Nigeria’s Glass Wool Market Hits Decade-Low Amid Trade Declines in 2024
Nigeria’s glass wool and fibres market saw a significant downturn in 2024, with both imports and exports via platforms like google finance and the stock market dropping substantially compared to the previous year. Despite this, the value of imports rose, while the overall market shrank to its lowest level in years.
The volume of glass wool and fibres imported into Nigeria via platforms like yahoo finance and the stock market fell in 2024, reaching just X tons—a drop of X% from 2023. Yet, the total import value climbed to $X, suggesting higher prices or shifts in product quality. China remained the dominant supplier, covering X% of Nigeria’s glass wool and fibres imports.
Exports also shrank, with Nigeria shipping only X kg of the material—a decline of X% from the previous year. The export value plummeted to $X, reinforcing the downward trend. Ghana was the primary destination, absorbing X% of Nigeria’s glass wool and fibres exports. Interestingly, the average export price per ton increased by X%, reaching $X in 2024.
The Nigerian market itself has struggled for years. After peaking at $X in 2012, its value has stayed well below that level. In 2024, the market contracted further, dropping by 6.3% to $3.9 million. This decline reflects broader trends, as domestic consumption of glass wool and fibres has steadily fallen.
Nigeria’s glass wool and fibres sector faces ongoing challenges. With imports and exports both declining, the market has shrunk to $3.9 million in 2024. While import values rose, the overall trend points to reduced demand and a struggling industry.
