ECOWAS: Borates Market 2024

Borates Market Size in ECOWAS

In 2022, the ECOWAS borates market decreased by -32.5% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption showed a slight slump. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Borates Production in ECOWAS

In value terms, borates production soared to $X in 2022 estimated in export price. Over the period under review, production enjoyed a tangible expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 458% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Borates Exports

Exports in ECOWAS

In 2022, the amount of borates exported in ECOWAS skyrocketed to X tons, picking up by 20% compared with the previous year. In general, exports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2016 when exports increased by 99%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, borates exports skyrocketed to $X in 2022. Over the period under review, exports showed notable growth. The most prominent rate of growth was recorded in 2016 when exports increased by 88%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Togo represented the main exporter of borates in ECOWAS, with the volume of exports reaching X tons, which was near 59% of total exports in 2022. Nigeria (X tons) took the second position in the ranking, distantly followed by Niger (X tons) and Sierra Leone (X tons). All these countries together took near 38% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to borates exports from Togo stood at +18.6%. At the same time, Nigeria (+58.5%), Sierra Leone (+55.1%) and Niger (+36.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +58.5% from 2012-2022. While the share of Togo (+34 p.p.), Nigeria (+21 p.p.), Niger (+10 p.p.) and Sierra Leone (+5.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest borates supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was held by Niger ($X), with a 17% share of total exports. It was followed by Sierra Leone, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value in Togo totaled +18.7%. In the other countries, the average annual rates were as follows: Niger (+31.6% per year) and Sierra Leone (+58.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 2.7% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible descent. The pace of growth appeared the most rapid in 2018 an increase of 16%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Borates Imports

Imports in ECOWAS

In 2022, supplies from abroad of borates decreased by -32.3% to X tons, falling for the second consecutive year after two years of growth. Overall, imports recorded a slight downturn. The growth pace was the most rapid in 2013 with an increase of 59% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, borates imports contracted rapidly to $X in 2022. In general, imports recorded a slight contraction. The growth pace was the most rapid in 2013 with an increase of 83%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Mali (X tons) was the main importer of borates, constituting 39% of total imports. Nigeria (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (15%), Ghana (8%), Liberia (5.1%) and Burkina Faso (4.6%). Guinea (X tons) followed a long way behind the leaders.

Mali was also the fastest-growing in terms of the borates imports, with a CAGR of +36.5% from 2012 to 2022. At the same time, Burkina Faso (+14.4%) and Guinea (+4.3%) displayed positive paces of growth. Senegal, Nigeria and Ghana experienced a relatively flat trend pattern. By contrast, Liberia (-3.7%) illustrated a downward trend over the same period. Mali (+38 p.p.), Burkina Faso (+3.5 p.p.), Senegal (+2.6 p.p.), Nigeria (+2.5 p.p.) and Guinea (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Liberia saw its share reduced by -1.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X), Nigeria ($X) and Senegal ($X) were the countries with the highest levels of imports in 2022, together accounting for 67% of total imports.

Mali, with a CAGR of +28.2%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 ECOWAS stood at $X per ton in 2022, surging by 9.4% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 17%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform