Western Africa: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Western Africa

In 2021, the West African market for oil and water paints and varnishes increased by 2.1% to $X, rising for the fourth consecutive year after four years of decline. The total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +65.2% against 2017 indices. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Oil And Water Paints And Varnishes in Western Africa

In value terms, production of oil and water paints and varnishes expanded modestly to $X in 2021 estimated in export price. The total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.0% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 71%. As a result, production attained the peak level of $X. From 2020 to 2021, production of growth remained at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports in Western Africa

For the fourth consecutive year, Western Africa recorded decline in overseas shipments of oil and water paints and varnishes, which decreased by -8.3% to X tons in 2021. Over the period under review, exports showed a abrupt decline. The pace of growth appeared the most rapid in 2015 when exports increased by 70% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes dropped to $X in 2021. In general, exports showed a abrupt decline. The growth pace was the most rapid in 2015 when exports increased by 50% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire was the key exporting country with an export of around X tons, which recorded 41% of total exports. Mali (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (19%), Ghana (5.6%) and Sierra Leone (4.9%). Benin (X tons) and Mauritania (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Sierra Leone (with a CAGR of +156.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) emerged as the largest oil and water paints and varnishes supplier in Western Africa, comprising 38% of total exports. The second position in the ranking was held by Nigeria ($X), with a 17% share of total exports. It was followed by Benin, with a 13% share.

In Cote d'Ivoire, exports of oil and water paints and varnishes declined by an average annual rate of -21.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (+38.5% per year) and Benin (-0.8% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, which is down by -1.6% against the previous year. Overall, the export price showed a drastic downturn. The growth pace was the most rapid in 2013 an increase of 66% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Benin ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+17.9%), while the other leaders experienced a decline in the export price figures.

Imports of Oil And Water Paints And Varnishes

Imports in Western Africa

In 2021, purchases abroad of oil and water paints and varnishes increased by 8.8% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 59% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. Total imports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +25.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when imports increased by 59%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

The countries with the highest levels of imports of oil and water paints and varnishes in 2021 were Nigeria (X tons), Ghana (X tons) and Senegal (X tons), together finishing at 63% of total import. Burkina Faso (X tons) held an 8.6% share (based on physical terms) of total imports, which put it in second place, followed by Niger (8%). Gambia (X tons), Guinea-Bissau (X tons), Cote d'Ivoire (X tons), Mauritania (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Niger (with a CAGR of +48.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 61% share of total imports. These countries were followed by Niger, Gambia, Cote d'Ivoire, Mauritania, Guinea, Burkina Faso and Guinea-Bissau, which together accounted for a further 32%.

In terms of the main importing countries, Niger, with a CAGR of +49.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, picking up by 6.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2016 an increase of 31%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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