Western Africa: Mineral Wool Market 2024

Mineral Wool Market Size in Western Africa

The West African mineral wool market reduced to $X in 2021, waning by -10.9% against the previous year. Over the period under review, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market attained the peak level at $X in 2020, and then reduced in the following year.

Mineral Wool Production in Western Africa

In value terms, mineral wool production fell to $X in 2021 estimated in export price. In general, production, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 51% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Mineral Wool Exports

Exports in Western Africa

In 2021, exports of slag wool, rock wool and similar mineral wools and mixtures in Western Africa dropped significantly to X tons, waning by -25.5% against 2020 figures. Over the period under review, exports saw a noticeable reduction. The most prominent rate of growth was recorded in 2017 with an increase of 497%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, mineral wool exports declined modestly to $X in 2021. In general, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 206%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria represented the largest exporting country with an export of around X tons, which recorded 47% of total exports. Ghana (X tons) held the second position in the ranking, distantly followed by Senegal (X tons) and Cote d'Ivoire (X tons). All these countries together held near 44% share of total exports. Sierra Leone (X kg), Niger (X kg) and Burkina Faso (X kg) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to mineral wool exports from Nigeria stood at -5.0%. At the same time, Ghana (+9.3%) and Senegal (+2.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +9.3% from 2012-2021. By contrast, Cote d'Ivoire (-1.2%), Burkina Faso (-2.8%), Niger (-17.0%) and Sierra Leone (-19.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana and Senegal increased by +23 and +4.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, with a combined 78% share of total exports.

Among the main exporting countries, Ghana, with a CAGR of -2.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, picking up by 28% against the previous year. Overall, the export price, however, showed a abrupt descent. The growth pace was the most rapid in 2016 when the export price increased by 79%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 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, amid the top suppliers, 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 Sierra Leone (+2.9%), while the other leaders experienced a decline in the export price figures.

Mineral Wool Imports

Imports in Western Africa

In 2021, the amount of slag wool, rock wool and similar mineral wools and mixtures imported in Western Africa surged to X tons, increasing by 37% against the year before. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 79% against the previous year. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2021.

In value terms, mineral wool imports soared to $X in 2021. In general, imports recorded a noticeable expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria represented the main importer of slag wool, rock wool and similar mineral wools and mixtures in Western Africa, with the volume of imports resulting at X tons, which was near 55% of total imports in 2021. Cote d'Ivoire (X tons) held the second position in the ranking, distantly followed by Senegal (X tons), Ghana (X tons) and Mali (X tons). All these countries together held near 34% share of total imports. Benin (X tons), Burkina Faso (X tons) and Togo (X tons) took a little share of total imports.

Imports into Nigeria decreased at an average annual rate of -1.8% from 2012 to 2021. At the same time, Benin (+51.0%), Cote d'Ivoire (+24.4%), Burkina Faso (+19.3%), Senegal (+5.2%) and Mali (+3.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +51.0% from 2012-2021. Togo and Ghana experienced a relatively flat trend pattern. From 2012 to 2021, the share of Cote d'Ivoire, Benin, Senegal and Burkina Faso increased by +15, +2.8, +2.3 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in Western Africa, comprising 60% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Senegal, with a 5.4% share.

In Nigeria, mineral wool imports increased at an average annual rate of +1.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+28.6% per year) and Senegal (+8.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 20% against the previous year. Over the last nine years, it increased at an average annual rate of +3.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Togo ($X per ton), while Burkina Faso ($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 (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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