ECOWAS: Market for Refractory Products of Siliceous or Diatomite Earths 2024

Market Size for Refractory Products of Siliceous or Diatomite Earths in ECOWAS

The ECOWAS market for refractory products of siliceous or diatomite earths dropped rapidly to $X in 2021, which is down by -20.6% against the previous year. Overall, consumption, however, enjoyed buoyant growth. The level of consumption peaked at $X in 2020, and then fell significantly in the following year.

Production of Refractory Products of Siliceous or Diatomite Earths in ECOWAS

In value terms, production of refractory products of siliceous or diatomite earths surged to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 105%. As a result, production attained the peak level of $X. From 2019 to 2021, production of growth remained at a somewhat lower figure.

Exports of Refractory Products of Siliceous or Diatomite Earths

Exports in ECOWAS

In 2021, overseas shipments of refractory products of siliceous or diatomite earths were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 145%. Over the period under review, the exports of hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, exports of refractory products of siliceous or diatomite earths soared to $X in 2021. In general, exports showed strong growth. The growth pace was the most rapid in 2014 when exports increased by 263% against the previous year. Over the period under review, the exports of hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria represented the major exporter of refractory products of siliceous or diatomite earths in ECOWAS, with the volume of exports resulting at X tons, which was near 73% of total exports in 2021. It was distantly followed by Senegal (X tons), comprising a 22% share of total exports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to refractory products of siliceous or diatomite earths exports from Nigeria stood at +20.6%. At the same time, Senegal (+58.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +58.5% from 2012-2021. By contrast, Ghana (-12.4%) illustrated a downward trend over the same period. While the share of Nigeria (+38 p.p.) and Senegal (+21 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-25.3 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) emerged as the largest refractory products of siliceous or diatomite earths supplier in ECOWAS, comprising 73% of total exports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +29.1%. In the other countries, the average annual rates were as follows: Senegal (+9.9% per year) and Ghana (-11.0% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, reducing by -6.4% against the previous year. Overall, the export price saw a perceptible decline. The pace of growth was the most pronounced in 2020 when the export price increased by 112% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+7.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Refractory Products of Siliceous or Diatomite Earths

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in purchases abroad of refractory products of siliceous or diatomite earths, when their volume decreased by -38.7% to X tons. In general, imports, however, saw significant growth. The growth pace was the most rapid in 2020 with an increase of 498%. As a result, imports attained the peak of X tons, and then fell rapidly in the following year.

In value terms, imports of refractory products of siliceous or diatomite earths contracted sharply to $X in 2021. Overall, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 379%. As a result, imports attained the peak of $X, and then fell rapidly in the following year.

Imports by Country

Nigeria represented the largest importer of refractory products of siliceous or diatomite earths in ECOWAS, with the volume of imports finishing at X tons, which was approx. 62% of total imports in 2021. It was distantly followed by Gambia (X tons), committing a 34% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +53.0%).

In value terms, the largest refractory products of siliceous or diatomite earths importing markets in ECOWAS were Nigeria ($X) and Gambia ($X).

Among the main importing countries, Gambia, with a CAGR of +57.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 8.2% against the previous year. Over the period under review, the import price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2014 an increase of 152%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

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 Gambia ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+19.1%).

Source: IndexBox Platform