ECOWAS: Mineral Wool Market 2024

Mineral Wool Market Size in ECOWAS

The ECOWAS mineral wool market expanded modestly to $X in 2023, surging by X% against the previous year. Overall, consumption continues to indicate a prominent increase. Over the period under review, the market attained the peak level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Mineral Wool Production in ECOWAS

In value terms, mineral wool production amounted to $X in 2023 estimated in export price. Overall, production posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Mineral Wool Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in shipments abroad of slag wool, rock wool and similar mineral wools and mixtures, which increased by X% to X tons in 2023. In general, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of X%. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, mineral wool exports contracted to $X in 2023. Over the period under review, exports, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2022 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by Ghana (X tons), Cote d'Ivoire (X tons), Mali (X tons) and Senegal (X tons), together constituting a X% share of total exports. Sierra Leone (X tons) held a relatively small share of total exports.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of slag wool, rock wool and similar mineral wools and mixtures. At the same time, Mali (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%) and Sierra Leone (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Ghana (X p.p.) and Mali (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal, Sierra Leone and Cote d'Ivoire saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, Mali ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Nigeria, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the export price saw a abrupt slump. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the export price figures.

Mineral Wool Imports

Imports in ECOWAS

Mineral wool imports skyrocketed to X tons in 2023, jumping by X% compared with 2022 figures. Over the period under review, imports continue to indicate tangible growth. The most prominent rate of growth was recorded in 2018 when imports increased by X%. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, mineral wool imports rose to $X in 2023. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the near future.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. X% of total imports in 2023. Ghana (X tons) ranks second in terms of the total imports with an X% share, followed by Senegal (X%) and Cote d'Ivoire (X%). Togo (X tons) and Sierra Leone (X tons) held a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Togo (X%), Cote d'Ivoire (X%), Sierra Leone (X%), Senegal (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Cote d'Ivoire (X p.p.), Togo (X p.p.), Senegal (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, mineral wool imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X% against the previous year. The level of import peaked at $X per ton in 2021; however, from 2022 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform