ECOWAS: Wood-Based Panels Market 2024

Wood-Based Panels Market Size in ECOWAS

The ECOWAS wood-based panels market rose modestly to $X in 2022, picking up by X% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Wood-Based Panels Production in ECOWAS

In value terms, wood-based panels production contracted slightly to $X in 2022 estimated in export price. Overall, production showed a mild contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Wood-Based Panels Exports

Exports in ECOWAS

In 2022, shipments abroad of wood-based panels increased by X% to X cubic meters, rising for the second year in a row after two years of decline. In general, exports, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports hit record highs at X cubic meters in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, wood-based panels exports rose sharply to $X in 2022. Over the period under review, exports, however, saw a noticeable decrease. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of around X cubic meters, which reached X% of total exports. It was distantly followed by Ghana (X cubic meters), comprising a X% share of total exports. The following exporters - Togo (X cubic meters) and Senegal (X cubic meters) - each resulted at a X% share of total exports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of wood-based panels. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) and Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Togo increased by X and X percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest wood-based panels supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports. It was followed by Senegal, with a X% share.

In Cote d'Ivoire, wood-based panels exports decreased by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, remaining constant against the previous year. In general, the export price showed a pronounced contraction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per cubic meter), while Togo ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Wood-Based Panels Imports

Imports in ECOWAS

Wood-based panels imports soared to X cubic meters in 2022, increasing by X% compared with 2021 figures. Over the period under review, imports recorded a resilient expansion. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X cubic meters. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, wood-based panels imports expanded remarkably to $X in 2022. Overall, imports showed strong growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the major importer of wood-based panels in ECOWAS, with the volume of imports finishing at X cubic meters, which was near X% of total imports in 2022. It was distantly followed by Ghana (X cubic meters), Senegal (X cubic meters) and Niger (X cubic meters), together generating a X% share of total imports. Burkina Faso (X cubic meters), Cote d'Ivoire (X cubic meters), Guinea (X cubic meters), Gambia (X cubic meters) and Liberia (X cubic meters) took a minor share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%), Cote d'Ivoire (X%), Gambia (X%), Guinea (X%), Niger (X%), Senegal (X%), Liberia (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Ghana, Cote d'Ivoire and Gambia increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported wood-based panels in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2022, declining by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per cubic meter in 2014; however, from 2015 to 2022, import prices remained at a 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 Guinea ($X per cubic meter), while Burkina Faso ($X per cubic meter) 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.

Source: IndexBox Platform

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