Western Africa: Insulating Board Market 2023

Insulating Board Market Size in Western Africa

The West African insulating board market reached $X in 2022, remaining stable against the previous year. Over the period under review, consumption saw a perceptible curtailment. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Insulating Board Production in Western Africa

In value terms, insulating board production stood at $X in 2022 estimated in export price. Overall, production recorded a pronounced contraction. The pace of growth appeared the most rapid in 2015 with an increase of 29% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Insulating Board Exports

Exports in Western Africa

Insulating board exports skyrocketed to X cubic meters in 2022, growing by 51% against 2021. Over the period under review, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 57% against the previous year. The volume of export peaked at X cubic meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, insulating board exports soared to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 127% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X cubic meters) represented the main exporter of insulating board, generating 77% of total exports. It was distantly followed by Ghana (X cubic meters), mixing up a 23% share of total exports.

Exports from Senegal decreased at an average annual rate of -7.3% from 2012 to 2022. At the same time, Ghana (+21.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +21.5% from 2012-2022. From 2012 to 2022, the share of Ghana increased by +21 percentage points.

In value terms, Senegal ($X) emerged as the largest insulating board supplier in Western Africa, comprising 35% of total exports. The second position in the ranking was held by Ghana ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Senegal totaled -3.1%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per cubic meter, waning by -10.2% against the previous year. Overall, the export price, however, saw a prominent expansion. The pace of growth was the most pronounced in 2019 an increase of 45% against the previous year. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2021, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per cubic meter), while Senegal totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+4.5%).

Insulating Board Imports

Imports in Western Africa

In 2022, overseas purchases of insulating board decreased by -15.9% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. Overall, imports saw a slight reduction. The pace of growth appeared the most rapid in 2014 with an increase of 34%. The volume of import peaked at X cubic meters in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, insulating board imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate modest growth. The pace of growth appeared the most rapid in 2014 with an increase of 35%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Cabo Verde (X cubic meters) and Nigeria (X cubic meters) represented the main importers of insulating board in Western Africa, together resulting at near 61% of total imports. Senegal (X cubic meters) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Mauritania (7.6%) and Guinea (4.9%). The following importers - Gambia (X cubic meters) and Cote d'Ivoire (X cubic meters) - each resulted at a 6.1% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +36.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest insulating board importing markets in Western Africa were Cabo Verde ($X), Nigeria ($X) and Senegal ($X), together comprising 78% of total imports.

Senegal, with a CAGR of +30.1%, saw 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 Western Africa stood at $X per cubic meter in 2022, rising by 6.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2013 an increase of 16%. Over the period under review, import prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per cubic meter), while Mauritania ($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 Gambia (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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