ECOWAS: Market for Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium 2024

Market Size for Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium in ECOWAS

The ECOWAS magnesium hydroxide and peroxide market reduced sharply to $X in 2022, which is down by -36.1% against the previous year. In general, consumption, however, saw noticeable growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium in ECOWAS

In value terms, magnesium hydroxide and peroxide production rose significantly to $X in 2022 estimated in export price. In general, production recorded prominent growth. The pace of growth was the most pronounced in 2013 when the production volume increased by 203% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium

Exports in ECOWAS

In 2022, overseas shipments of hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium decreased by -78.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports faced a dramatic decline. The growth pace was the most rapid in 2021 when exports increased by 531%. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, magnesium hydroxide and peroxide exports reduced remarkably to $X in 2022. Over the period under review, exports saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 4,436% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the one major exporters of hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium exports, with a CAGR of -10.2% from 2012 to 2022. Nigeria (+96 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) also remains the largest magnesium hydroxide and peroxide supplier in ECOWAS.

In Nigeria, magnesium hydroxide and peroxide exports shrank by an average annual rate of -16.9% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, waning by -89.6% against the previous year. Overall, the export price showed a deep reduction. The most prominent rate of growth was recorded in 2021 when the export price increased by 618%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -7.5% per year.

Imports of Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium

Imports in ECOWAS

After two years of growth, purchases abroad of hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium decreased by -68.2% to X tons in 2022. Overall, imports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2013 with an increase of 227% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, magnesium hydroxide and peroxide imports declined notably to $X in 2022. In general, imports showed a pronounced slump. The growth pace was the most rapid in 2020 with an increase of 301%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Liberia (X tons) and Ghana (X tons) represented roughly 85% of total imports in 2022. It was distantly followed by Nigeria (X tons), committing a 10% share of total imports. Cote d'Ivoire (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Liberia (with a CAGR of +112.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Liberia ($X), Ghana ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, with a combined 96% share of total imports.

Among the main importing countries, Liberia, with a CAGR of +102.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, rising by 25% against the previous year. Import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, magnesium hydroxide and peroxide import price increased by +69.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 48%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 (+13.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform