Western Africa: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Western Africa

In 2022, the West African market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by 0.2% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Western Africa

In value terms, production of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 27%. As a result, production reached the peak level of $X. From 2018 to 2022, production of growth remained at a somewhat lower figure.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports in Western Africa

In 2022, the amount of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exported in Western Africa declined to X tons, which is down by -2% compared with the previous year. Total exports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +1.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 36%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium rose remarkably to $X in 2022. In general, exports saw a noticeable reduction. The pace of growth appeared the most rapid in 2015 with an increase of 50% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons), Ghana (X tons) and Burkina Faso (X tons) represented roughly 94% of total exports in 2022. Benin (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +61.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2022, with a combined 85% share of total exports.

Ghana, with a CAGR of +53.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, rising by 8.7% against the previous year. In general, the export price, however, saw a deep contraction. The pace of growth was the most pronounced in 2015 when the export price increased by 10% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+2.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports in Western Africa

Imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium rose remarkably to X tons in 2022, surging by 14% on 2021. In general, imports showed a prominent expansion. The pace of growth was the most pronounced in 2014 with an increase of 44%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium totaled $X in 2022. Over the period under review, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 57%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Burkina Faso (X tons), Benin (X tons) and Ghana (X tons) was the key importer of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium in Western Africa, mixing up 57% of total import. Nigeria (X tons) took the next position in the ranking, followed by Senegal (X tons). All these countries together took near 23% share of total imports. Gambia (X tons), Niger (X tons), Cote d'Ivoire (X tons), Mali (X tons) and Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +45.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium importing markets in Western Africa were Nigeria ($X), Senegal ($X) and Ghana ($X), together accounting for 61% of total imports. Niger, Benin, Cote d'Ivoire, Mali, Burkina Faso, Gambia and Togo lagged somewhat behind, together accounting for a further 34%.

Among the main importing countries, Benin, with a CAGR of +39.5%, saw the highest rates of growth with regard to 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

The import price in Western Africa stood at $X per ton in 2022, waning by -4.5% against the previous year. Overall, the import price saw a mild curtailment. The growth pace was the most rapid in 2013 an increase of 15% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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