ECOWAS: Lithium Carbonate Market 2025

Lithium Carbonate Market Size in ECOWAS

The ECOWAS lithium carbonate market soared to $X in 2021, surging by 67% against the previous year. Over the period under review, consumption posted a buoyant expansion. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Lithium Carbonate Production in ECOWAS

In value terms, lithium carbonate production fell to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 18%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Lithium Carbonate Exports

Exports in ECOWAS

In 2021, shipments abroad of lithium carbonates increased by 13% to X tons, rising for the third consecutive year after three years of decline. Overall, exports saw a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 535% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, lithium carbonate exports expanded remarkably to $X in 2021. Over the period under review, exports recorded buoyant growth. The growth pace was the most rapid in 2013 when exports increased by 581%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Sierra Leone (X tons) represented roughly 100% of total exports in 2021.

Sierra Leone was also the fastest-growing in terms of the lithium carbonates exports, with a CAGR of +16.3% from 2012 to 2021. While the share of Sierra Leone (+52 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) also remains the largest lithium carbonate supplier in ECOWAS.

From 2012 to 2021, the average annual rate of growth in terms of value in Sierra Leone totaled +8.2%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with a decrease of -4.4% against the previous year. In general, the export price continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2016 when the export price increased by 351%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Sierra Leone amounted to -6.9% per year.

Lithium Carbonate Imports

Imports in ECOWAS

After three years of decline, supplies from abroad of lithium carbonates increased by 20% to X tons in 2021. Overall, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 87% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, lithium carbonate imports declined slightly to $X in 2021. In general, imports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 115%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Senegal was the major importer of lithium carbonates in ECOWAS, with the volume of imports recording X tons, which was near 52% of total imports in 2021. Nigeria (X kg) ranks second in terms of the total imports with a 17% share, followed by Ghana (16%) and Sierra Leone (12%). Cote d'Ivoire (X kg) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the lithium carbonates imports, with a CAGR of +75.2% from 2012 to 2021. At the same time, Ghana (+42.2%) and Cote d'Ivoire (+25.4%) displayed positive paces of growth. Sierra Leone experienced a relatively flat trend pattern. By contrast, Nigeria (-28.9%) illustrated a downward trend over the same period. Senegal (+52 p.p.), Ghana (+16 p.p.), Sierra Leone (+12 p.p.) and Cote d'Ivoire (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -70.7% from 2012 to 2021, respectively.

In value terms, Senegal ($X), Nigeria ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 77% share of total imports.

Senegal, with a CAGR of +50.8%, 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 2021, which is down by -19.2% against the previous year. In general, the import price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 when the import price increased by 62% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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 ($X per ton), while Senegal ($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 (+11.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform