ECOWAS: Aluminium Market 2024

Aluminium Market Size in ECOWAS

The ECOWAS aluminium market rose to $X in 2022, surging by 1.8% against the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Aluminium Production in ECOWAS

In value terms, aluminium production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Aluminium Exports

Exports in ECOWAS

After two years of growth, shipments abroad of aluminum (unwrought, not alloyed) decreased by -2.2% to X tons in 2022. In general, exports, however, recorded a pronounced expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 49% against the previous year. The volume of export peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, aluminium exports dropped sharply to $X in 2022. Over the period under review, exports, however, continue to indicate a slight increase. The pace of growth was the most pronounced in 2021 with an increase of 54% against the previous year. As a result, the exports attained the peak of $X, and then reduced sharply in the following year.

Exports by Country

Ghana dominates exports structure, recording X tons, which was approx. 98% of total exports in 2022. Nigeria (X tons) took a relatively small share of total exports.

Ghana was also the fastest-growing in terms of the aluminum (unwrought, not alloyed) exports, with a CAGR of +7.8% from 2012 to 2022. Nigeria (-25.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana increased by +39 percentage points.

In value terms, Ghana ($X) remains the largest aluminium supplier in ECOWAS, comprising 98% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 2.3% share of total exports.

In Ghana, aluminium exports increased at an average annual rate of +7.3% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by -14.8% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 49%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.3%).

Aluminium Imports

Imports in ECOWAS

In 2022, aluminium imports in ECOWAS shrank to X tons, which is down by -14.1% compared with 2021 figures. In general, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 315% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, aluminium imports fell to $X in 2022. Overall, imports faced a deep reduction. The most prominent rate of growth was recorded in 2014 with an increase of 367% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the key importer of aluminum (unwrought, not alloyed) in ECOWAS, with the volume of imports accounting for X tons, which was approx. 79% of total imports in 2022. It was distantly followed by Ghana (X tons), generating an 11% share of total imports. Cote d'Ivoire (X tons), Mali (X tons), Gambia (X tons) and Niger (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to aluminium imports into Nigeria stood at -14.0%. At the same time, Niger (+3.3%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +3.3% from 2012-2022. Mali experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-1.4%), Gambia (-4.9%) and Ghana (-8.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Mali and Cote d'Ivoire increased by +4.3, +2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported aluminum (unwrought, not alloyed) in ECOWAS, comprising 74% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Cote d'Ivoire, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to -16.7%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-13.2% per year) and Cote d'Ivoire (+2.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the import price, however, showed a perceptible decline. The pace of growth appeared the most rapid in 2018 when the import price increased by 15%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Cote d'Ivoire ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform