ECOWAS: Titanium Dioxide Market 2024

Titanium Dioxide Market Size in ECOWAS

In 2021, the ECOWAS titanium dioxide market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Titanium Dioxide Production in ECOWAS

In value terms, titanium dioxide production surged to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Titanium Dioxide Exports

Exports in ECOWAS

Titanium dioxide exports reduced to X tons in 2021, with a decrease of -12.9% on 2020. In general, exports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 63%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, titanium dioxide exports declined sharply to $X in 2021. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 42%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Mali represented the key exporting country with an export of about X tons, which accounted for 57% of total exports. It was distantly followed by Sierra Leone (X tons) and Ghana (X tons), together constituting a 42% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to titanium dioxide exports from Mali stood at -4.3%. Ghana (-1.4%) and Sierra Leone (-3.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana and Sierra Leone increased by +3.7 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) remains the largest titanium dioxide supplier in ECOWAS, comprising 80% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 13% share of total exports.

In Mali, titanium dioxide exports contracted by an average annual rate of -6.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sierra Leone (-10.1% per year) and Ghana (-11.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, falling by -4.1% against the previous year. Over the period under review, the export price showed a pronounced curtailment. The growth pace was the most rapid in 2015 an increase of 27% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mali ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (-2.7%), while the other leaders experienced a decline in the export price figures.

Titanium Dioxide Imports

Imports in ECOWAS

Titanium dioxide imports fell markedly to X tons in 2021, with a decrease of -43.1% on the previous year. In general, imports, however, posted a noticeable increase. The pace of growth was the most pronounced in 2020 when imports increased by 196% against the previous year. As a result, imports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, titanium dioxide imports contracted sharply to $X in 2021. Overall, imports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2020 with an increase of 194%. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was near 93% of total imports in 2021. Senegal (X tons) took a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +3.6% from 2012 to 2021. At the same time, Senegal (+3.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +3.6% from 2012-2021. Nigeria (+12 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported titanium dioxide in ECOWAS, comprising 91% of total imports. The second position in the ranking was taken by Senegal ($X), with a 3.7% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria was relatively modest.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, stabilizing at the previous year. In general, the import price recorded a pronounced decline. The pace of growth appeared the most rapid in 2014 when the import price increased by 18%. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-3.9%).

Source: IndexBox Platform