Western Africa: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Western Africa

In 2021, the West African aqueous paint and varnish market increased by 0.7% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Western Africa

In value terms, aqueous paint and varnish production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 25%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports in Western Africa

In 2021, shipments abroad of paints and varnishes dispersed or dissolved in an aqueous medium decreased by -12.9% to X tons, falling for the third year in a row after two years of growth. Total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -28.6% against 2018 indices. The pace of growth appeared the most rapid in 2015 with an increase of 31% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, aqueous paint and varnish exports declined remarkably to $X in 2021. Overall, exports recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2015 when exports increased by 39% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The shipments of the three major exporters of paints and varnishes dispersed or dissolved in an aqueous medium, namely Ghana, Burkina Faso and Cote d'Ivoire, represented more than two-thirds of total export. It was distantly followed by Benin (X tons), creating a 5.5% share of total exports. Senegal (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +45.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest aqueous paint and varnish supplying countries in Western Africa were Ghana ($X), Cote d'Ivoire ($X) and Burkina Faso ($X), together comprising 77% of total exports.

Among the main exporting countries, Ghana, with a CAGR of +35.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, shrinking by -3% against the previous year. In general, the export price showed a deep setback. The growth pace was the most rapid in 2015 when the export price increased by 5.9% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+0.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports in Western Africa

In 2021, aqueous paint and varnish imports in Western Africa soared to X tons, with an increase of 24% against 2020 figures. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 42% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, aqueous paint and varnish imports surged to $X in 2021. Total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.3% 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 +38.1% against 2018 indices. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Ghana (X tons) and Burkina Faso (X tons) were the largest importers of paints and varnishes dispersed or dissolved in an aqueous medium in 2021, amounting to near 28% and 26% of total imports, respectively. Senegal (X tons) held a 9.5% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (9.5%), Niger (7.2%) and Cote d'Ivoire (5.9%). Gambia (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +32.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 57% of total imports. Cote d'Ivoire, Niger, Burkina Faso and Gambia lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +30.1%, recorded 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

In 2021, the import price in Western Africa amounted to $X per ton, growing by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2014 an increase of 25% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+4.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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