Western Africa: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Western Africa

The West African glass fibres and wool market totaled $X in 2022, surging by 4.3% against the previous year. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +3.4% against 2018 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the immediate term.

Production of Glass Fibres And Glass Wool in Western Africa

In value terms, glass fibres and wool production reached $X in 2022 estimated in export price. The total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 56% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Glass Fibres And Glass Wool

Exports in Western Africa

In 2022, the amount of glass fibres and glass wool exported in Western Africa fell to X tons, waning by -11% against 2021 figures. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 175% against the previous year. 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, glass fibres and wool exports fell to $X in 2022. Over the period under review, exports saw a deep reduction. The growth pace was the most rapid in 2018 with an increase of 107% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) dominates exports structure, together creating 81% of total exports. It was distantly followed by Niger (X kg) and Senegal (X kg), together constituting a 14% share of total exports. Nigeria (X kg) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +7.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 81% of total exports. Nigeria and Senegal lagged somewhat behind, together accounting for a further 9.4%.

In terms of the main exporting countries, Senegal, with a CAGR of +6.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, remaining constant against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 100% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices remained at a lower figure.

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 Niger ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+11.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Glass Fibres And Glass Wool

Imports in Western Africa

In 2022, purchases abroad of glass fibres and glass wool increased by 162% to X tons, rising for the third consecutive year after two years of decline. In general, imports saw a prominent expansion. 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 skyrocketed to $X in 2022. Overall, imports enjoyed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 76% of total imports in 2022. Ghana (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took near 9.8% share of total imports. Senegal (X tons), Togo (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to glass fibres and wool imports into Nigeria stood at +9.2%. At the same time, Togo (+25.5%), Cote d'Ivoire (+22.9%), Senegal (+20.1%), Cabo Verde (+7.9%) and Ghana (+3.6%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +25.5% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire, Senegal and Togo increased by +3.2, +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 ($X) constitutes the largest market for imported glass fibres and glass wool in Western Africa, comprising 74% of total imports. The second position in the ranking was held by Ghana ($X), with a 6.1% share of total imports. It was followed by Cote d'Ivoire, with a 4.9% share.

In Nigeria, glass fibres and wool imports expanded at an average annual rate of +11.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-0.7% per year) and Cote d'Ivoire (+19.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, declining by -20.9% 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 2016 when the import price increased by 29% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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