ECOWAS: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in ECOWAS

The ECOWAS metal permanent magnet market reached $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Metal Permanent Magnet Production in ECOWAS

In value terms, metal permanent magnet production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 31%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Metal Permanent Magnet Exports

Exports in ECOWAS

In 2022, metal permanent magnet exports in ECOWAS fell to X tons, waning by -1.6% against 2021. In general, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 258% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, metal permanent magnet exports totaled $X in 2022. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 272% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Sierra Leone dominates exports structure, reaching X tons, which was approx. 87% of total exports in 2022. Nigeria (X kg) ranks second in terms of the total exports with a 6.5% share, followed by Cote d'Ivoire (4.9%).

Sierra Leone was also the fastest-growing in terms of the metal permanent magnets exports, with a CAGR of +60.0% from 2012 to 2022. At the same time, Nigeria (+45.8%) and Cote d'Ivoire (+36.9%) displayed positive paces of growth. From 2012 to 2022, the share of Sierra Leone increased by +56 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest metal permanent magnet supplier in ECOWAS, comprising 91% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 3.7% share of total exports.

In Sierra Leone, metal permanent magnet exports expanded at an average annual rate of +64.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+36.6% per year) and Nigeria (+36.9% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by 2.8% against the previous year. In general, the export price, however, showed a slight downturn. The most prominent rate of growth was recorded in 2018 an increase of 45%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+2.6%), while the other leaders experienced a decline in the export price figures.

Metal Permanent Magnet Imports

Imports in ECOWAS

In 2022, approx. X tons of metal permanent magnets were imported in ECOWAS; waning by -8.6% against the previous year. Overall, imports saw a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 524%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, metal permanent magnet imports totaled $X in 2022. In general, imports showed a noticeable downturn. The pace of growth appeared the most rapid in 2015 with an increase of 271% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was approx. 68% of total imports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total imports with an 8.3% share, followed by Ghana (6.1%), Senegal (5.1%) and Togo (4.8%). The following importers - Niger (X tons) and Guinea (X tons) - each accounted for a 4% share of total imports.

Imports into Nigeria decreased at an average annual rate of -10.6% from 2012 to 2022. At the same time, Niger (+49.9%), Senegal (+28.0%) and Cote d'Ivoire (+2.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +49.9% from 2012-2022. By contrast, Ghana (-3.3%), Togo (-3.4%) and Guinea (-6.6%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+5.5 p.p.), Senegal (+4.9 p.p.), Ghana (+2.6 p.p.), Niger (+2.4 p.p.) and Togo (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-18.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal permanent magnet importing markets in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for 72% of total imports. Niger, Togo, Senegal and Guinea lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Niger, with a CAGR of +74.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, increasing by 19% against the previous year. Over the period under review, the import price continues to indicate strong growth. The most prominent rate of growth was recorded in 2016 when the import price increased by 225% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, 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 Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+16.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform