Western Africa: Paint And Varnish Market 2025

Paint And Varnish Market Size in Western Africa

In 2022, the West African paint and varnish market increased by 4.6% to $X, rising for the fourth year in a row after two years of decline. The market value increased at an average annual rate of +5.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Paint And Varnish Production in Western Africa

In value terms, paint and varnish production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 48% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports in Western Africa

In 2022, overseas shipments of paints and varnishes decreased by -13.3% to X tons, falling for the third year in a row after three years of growth. In general, exports recorded a perceptible setback. The pace of growth appeared the most rapid in 2015 when exports increased by 94%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports declined remarkably to $X in 2022. Over the period under review, exports saw a abrupt slump. The growth pace was the most rapid in 2015 when exports increased by 107% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons), Ghana (X tons) and Cote d'Ivoire (X tons) represented roughly 85% of total exports in 2022. It was distantly followed by Benin (X tons), comprising a 4.7% share of total exports. Senegal (X tons), Mali (X tons) and Nigeria (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +9.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish supplying countries in Western Africa were Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 64% share of total exports. Burkina Faso, Benin, Mali and Nigeria lagged somewhat behind, together accounting for a further 26%.

Among the main exporting countries, Burkina Faso, with a CAGR of +8.1%, 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

The export price in Western Africa stood at $X per ton in 2022, dropping by -6.3% against the previous year. In general, the export price saw a perceptible downturn. The pace of growth was the most pronounced in 2017 when the export price increased by 35%. As a result, the export price attained 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 Senegal ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.0%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in Western Africa

In 2022, approx. X tons of paints and varnishes were imported in Western Africa; with an increase of 22% on the previous year's figure. Over the period under review, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 33% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, paint and varnish imports rose significantly to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +61.2% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

Senegal was the key importing country with an import of about X tons, which accounted for 33% of total imports. It was distantly followed by Burkina Faso (X tons), Nigeria (X tons), Ghana (X tons) and Liberia (X tons), together comprising a 47% share of total imports. Cote d'Ivoire (X tons), Niger (X tons), Benin (X tons), Togo (X tons) and Mali (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the paints and varnishes imports, with a CAGR of +33.1% from 2012 to 2022. At the same time, Niger (+19.8%), Cote d'Ivoire (+16.2%), Togo (+14.1%), Burkina Faso (+13.5%), Liberia (+5.7%), Mali (+4.9%), Nigeria (+4.2%) and Benin (+3.3%) displayed positive paces of growth. By contrast, Ghana (-1.7%) illustrated a downward trend over the same period. While the share of Senegal (+29 p.p.), Burkina Faso (+5.6 p.p.), Niger (+2.7 p.p.) and Cote d'Ivoire (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Liberia (-2 p.p.), Benin (-2.2 p.p.), Nigeria (-6.7 p.p.) and Ghana (-21 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest paint and varnish importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Liberia ($X), with a combined 56% share of total imports. Senegal, Cote d'Ivoire, Mali, Niger, Burkina Faso, Benin and Togo lagged somewhat behind, together comprising a further 37%.

Senegal, with a CAGR of +17.2%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, shrinking by -11.4% against the previous year. Overall, the import price recorded a noticeable downturn. The most prominent rate of growth was recorded in 2014 when the import price increased by 10% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Liberia ($X per ton), while Burkina Faso ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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