ECOWAS: Market for Activated Natural Mineral Products 2024

Market Size for Activated Natural Mineral Products in ECOWAS

After three years of growth, the ECOWAS activated natural mineral products market decreased by -11.5% to $X in 2021. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +51.6% against 2017 indices. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Production of Activated Natural Mineral Products in ECOWAS

In value terms, activated natural mineral products production shrank to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +34.2% against 2017 indices. The pace of growth was the most pronounced in 2014 with an increase of 33% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then contracted in the following year.

Exports of Activated Natural Mineral Products

Exports in ECOWAS

In 2021, shipments abroad of activated natural mineral products increased by 318% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2015 when exports increased by 649%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, activated natural mineral products exports soared to $X in 2021. In general, exports, however, recorded a pronounced slump. The pace of growth appeared the most rapid in 2015 when exports increased by 4,438% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria dominates exports structure, accounting for X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Senegal (X tons), creating an 8.7% share of total exports.

Exports from Nigeria decreased at an average annual rate of -1.6% from 2012 to 2021. At the same time, Senegal (+1.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +1.1% from 2012-2021. While the share of Nigeria (+9.2 p.p.) and Senegal (+2.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) emerged as the largest activated natural mineral products supplier in ECOWAS, comprising 90% of total exports. The second position in the ranking was held by Senegal ($X), with a 7.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +2.7%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, declining by -29.5% against the previous year. Overall, the export price recorded a slight reduction. The pace of growth was the most pronounced in 2015 when the export price increased by 506% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Senegal amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+4.4%).

Imports of Activated Natural Mineral Products

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in supplies from abroad of activated natural mineral products, when their volume decreased by -20.9% to X tons. Total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +47.2% against 2017 indices. The growth pace was the most rapid in 2018 with an increase of 40% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then plummeted in the following year.

In value terms, activated natural mineral products imports shrank to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.0% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 56% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X tons) represented the main importer of activated natural mineral products, committing 54% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 15% share, followed by Ghana (14%) and Sierra Leone (7.6%). Guinea (X tons) and Senegal (X tons) held a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +2.2% from 2012 to 2021. At the same time, Sierra Leone (+60.0%), Guinea (+45.9%), Ghana (+4.5%) and Senegal (+2.5%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +60.0% from 2012-2021. By contrast, Cote d'Ivoire (-3.9%) illustrated a downward trend over the same period. While the share of Sierra Leone (+7.5 p.p.), Guinea (+3.4 p.p.) and Ghana (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-1.7 p.p.) and Cote d'Ivoire (-11.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported activated natural mineral products in ECOWAS, comprising 64% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Ghana, with a 9.1% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +3.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-2.5% per year) and Ghana (+0.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, rising by 9.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 14% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, 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 Senegal ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform