ECOWAS: Paint And Varnish Market 2024

Paint And Varnish Market Size in ECOWAS

After six years of growth, the ECOWAS paint and varnish market decreased by X% to $X in 2022. The total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2015 indices. As a result, consumption attained the peak level of $X, and then declined in the following year.

Paint And Varnish Production in ECOWAS

In value terms, paint and varnish production fell to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Paint And Varnish Exports

Exports in ECOWAS

In 2022, the amount of paints and varnishes exported in ECOWAS declined to X tons, reducing by X% on 2021 figures. Overall, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, paint and varnish exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the largest exporter of paints and varnishes in ECOWAS, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Ghana (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%) and Senegal (X%). The following exporters - Benin (X tons) and Mali (X tons) - each finished at a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to paint and varnish exports from Cote d'Ivoire stood at X%. At the same time, Senegal (X%), Ghana (X%), Burkina Faso (X%) and Mali (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Benin experienced a relatively flat trend pattern. From 2012 to 2022, the share of Ghana and Senegal increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest paint and varnish supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with an X% share of total exports. It was followed by Senegal, with an X% share.

In Cote d'Ivoire, paint and varnish exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price, however, recorded a mild contraction. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in ECOWAS

In 2022, supplies from abroad of paints and varnishes decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of X%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, paint and varnish imports contracted to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

Ghana (X tons) and Nigeria (X tons) represented the largest importers of paints and varnishes in 2022, resulting at near X% and X% of total imports, respectively. Burkina Faso (X tons) held the next position in the ranking, followed by Senegal (X tons), Liberia (X tons), Benin (X tons) and Cote d'Ivoire (X tons). All these countries together held near X% share of total imports. Mali (X tons) followed a long way behind the leaders.

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

In value terms, Nigeria ($X), Ghana ($X) and Liberia ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Cote d'Ivoire, Senegal, Mali, Benin and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Cote d'Ivoire, with a CAGR of X%, 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

The import price in ECOWAS stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the import price, however, showed a mild slump. The pace of growth appeared the most rapid in 2014 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 Benin (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform