ECOWAS: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in ECOWAS

After two years of growth, the ECOWAS iron oxide pigment market decreased by -16.6% to $X in 2021. In general, consumption, however, showed a significant expansion. Over the period under review, the market hit record highs at $X in 2020, and then reduced rapidly in the following year.

Iron Oxide Pigment Production in ECOWAS

In value terms, iron oxide pigment production shrank remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 118%. The level of production peaked at $X in 2020, and then dropped rapidly in the following year.

Iron Oxide Pigment Exports

Exports in ECOWAS

In 2021, the amount of iron oxide pigments exported in ECOWAS soared to X tons, rising by 68% compared with 2020 figures. In general, exports, however, recorded a mild contraction. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports surged to $X in 2021. Over the period under review, exports recorded a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria was the main exporter of iron oxide pigments in ECOWAS, with the volume of exports resulting at X tons, which was approx. 55% of total exports in 2021. It was distantly followed by Mali (X tons) and Cote d'Ivoire (X tons), together making up a 38% share of total exports. The following exporters - Senegal (X tons) and Ghana (X tons) - each resulted at a 6.4% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to iron oxide pigment exports from Nigeria stood at +7.2%. At the same time, Cote d'Ivoire (+7.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +7.5% from 2012-2021. Mali experienced a relatively flat trend pattern. By contrast, Ghana (-20.5%) and Senegal (-22.6%) illustrated a downward trend over the same period. While the share of Nigeria (+30 p.p.), Cote d'Ivoire (+8.2 p.p.) and Mali (+4.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-16.8 p.p.) and Senegal (-26 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest iron oxide pigment supplier in ECOWAS, comprising 80% of total exports. The second position in the ranking was taken by Mali ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +28.6%. In the other countries, the average annual rates were as follows: Mali (-1.4% per year) and Cote d'Ivoire (+1.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 48% against the previous year. In general, the export price posted prominent growth. The growth pace was the most rapid in 2019 an increase of 89%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, 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 (+20.0%), while the other leaders experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in purchases abroad of iron oxide pigments, when their volume decreased by -13.6% to X tons. In general, imports, however, posted a tangible increase. The pace of growth appeared the most rapid in 2020 with an increase of 52% against the previous year. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, iron oxide pigment imports declined to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +89.7% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 52%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

In 2021, Nigeria (X tons) represented the main importer of iron oxide pigments, mixing up 50% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 19% share, followed by Ghana (12%), Guinea (7.1%) and Senegal (5.2%). The following importers - Mali (X tons) and Burkina Faso (X tons) - each finished at a 3.3% share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of iron oxide pigments. At the same time, Cote d'Ivoire (+22.0%), Senegal (+15.2%), Guinea (+13.8%), Burkina Faso (+13.7%) and Ghana (+8.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.0% from 2012-2021. Mali experienced a relatively flat trend pattern. Cote d'Ivoire (+14 p.p.), Guinea (+3.8 p.p.), Ghana (+3.2 p.p.) and Senegal (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -21.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported iron oxide pigments in ECOWAS, comprising 51% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+21.2% per year) and Ghana (+10.2% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 14% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Guinea ($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 (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform