ECOWAS: Wooden Particle Board Market 2024

Wooden Particle Board Market Size in ECOWAS

The ECOWAS wooden particle board market reduced slightly to $X in 2021, shrinking by -2.4% against the previous year. In general, consumption saw a abrupt descent. The pace of growth appeared the most rapid in 2017 with an increase of 8.5% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Wooden Particle Board Production in ECOWAS

In value terms, wooden particle board production declined slightly to $X in 2021 estimated in export price. In general, production faced a abrupt descent. The pace of growth appeared the most rapid in 2017 when the production volume increased by 8.3%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Wooden Particle Board Exports

Exports in ECOWAS

In 2021, shipments abroad of wooden particle board decreased by -70.7% to X cubic meters, falling for the fourth consecutive year after four years of growth. In general, exports showed a precipitous setback. The most prominent rate of growth was recorded in 2017 when exports increased by 1,289%. As a result, the exports attained the peak of X cubic meters. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, wooden particle board exports declined dramatically to $X in 2021. Over the period under review, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 1,146%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Ghana (X cubic meters) and Nigeria (X cubic meters) dominates exports structure, together committing 88% of total exports. It was distantly followed by Togo (X cubic meters), mixing up a 9.8% share of total exports. Cote d'Ivoire (X cubic meters) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +40.6%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest wooden particle board supplying countries in ECOWAS were Togo ($X), Ghana ($X) and Nigeria ($X), together accounting for 99% of total exports.

Ghana, with a CAGR of +27.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per cubic meter in 2021, with an increase of 14% against the previous year. Overall, the export price enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 an increase of 483% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2014 to 2021, 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 Togo ($X per cubic meter), while Cote d'Ivoire ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (-2.4%), while the other leaders experienced a decline in the export price figures.

Wooden Particle Board Imports

Imports in ECOWAS

In 2021, the amount of wooden particle board imported in ECOWAS totaled X cubic meters, growing by 11% compared with the previous year's figure. Total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +34.2% against 2017 indices. The pace of growth appeared the most rapid in 2014 with an increase of 125%. As a result, imports attained the peak of X cubic meters. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, wooden particle board imports skyrocketed to $X in 2021. In general, imports saw buoyant growth. The growth pace was the most rapid in 2014 when imports increased by 149%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Nigeria represented the major importer of wooden particle board in ECOWAS, with the volume of imports amounting to X cubic meters, which was approx. 53% of total imports in 2021. It was distantly followed by Senegal (X cubic meters) and Ghana (X cubic meters), together generating a 33% share of total imports. The following importers - Sierra Leone (X cubic meters), Cabo Verde (X cubic meters), Cote d'Ivoire (X cubic meters) and Togo (X cubic meters) - together made up 8.3% of total imports.

Imports into Nigeria decreased at an average annual rate of -1.7% from 2012 to 2021. At the same time, Sierra Leone (+78.7%), Senegal (+52.6%), Ghana (+22.3%) and Cote d'Ivoire (+3.3%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +78.7% from 2012-2021. By contrast, Togo (-4.4%) and Cabo Verde (-11.7%) illustrated a downward trend over the same period. While the share of Senegal (+22 p.p.), Ghana (+8 p.p.) and Sierra Leone (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cabo Verde (-5.9 p.p.) and Nigeria (-28.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 84% share of total imports. These countries were followed by Sierra Leone, Cote d'Ivoire, Togo and Cabo Verde, which together accounted for a further 12%.

Sierra Leone, with a CAGR of +85.9%, 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

The import price in ECOWAS stood at $X per cubic meter in 2021, rising by 34% against the previous year. Import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wooden particle board import price increased by +75.8% against 2016 indices. 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 Ghana ($X per cubic meter), while Senegal ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+30.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform