ECOWAS: Titanium Dioxide Pigments Market 2024

Titanium Dioxide Pigments Market Size in ECOWAS

In 2021, the ECOWAS titanium dioxide pigments market decreased by -9.6% to $X for the first time since 2016, thus ending a four-year rising trend. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.2% against 2016 indices. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank in the following year.

Titanium Dioxide Pigments Production in ECOWAS

In value terms, titanium dioxide pigments production contracted to $X in 2021 estimated in export price. The total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +61.9% against 2017 indices. The most prominent rate of growth was recorded in 2018 with an increase of 31% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Titanium Dioxide Pigments Exports

Exports in ECOWAS

In 2021, after three years of decline, there was significant growth in shipments abroad of titanium dioxide pigments and colouring preparations, when their volume increased by 41% to X tons. Overall, exports showed a strong expansion. The growth pace was the most rapid in 2014 when exports increased by 272%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, titanium dioxide pigments exports soared to $X in 2021. Over the period under review, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 230% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Sierra Leone dominates exports structure, recording X tons, which was near 81% of total exports in 2021. Guinea (X tons) ranks second in terms of the total exports with a 6.9% share, followed by Cote d'Ivoire (5.2%). Nigeria (X tons) and Ghana (X tons) followed a long way behind the leaders.

Exports from Sierra Leone increased at an average annual rate of +15.9% from 2012 to 2021. At the same time, Ghana (+17.2%) and Guinea (+7.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +17.2% from 2012-2021. By contrast, Cote d'Ivoire (-10.8%) and Nigeria (-15.5%) illustrated a downward trend over the same period. Sierra Leone (+45 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Nigeria saw its share reduced by -19.2% and -22.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest titanium dioxide pigments supplier in ECOWAS, comprising 76% of total exports. The second position in the ranking was held by Guinea ($X), with an 8.7% share of total exports. It was followed by Nigeria, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value in Sierra Leone amounted to +17.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (+11.9% per year) and Nigeria (+4.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, increasing by 8.7% against the previous year. Export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, titanium dioxide pigments export price increased by +20.5% against 2017 indices. The most prominent rate of growth was recorded in 2016 an increase of 30% against the previous year. Over the period under review, the export prices hit record highs 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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+24.0%), while the other leaders experienced more modest paces of growth.

Titanium Dioxide Pigments Imports

Imports in ECOWAS

In 2021, after four years of growth, there was significant decline in overseas purchases of titanium dioxide pigments and colouring preparations, when their volume decreased by -11.3% to X tons. Over the period under review, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2014 with an increase of 57% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then fell in the following year.

In value terms, titanium dioxide pigments imports shrank to $X in 2021. In general, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 58%. The level of import peaked at $X in 2020, and then fell in the following year.

Imports by Country

Nigeria represented the largest importing country with an import of about X tons, which finished at 54% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 21% share, followed by Ghana (15%). Senegal (X tons) and Togo (X tons) held a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +12.4% from 2012 to 2021. At the same time, Togo (+15.8%), Cote d'Ivoire (+14.0%), Ghana (+12.8%) and Senegal (+3.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +15.8% from 2012-2021. From 2012 to 2021, the share of Nigeria, Cote d'Ivoire and Ghana increased by +4.2, +3.8 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported titanium dioxide pigments and colouring preparations in ECOWAS, comprising 50% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 25% share of total imports. It was followed by Ghana, with a 14% share.

In Nigeria, titanium dioxide pigments imports increased at an average annual rate of +8.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+13.1% per year) and Ghana (+10.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 5% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2018 an increase of 17%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform