Western Africa: Paint And Varnish Market 2024

Paint And Varnish Market Size in Western Africa

In 2022, after six years of growth, there was significant decline in the West African paint and varnish market, when its value decreased by X% to $X. The total consumption indicated a noticeable expansion 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 reached the peak level of $X, and then shrank in the following year.

Paint And Varnish Production in Western Africa

In value terms, paint and varnish production shrank to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced setback. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Paint And Varnish Exports

Exports in Western Africa

In 2022, paint and varnish exports in Western Africa dropped to X tons, with a decrease of X% against 2021 figures. In general, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, paint and varnish exports surged to $X in 2022. Overall, exports, however, showed a strong increase. The pace of growth appeared the most rapid in 2015 when exports increased by X%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the major exporter of paints and varnishes, making up X% of total exports. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Burkina Faso (X%) and Senegal (X%). The following exporters - Benin (X tons) and Mali (X tons) - each recorded a X% share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. 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 Western Africa, 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 ($X) remains the largest paint and varnish supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($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. 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 Western Africa amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price, however, recorded a mild descent. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat 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 Western Africa

In 2022, after five years of growth, there was significant decline in overseas purchases of paints and varnishes, when their volume decreased by X% to X tons. Total imports indicated a pronounced 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 most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, paint and varnish imports shrank to $X in 2022. The total import value increased at an average annual rate of X% 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 with an increase of X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Ghana (X tons) and Nigeria (X tons) were the largest importers of paints and varnishes in Western Africa, together mixing up X% of total imports. Burkina Faso (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%), Liberia (X%), Benin (X%) and Cote d'Ivoire (X%). Mali (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Senegal (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Liberia ($X), together accounting for X% 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%, saw 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

In 2022, the import price in Western Africa amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the import price, however, recorded a mild downturn. The pace of growth was the most pronounced in 2014 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the 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 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