ECOWAS: Permanent Magnet Market 2024

Permanent Magnet Market Size in ECOWAS

The ECOWAS permanent magnet market rose sharply to $X in 2021, surging by 7.7% against the previous year. Overall, consumption saw a resilient expansion. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Permanent Magnet Production in ECOWAS

In value terms, permanent magnet production rose to $X in 2021 estimated in export price. Over the period under review, production posted a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 118%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Permanent Magnet Exports

Exports in ECOWAS

In 2021, permanent magnet exports in ECOWAS fell significantly to X tons, waning by -23.9% on 2020. Over the period under review, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 205%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, permanent magnet exports shrank notably to $X in 2021. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by 223% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Sierra Leone (X tons) represented the major exporter of permanent magnets, comprising 62% of total exports. Nigeria (X tons) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (13%). Ghana (X kg) held a relatively small share of total exports.

Sierra Leone was also the fastest-growing in terms of the permanent magnets exports, with a CAGR of +29.7% from 2012 to 2021. At the same time, Ghana (+21.9%), Nigeria (+12.5%) and Cote d'Ivoire (+12.3%) displayed positive paces of growth. From 2012 to 2021, the share of Sierra Leone increased by +30 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest permanent magnet supplier in ECOWAS, comprising 75% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 12% share of total exports. It was followed by Nigeria, with a 6.6% share.

In Sierra Leone, permanent magnet exports increased at an average annual rate of +44.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+15.7% per year) and Nigeria (+16.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, flattening at the previous year. Export price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, permanent magnet export price decreased by -20.6% against 2019 indices. The pace of growth appeared the most rapid in 2013 an increase of 120% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+11.0%), while the other leaders experienced more modest paces of growth.

Permanent Magnet Imports

Imports in ECOWAS

In 2021, approx. X tons of permanent magnets were imported in ECOWAS; with an increase of 73% compared with the previous year. In general, imports recorded notable growth. The pace of growth was the most pronounced in 2018 when imports increased by 522% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, permanent magnet imports skyrocketed to $X in 2021. Overall, imports, however, saw a pronounced shrinkage. The pace of growth was the most pronounced in 2015 when imports increased by 177% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria was the major importer of permanent magnets in ECOWAS, with the volume of imports reaching X tons, which was approx. 72% of total imports in 2021. Niger (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took near 16% share of total imports. Burkina Faso (X tons), Ghana (X tons) and Mali (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to permanent magnet imports into Nigeria stood at +4.2%. At the same time, Niger (+25.6%), Cote d'Ivoire (+2.2%) and Burkina Faso (+1.8%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.6% from 2012-2021. By contrast, Mali (-5.2%) and Ghana (-8.1%) illustrated a downward trend over the same period. Niger (+9 p.p.) and Nigeria (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while Mali and Ghana saw its share reduced by -2% and -5.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported permanent magnets in ECOWAS, comprising 47% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 17% share of total imports. It was followed by Ghana, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to -3.1%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-0.4% per year) and Ghana (-9.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, with a decrease of -26.2% against the previous year. In general, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2014 an increase of 331% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Niger ($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 (+6.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform