Western Africa: Glass Fiber Market 2024

Glass Fiber Market Size in Western Africa

In 2021, the West African glass fiber market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Over the period under review, consumption continues to indicate mild growth. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Glass Fiber Production in Western Africa

In value terms, glass fiber production soared to $X in 2021 estimated in export price. Overall, production showed a slight increase. The pace of growth appeared the most rapid in 2016 with an increase of 76%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Glass Fiber Exports

Exports in Western Africa

In 2021, overseas shipments of voiles, webs, mats and other articles of glass fibers increased by 231% to X tons, rising for the second year in a row after two years of decline. In general, exports posted a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fiber exports surged to $X in 2021. Overall, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mali dominates exports structure, finishing at X tons, which was near 67% of total exports in 2021. Ghana (X tons) took the second position in the ranking, followed by Nigeria (X tons), Senegal (X tons) and Togo (X tons). All these countries together took approx. 28% share of total exports. Niger (X tons) and Sierra Leone (X tons) took a relatively small share of total exports.

Exports from Mali increased at an average annual rate of +44.9% from 2012 to 2021. At the same time, Sierra Leone (+61.4%), Niger (+29.2%), Ghana (+17.4%), Togo (+16.2%) and Senegal (+7.2%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +61.4% from 2012-2021. By contrast, Nigeria (-2.5%) illustrated a downward trend over the same period. While the share of Mali (+59 p.p.), Sierra Leone (+2.3 p.p.), Ghana (+2.2 p.p.) and Niger (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-3.5 p.p.) and Nigeria (-27.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) emerged as the largest glass fiber supplier in Western Africa, comprising 65% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 7.7% share of total exports. It was followed by Togo, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value in Mali stood at +44.6%. In the other countries, the average annual rates were as follows: Sierra Leone (+42.1% per year) and Togo (+26.8% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with a decrease of -22.3% against the previous year. In general, the export price continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2019 when the export price increased by 28%. The level of export peaked at $X per ton in 2020, and then shrank significantly in the following year.

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 Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+9.1%), while the other leaders experienced mixed trends in the export price figures.

Glass Fiber Imports

Imports in Western Africa

In 2021, supplies from abroad of voiles, webs, mats and other articles of glass fibers increased by 30% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 43% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, glass fiber imports surged to $X in 2021. Overall, imports posted a tangible expansion. The pace of growth appeared the most rapid in 2020 with an increase of 58%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Ghana (X tons), Nigeria (X tons) and Cote d'Ivoire (X tons) represented the main importer of voiles, webs, mats and other articles of glass fibers in Western Africa, mixing up 69% of total import. It was distantly followed by Senegal (X tons), committing a 13% share of total imports. Cabo Verde (X tons), Liberia (X tons) and Mauritania (X tons) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Liberia (with a CAGR of +56.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 71% of total imports. These countries were followed by Senegal, Cabo Verde, Liberia and Mauritania, which together accounted for a further 21%.

Liberia, with a CAGR of +56.0%, recorded the highest rates of growth with regard to the value of imports, among 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 2021, the import price in Western Africa amounted to $X per ton, jumping by 18% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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