ECOWAS: Base Metal Closure Market 2024

Base Metal Closure Market Size in ECOWAS

In 2021, after five years of growth, there was significant decline in the ECOWAS base metal closure market, when its value decreased by -8% to $X. Overall, consumption, however, continues to indicate resilient growth. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Base Metal Closure Production in ECOWAS

In value terms, base metal closure production reduced to $X in 2021 estimated in export price. In general, production, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2018 when the production volume increased by 60%. The level of production peaked at $X in 2020, and then reduced in the following year.

Base Metal Closure Exports

Exports in ECOWAS

Base metal closure exports totaled X tons in 2021, increasing by 11% on the previous year. In general, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 178%. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, base metal closure exports reduced notably to $X in 2021. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 138%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria dominates exports structure, accounting for X tons, which was approx. 93% of total exports in 2021. Sierra Leone (X tons) and Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to base metal closure exports from Nigeria stood at +24.9%. At the same time, Sierra Leone (+62.2%) and Ghana (+53.3%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +62.2% from 2012-2021. Nigeria (+44 p.p.) and Sierra Leone (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest base metal closure supplier in ECOWAS, comprising 76% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 5% share of total exports.

In Nigeria, base metal closure exports increased at an average annual rate of +3.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (+46.4% per year) and Ghana (+46.0% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, waning by -47.8% against the previous year. Overall, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2015 an increase of 18%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-4.7%), while the other leaders experienced a decline in the export price figures.

Base Metal Closure Imports

Imports in ECOWAS

In 2021, after six years of growth, there was significant decline in purchases abroad of base metal closures, stoppers, caps and lids, when their volume decreased by -6.3% to X tons. Over the period under review, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2020 when imports increased by 38% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, base metal closure imports dropped modestly to $X in 2021. Overall, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 when imports increased by 39%. As a result, imports attained the peak of $X, and then shrank slightly in the following year.

Imports by Country

Nigeria (X tons) and Ghana (X tons) were the key importers of base metal closures, stoppers, caps and lids in 2021, amounting to near 39% and 38% of total imports, respectively. Cote d'Ivoire (X tons) took the next position in the ranking, followed by Senegal (X tons). All these countries together held approx. 18% share of total imports. Guinea (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Guinea (with a CAGR of +46.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest base metal closure importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined 86% share of total imports. Senegal and Guinea lagged somewhat behind, together accounting for a further 8.4%.

Guinea, with a CAGR of +51.3%, recorded 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

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 5.5% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decline. The growth pace was the most rapid in 2014 when the import price increased by 15%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform