ECOWAS: Silicates Market 2024

Silicates Market Size in ECOWAS

In 2021, the ECOWAS silicates market decreased by -18.6% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted rapidly in the following year.

Silicates Production in ECOWAS

In value terms, silicates production shrank markedly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 65%. As a result, production attained the peak level of $X, and then declined significantly in the following year.

Silicates Exports

Exports in ECOWAS

Silicates exports rose notably to X tons in 2021, with an increase of 10% against the year before. Overall, exports showed a notable expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 60%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, silicates exports amounted to $X in 2021. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 124% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal was the largest exporter of silicates, commercial alkali metal silicates in ECOWAS, with the volume of exports finishing at X tons, which was approx. 54% of total exports in 2021. Mali (X tons) held a 27% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (8.7%) and Cote d'Ivoire (6.1%). The following exporters - Niger (X tons) and Ghana (X tons) - each recorded a 4.5% share of total exports.

Exports from Senegal increased at an average annual rate of +19.8% from 2012 to 2021. At the same time, Mali (+25.4%) and Cote d'Ivoire (+9.7%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +25.4% from 2012-2021. By contrast, Ghana (-6.8%), Nigeria (-16.4%) and Niger (-17.0%) illustrated a downward trend over the same period. Senegal (+38 p.p.), Mali (+22 p.p.), Niger (+2.3 p.p.) and Cote d'Ivoire (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Nigeria saw its share reduced by -3.9% and -56.1% from 2012 to 2021, respectively.

In value terms, the largest silicates supplying countries in ECOWAS were Mali ($X), Senegal ($X) and Ghana ($X), together accounting for 86% of total exports.

In terms of the main exporting countries, Mali, with a CAGR of +31.9%, recorded the highest rates of growth with regard to 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, declining by -8.7% against the previous year. Over the period under review, the export price, however, continues to indicate a measured expansion. The pace of growth was the most pronounced in 2016 an increase of 82% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, 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 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 Ghana (+15.0%), while the other leaders experienced more modest paces of growth.

Silicates Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in purchases abroad of silicates, commercial alkali metal silicates, which increased by 5.6% to X tons in 2021. In general, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 48% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the near future.

In value terms, silicates imports soared to $X in 2021. Over the period under review, imports showed buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 46% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of silicates imports in 2021 were Nigeria (X tons), Senegal (X tons) and Ghana (X tons), together finishing at 87% of total import. It was distantly followed by Cote d'Ivoire (X tons), achieving a 9.2% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Ghana (with a CAGR of +23.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, with a combined 89% share of total imports.

Ghana, with a CAGR of +12.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 11% against the previous year. Overall, the import price, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 22%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Nigeria ($X per ton) and Ghana ($X per ton), while Cote d'Ivoire ($X per ton) and Senegal ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform