ECOWAS: Fireclay Market 2024

Fireclay Market Size in ECOWAS

In 2021, after two years of growth, there was significant decline in the ECOWAS fireclay market, when its value decreased by -5.4% to $X. Overall, consumption saw a slight reduction. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Fireclay Production in ECOWAS

In value terms, fireclay production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 when the production volume increased by 10% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Fireclay Exports

Exports in ECOWAS

Fireclay exports soared to X tons in 2021, increasing by 85% compared with 2020 figures. Overall, exports, however, saw a dramatic contraction. The most prominent rate of growth was recorded in 2018 with an increase of 90%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, fireclay exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a sharp descent. The pace of growth appeared the most rapid in 2018 with an increase of 181% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) and Sierra Leone (X tons) represented the key exporters of fireclay in 2021, accounting for approx. 37% and 31% of total exports, respectively. Ghana (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (11%). Mali (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Senegal (with a CAGR of +46.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) emerged as the largest fireclay supplier in ECOWAS, comprising 48% of total exports. The second position in the ranking was taken by Ghana ($X), with an 18% share of total exports. It was followed by Nigeria, with a 14% share.

In Sierra Leone, fireclay exports expanded at an average annual rate of +27.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-47.4% per year) and Nigeria (+19.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 28% against the previous year. Over the period under review, the export price, however, faced a deep downturn. The pace of growth was the most pronounced in 2018 when the export price increased by 48% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+36.8%), while the other leaders experienced mixed trends in the export price figures.

Fireclay Imports

Imports in ECOWAS

In 2021, the amount of fireclay imported in ECOWAS expanded notably to X tons, surging by 5.5% against 2020. In general, imports enjoyed a strong increase. The growth pace was the most rapid in 2017 when imports increased by 1,163%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, fireclay imports skyrocketed to $X in 2021. Overall, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 1,137% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana represented the largest importer of fireclay in ECOWAS, with the volume of imports reaching X tons, which was approx. 61% of total imports in 2021. It was distantly followed by Nigeria (X tons), making up a 33% share of total imports. The following importers - Senegal (X tons) and Togo (X tons) - each amounted to a 3.9% share of total imports.

From 2012 to 2021, the biggest increases were in Ghana (with a CAGR of +86.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported fireclay in ECOWAS, comprising 71% of total imports. The second position in the ranking was held by Ghana ($X), with a 24% share of total imports. It was followed by Togo, with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +12.4%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+69.6% per year) and Togo (+0.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, growing by 42% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 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 Nigeria (+2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform