ECOWAS: Silicon Dioxide Market 2024

Silicon Dioxide Market Size in ECOWAS

In 2021, the ECOWAS silicon dioxide market decreased by -10% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Silicon Dioxide Production in ECOWAS

In value terms, silicon dioxide production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 42%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Silicon Dioxide Exports

Exports in ECOWAS

In 2021, after two years of growth, there was significant decline in overseas shipments of silicon dioxide, when their volume decreased by -11.1% to X tons. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 144%. The volume of export peaked at X tons in 2020, and then dropped in the following year.

In value terms, silicon dioxide exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a moderate increase. The pace of growth appeared the most rapid in 2015 when exports increased by 134% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, Cote d'Ivoire (X tons) represented the main exporter of silicon dioxide, committing 57% of total exports. It was distantly followed by Senegal (X tons), Nigeria (X tons) and Ghana (X tons), together achieving a 43% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +27.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2021, together accounting for 94% of total exports.

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of +24.1%, saw 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, growing by 91% against the previous year. Overall, the export price saw notable growth. The most prominent rate of growth was recorded in 2018 an increase of 128%. The level of export peaked in 2021 and is expected to retain growth in years to come.

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 ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+27.8%), while the other leaders experienced more modest paces of growth.

Silicon Dioxide Imports

Imports in ECOWAS

After two years of growth, overseas purchases of silicon dioxide decreased by -51% to X tons in 2021. Overall, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 275% against the previous year. As a result, imports attained the peak of X tons, and then declined markedly in the following year.

In value terms, silicon dioxide imports fell dramatically to $X in 2021. Over the period under review, imports, however, recorded a measured increase. The most prominent rate of growth was recorded in 2020 when imports increased by 321%. As a result, imports reached the peak of $X, and then reduced sharply in the following year.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was approx. 89% of total imports in 2021. Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to silicon dioxide imports into Nigeria stood at +5.8%. At the same time, Cote d'Ivoire (+13.7%) and Ghana (+7.6%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +13.7% from 2012-2021. By contrast, Senegal (-3.0%) illustrated a downward trend over the same period. Cote d'Ivoire (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by -1.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported silicon dioxide in ECOWAS, comprising 84% of total imports. The second position in the ranking was taken by Ghana ($X), with a 7.9% share of total imports. It was followed by Cote d'Ivoire, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+9.2% per year) and Cote d'Ivoire (+9.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 3.7% against the previous year. Overall, the import price, however, continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2014 when the import price increased by 22% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

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 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 (+1.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform