Western Africa: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Western Africa

After two years of growth, the West African non-aqueous paint and varnish market decreased by -3.6% to $X in 2022. The market value increased at an average annual rate of +4.2% over the period 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 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Western Africa

In value terms, non-aqueous paint and varnish production amounted to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -16.3% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 72%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports in Western Africa

In 2022, shipments abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium increased by 86% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a mild descent. The pace of growth was the most pronounced in 2015 with an increase of 185% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-aqueous paint and varnish exports skyrocketed to $X in 2022. In general, exports, however, saw a pronounced downturn. The growth pace was the most rapid in 2015 when exports increased by 168%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X tons) represented the key exporter of paints and varnishes dispersed or dissolved in a non-aqueous medium, creating 61% of total exports. Cote d'Ivoire (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (10%). Benin (X tons), Mali (X tons), Nigeria (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, Senegal (+8.7%) and Benin (+7.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +8.7% from 2012-2022. Nigeria experienced a relatively flat trend pattern. By contrast, Cabo Verde (-3.2%), Mali (-3.5%) and Cote d'Ivoire (-15.2%) illustrated a downward trend over the same period. While the share of Ghana (+33 p.p.), Senegal (+6.5 p.p.) and Benin (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-42.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest non-aqueous paint and varnish supplier in Western Africa, comprising 53% of total exports. The second position in the ranking was taken by Senegal ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with an 11% share.

In Ghana, non-aqueous paint and varnish exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+4.9% per year) and Cote d'Ivoire (-16.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, which is down by -22.2% against the previous year. Overall, the export price showed a pronounced reduction. The pace of growth appeared the most rapid in 2017 when the export price increased by 95%. As a result, the export price reached the peak level of $X per ton. From 2018 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 Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+6.7%), while the other leaders experienced a decline in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports in Western Africa

In 2022, the amount of paints and varnishes dispersed or dissolved in a non-aqueous medium imported in Western Africa was estimated at X tons, stabilizing at the previous year's figure. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.1% against 2016 indices. The pace of growth appeared the most rapid in 2019 with an increase of 16% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, non-aqueous paint and varnish imports shrank to $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.6% against 2016 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 24%. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

The countries with the highest levels of non-aqueous paint and varnish imports in 2022 were Nigeria (X tons), Ghana (X tons) and Liberia (X tons), together resulting at 59% of total import. Senegal (X tons) took a 6.9% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (6.4%), Togo (6.2%) and Cote d'Ivoire (5.9%).

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +18.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish importing markets in Western Africa were Liberia ($X), Nigeria ($X) and Ghana ($X), together accounting for 64% of total imports. Cote d'Ivoire, Senegal, Burkina Faso and Togo lagged somewhat behind, together comprising a further 21%.

Among the main importing countries, Togo, with a CAGR of +14.6%, 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, falling by -11.9% against the previous year. In general, the import price saw a mild descent. The pace of growth appeared the most rapid in 2019 when the import price increased by 6.6% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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