ECOWAS: Wood-Based Panels Market 2023

Wood-Based Panels Market Size in ECOWAS

The ECOWAS wood-based panels market rose modestly to $X in 2022, with an increase of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Wood-Based Panels Production in ECOWAS

In value terms, wood-based panels production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Wood-Based Panels Exports

Exports in ECOWAS

In 2022, overseas shipments of wood-based panels increased by X% to X cubic meters, rising for the second year in a row after two years of decline. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by X%. As a result, the exports attained the peak of X cubic meters. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wood-based panels exports totaled $X in 2022. Over the period under review, exports, however, saw a mild descent. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the main exporter of wood-based panels in ECOWAS, with the volume of exports recording X cubic meters, which was near X% of total exports in 2022. It was distantly followed by Ghana (X cubic meters), making up 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. Ghana (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022.

Ghana, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, surging by X% against the previous year. In general, the export price, however, continues to indicate a mild setback. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs 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 Ghana ($X per cubic meter), while Cote d'Ivoire totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Wood-Based Panels Imports

Imports in ECOWAS

Wood-based panels imports totaled X cubic meters in 2022, surging by X% on 2021 figures. In general, imports recorded a strong 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 failed to regain momentum.

In value terms, wood-based panels imports totaled $X in 2022. Overall, imports posted prominent 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 represented the key importing country with an import of around X cubic meters, which accounted for X% of total imports. It was distantly followed by Ghana (X cubic meters), Senegal (X cubic meters) and Niger (X cubic meters), together committing a X% share of total imports. Burkina Faso (X cubic meters), Guinea (X cubic meters), Cote d'Ivoire (X cubic meters), Gambia (X cubic meters), Liberia (X cubic meters), Togo (X cubic meters) and Sierra Leone (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to wood-based panels imports into Nigeria stood at X%. At the same time, Ghana (X%), Cote d'Ivoire (X%), Gambia (X%), Guinea (X%), Togo (X%), Niger (X%), Senegal (X%), Sierra Leone (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 Guinea 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 ($X) constitutes the largest market for imported wood-based panels in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, wood-based panels imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: 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, shrinking by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked 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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