ECOWAS: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in ECOWAS

After four years of growth, the ECOWAS market for oil and water paints and varnishes decreased by X% to $X in 2022. The total consumption indicated tangible growth 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 2017 indices. The level of consumption peaked at $X in 2021, and then contracted slightly in the following year.

Production of Oil And Water Paints And Varnishes in ECOWAS

In value terms, production of oil and water paints and varnishes amounted to $X in 2022 estimated in export price. The total production indicated perceptible growth 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, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of X%. As a result, production attained the peak level of $X. From 2016 to 2022, production of growth failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in ECOWAS

In 2022, shipments abroad of oil and water paints and varnishes decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then declined slightly in the following year.

In value terms, exports of oil and water paints and varnishes soared to $X in 2022. Over the period under review, exports, however, saw a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

Cote d'Ivoire was the largest exporter of oil and water paints and varnishes in ECOWAS, with the volume of exports reaching X tons, which was approx. X% of total exports in 2022. It was distantly followed by Ghana (X tons), making up an X% share of total exports. Senegal (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Cote d'Ivoire (X p.p.), Ghana (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest oil and water paints and varnishes supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports.

In Cote d'Ivoire, exports of oil and water paints and varnishes increased 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: Senegal (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, rising by X% against the previous year. In general, the export price continues to indicate a temperate increase. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) 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 mixed trends in the export price figures.

Imports of Oil And Water Paints And Varnishes

Imports in ECOWAS

In 2022, after five years of growth, there was decline in supplies from abroad of oil and water paints and varnishes, when their volume decreased by X% to X tons. Over the period under review, imports, however, saw modest growth. The growth pace was the most rapid in 2013 when imports increased by X%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes fell dramatically to $X in 2022. Overall, imports recorded a mild setback. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) and Senegal (X tons) represented the major importers of oil and water paints and varnishes in ECOWAS, together finishing at near X% of total imports. Burkina Faso (X tons) held the next position in the ranking, followed by Ghana (X tons), Niger (X tons) and Gambia (X tons). All these countries together took near X% share of total imports. Mali (X tons) held a relatively small share of total imports.

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

In value terms, the largest oil and water paints and varnishes importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Gambia ($X), with a combined X% share of total imports. Senegal, Burkina Faso, Niger and Mali lagged somewhat behind, together accounting for a further X%.

Niger, with a CAGR of X%, saw the highest rates of growth with regard to 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 ECOWAS amounted to $X per ton, dropping by X% against the previous year. Overall, the import price recorded a perceptible slump. The pace of growth was the most pronounced in 2015 an increase of X% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Senegal ($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.

Source: IndexBox Platform

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