ECOWAS: Talc And Steatite Market 2024

Talc And Steatite Market Size in ECOWAS

The ECOWAS talc and steatite market reached $X in 2022, with an increase of 5.2% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +66.1% against 2012 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Talc And Steatite Production in ECOWAS

In value terms, talc and steatite production fell slightly to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.0% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 30% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Talc And Steatite Exports

Exports in ECOWAS

In 2022, approx. X tons of talc and steatite were exported in ECOWAS; shrinking by -3.7% on 2021 figures. In general, exports, however, recorded a moderate expansion. The growth pace was the most rapid in 2019 when exports increased by 439% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, talc and steatite exports contracted sharply to $X in 2022. Overall, exports continue to indicate a perceptible decrease. The growth pace was the most rapid in 2018 when exports increased by 140% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria was the key exporter of talc and steatite in ECOWAS, with the volume of exports reaching X tons, which was near 65% of total exports in 2022. Senegal (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (7.4%). Mali (X tons) took a little share of total exports.

Nigeria was also the fastest-growing in terms of the talc and steatite exports, with a CAGR of +24.6% from 2012 to 2022. At the same time, Cote d'Ivoire (+9.0%) displayed positive paces of growth. By contrast, Mali (-6.2%) and Senegal (-8.0%) illustrated a downward trend over the same period. Nigeria (+56 p.p.) and Cote d'Ivoire (+3.4 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Senegal saw its share reduced by -5.9% and -45.2% from 2012 to 2022, respectively.

In value terms, the largest talc and steatite supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Cote d'Ivoire ($X), together comprising 86% of total exports.

Cote d'Ivoire, with a CAGR of +6.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, reducing by -40.5% against the previous year. Overall, the export price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2020 an increase of 213%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+4.0%), while the other leaders experienced a decline in the export price figures.

Talc And Steatite Imports

Imports in ECOWAS

In 2022, approx. X tons of talc and steatite were imported in ECOWAS; with an increase of 16% compared with 2021 figures. Total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.2% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 29%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, talc and steatite imports skyrocketed to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +119.0% against 2016 indices. The growth pace was the most rapid in 2013 when imports increased by 38%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

The countries with the highest levels of talc and steatite imports in 2022 were Senegal (X tons), Nigeria (X tons) and Cote d'Ivoire (X tons), together finishing at 87% of total import. It was distantly followed by Ghana (X tons), making up a 10% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +10.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported talc and steatite in ECOWAS, comprising 53% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Senegal, with a 17% share.

In Nigeria, talc and steatite imports increased at an average annual rate of +5.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+8.9% per year) and Senegal (+4.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with an increase of 14% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 20% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform