports, with a CAGR of -24.4% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by +62 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest glass fibre fabrics supplier in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at -21.4%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, waning by -83.4% against the previous year. Over the period under review, the export price saw a abrupt decrease. The pace of growth appeared the most rapid in 2021 an increase of 411%. Over the period under review, the export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +4.0% per year.

Glass Fibre Fabrics Imports

Imports in Western Africa

In 2022, supplies from abroad of glass fibre fabrics decreased by -17.3% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 52% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, glass fibre fabrics imports reduced slightly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 68% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the largest importer of glass fibre fabrics in Western Africa, with the volume of imports reaching X tons, which was approx. 51% of total imports in 2022. Senegal (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together held near 37% share of total imports. The following importers - Mauritania (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) - each finished at an 8.6% share of total imports.

Imports into Nigeria increased at an average annual rate of +1.3% from 2012 to 2022. At the same time, Senegal (+47.1%), Mauritania (+15.8%), Guinea (+12.7%), Cote d'Ivoire (+5.2%) and Ghana (+2.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +47.1% from 2012-2022. While the share of Senegal (+19 p.p.), Nigeria (+9.3 p.p.), Ghana (+4.6 p.p.), Mauritania (+2.6 p.p.) and Guinea (+1.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glass fibre fabrics in Western Africa, comprising 48% of total imports. The second position in the ranking was held by Ghana ($X), with a 20% share of total imports. It was followed by Senegal, with a 9.6% share.

In Nigeria, glass fibre fabrics imports expanded at an average annual rate of +1.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+18.3% per year) and Senegal (+25.1% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, increasing by 19% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a 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 Cote d'Ivoire ($X per ton), while Senegal ($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 (+15.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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