ECOWAS: Market for Oxides Of Boron and Boric Acids 2024

Market Size for Oxides Of Boron and Boric Acids in ECOWAS

The ECOWAS market for oxides of boron and boric acids soared to $X in 2021, surging by 30% against the previous year. Overall, consumption showed a notable expansion. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Oxides Of Boron and Boric Acids in ECOWAS

In value terms, boron oxide and boric acid production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 8.9% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Oxides Of Boron and Boric Acids

Exports in ECOWAS

In 2021, approx. X tons of oxides of boron and boric acids were exported in ECOWAS; rising by 23% on 2020. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 12,640% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, boron oxide and boric acid exports shrank dramatically to $X in 2021. In general, exports posted buoyant growth. The growth pace was the most rapid in 2020 with an increase of 1,608% against the previous year. As a result, the exports reached the peak of $X, and then declined sharply in the following year.

Exports by Country

Nigeria dominates exports structure, reaching X tons, which was near 95% of total exports in 2021. Senegal (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the oxides of boron and boric acids exports, with a CAGR of +25.0% from 2012 to 2021. At the same time, Cote d'Ivoire (+18.6%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. Nigeria (+95 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Senegal saw its share reduced by -7.6% and -87.7% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) remains the largest boron oxide and boric acid supplier in ECOWAS, comprising 76% of total exports. The second position in the ranking was held by Senegal ($X), with a 14% share of total exports.

In Nigeria, boron oxide and boric acid exports declined by an average annual rate of -44.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (-4.2% per year) and Cote d'Ivoire (+31.6% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, reducing by -49% against the previous year. In general, the export price showed a abrupt setback. The pace of growth appeared the most rapid in 2017 an increase of 220% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 (+11.0%), while the other leaders experienced a decline in the export price figures.

Imports of Oxides Of Boron and Boric Acids

Imports in ECOWAS

In 2021, the amount of oxides of boron and boric acids imported in ECOWAS skyrocketed to X tons, with an increase of 81% against the previous year. Overall, imports showed strong growth. The pace of growth was the most pronounced in 2013 with an increase of 301%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, boron oxide and boric acid imports skyrocketed to $X in 2021. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2013 when imports increased by 249%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, amounting to X tons, which was approx. 82% of total imports in 2021. It was distantly followed by Senegal (X tons), creating a 6.4% share of total imports. The following importers - Guinea (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Togo (X tons) - together made up 9.7% of total imports.

Imports into Nigeria increased at an average annual rate of +22.5% from 2012 to 2021. At the same time, Guinea (+58.2%) and Togo (+34.3%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +58.2% from 2012-2021. By contrast, Cote d'Ivoire (-7.9%), Senegal (-9.6%) and Ghana (-12.8%) illustrated a downward trend over the same period. Nigeria (+53 p.p.) and Guinea (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Ghana and Senegal saw its share reduced by -6.9%, -16.4% and -27.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported oxides of boron and boric acids in ECOWAS, comprising 71% of total imports. The second position in the ranking was held by Senegal ($X), with a 12% share of total imports. It was followed by Guinea, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +18.5%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-3.0% per year) and Guinea (+59.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, dropping by -2.6% against the previous year. Over the period under review, the import price showed a noticeable decline. The growth pace was the most rapid in 2017 an increase of 19% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform