ECOWAS: Metal Pickling Preparations Market 2024

Metal Pickling Preparations Market Size in ECOWAS

In 2021, the ECOWAS metal pickling preparations market was finally on the rise to reach $X after three years of decline. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -24.5% against 2017 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Metal Pickling Preparations Production in ECOWAS

In value terms, metal pickling preparations production rose significantly to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -28.4% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 62%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Metal Pickling Preparations Exports

Exports in ECOWAS

In 2021, overseas shipments of pickling preparations for metal surfaces increased by 372% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports posted modest growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, metal pickling preparations exports soared to $X in 2021. In general, exports enjoyed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Ghana (X tons) was the main exporter of pickling preparations for metal surfaces, comprising 65% of total exports. Senegal (X tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Gambia (5.8%) and Cote d'Ivoire (5.2%). Mali (X tons) took a minor share of total exports.

Exports from Ghana increased at an average annual rate of +15.1% from 2012 to 2021. At the same time, Gambia (+87.5%), Cote d'Ivoire (+13.6%), Senegal (+10.8%) and Mali (+3.9%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +87.5% from 2012-2021. From 2012 to 2021, the share of Ghana, Senegal, Gambia and Cote d'Ivoire increased by +43, +11, +5.8 and +3.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Gambia ($X) and Senegal ($X) were the countries with the highest levels of exports in 2021, together accounting for 81% of total exports.

In terms of the main exporting countries, Gambia, with a CAGR of +96.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, which is down by -36.6% against the previous year. In general, the export price, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 64% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2020, and then declined dramatically in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Gambia ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+4.8%), while the other leaders experienced a decline in the export price figures.

Metal Pickling Preparations Imports

Imports in ECOWAS

In 2021, supplies from abroad of pickling preparations for metal surfaces increased by 49% to X tons, rising for the fourth year in a row after three years of decline. Over the period under review, imports continue to indicate a resilient expansion. The growth pace was the most rapid in 2014 when imports increased by 131% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, metal pickling preparations imports skyrocketed to $X in 2021. In general, imports, however, recorded a perceptible shrinkage. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 86% of total imports in 2021. It was distantly followed by Guinea (X tons), creating a 5.4% share of total imports. Cote d'Ivoire (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to metal pickling preparations imports into Nigeria stood at +10.0%. At the same time, Guinea (+26.6%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +26.6% from 2012-2021. By contrast, Cote d'Ivoire (-10.7%) illustrated a downward trend over the same period. Nigeria (+26 p.p.) and Guinea (+4.3 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -12.9% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported pickling preparations for metal surfaces in ECOWAS, comprising 59% of total imports. The second position in the ranking was taken by Guinea ($X), with a 20% share of total imports.

In Nigeria, metal pickling preparations imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (+27.6% per year) and Cote d'Ivoire (-6.7% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 12% against the previous year. In general, the import price, however, showed a deep contraction. The most prominent rate of growth was recorded in 2017 an increase of 14%. 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 Guinea ($X per ton), while Nigeria ($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 (+4.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform