ECOWAS: Magnesite Market 2025

Magnesite Market Size in ECOWAS

The ECOWAS magnesite market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption continues to indicate temperate growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Magnesite Production in ECOWAS

In value terms, magnesite production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The growth pace was the most rapid in 2019 when the production volume increased by 24%. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

Magnesite Exports

Exports in ECOWAS

In 2021, shipments abroad of magnesite decreased by 99.9% to X kg for the first time since 2016, thus ending a four-year rising trend. In general, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 6,061,264%. The volume of export peaked at X tons in 2020, and then shrank sharply in the following year.

In value terms, magnesite exports shrank markedly to $X in 2021. Over the period under review, exports showed a dramatic curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 513,200% against the previous year. The level of export peaked at $X in 2020, and then reduced rapidly in the following year.

Exports by Country

In 2021, Ghana (X kg) was the largest exporter of magnesite in ECOWAS, constituting 100% of total export.

Ghana was also the fastest-growing in terms of the magnesite exports, with a CAGR of -14.5% from 2012 to 2021. While the share of Ghana (+94 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest magnesite supplier in ECOWAS.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled +8.4%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, jumping by 3,099% against the previous year. Overall, the export price enjoyed a significant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for Ghana amounted to +26.7% per year.

Magnesite Imports

Imports in ECOWAS

In 2021, magnesite imports in ECOWAS soared to X tons, rising by 39% compared with the previous year. In general, imports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 64%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, magnesite imports skyrocketed to $X in 2021. Overall, imports, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2020 when imports increased by 110%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was near 92% of total imports in 2021. It was distantly followed by Ghana (X tons), mixing up a 5.2% share of total imports. Cote d'Ivoire (X tons) took a minor share of total imports.

Nigeria was also the fastest-growing in terms of the magnesite imports, with a CAGR of +34.1% from 2012 to 2021. Ghana (-27.2%) and Cote d'Ivoire (-37.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +90 percentage points.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of imports in 2021, with a combined 99% share of total imports.

Nigeria, with a CAGR of +32.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 23% against the previous year. Import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, magnesite import price increased by +57.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 31%. The level of import peaked at $X per ton in 2016; however, from 2017 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+57.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform