ECOWAS: Market for Zirconium Ores and Concentrates 2024

Market Size for Zirconium Ores and Concentrates in ECOWAS

The ECOWAS zirconium ore and concentrate market fell notably to $X in 2022, declining by X% against the previous year. Over the period under review, consumption, however, showed a deep contraction. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Zirconium Ores and Concentrates in ECOWAS

In value terms, zirconium ore and concentrate production contracted slightly to $X in 2022 estimated in export price. In general, production enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Zirconium Ores and Concentrates

Exports in ECOWAS

In 2022, zirconium ore and concentrate exports in ECOWAS shrank to X tons, with a decrease of X% on the previous year. Overall, exports, however, saw significant growth. The growth pace was the most rapid in 2015 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, zirconium ore and concentrate exports soared to $X in 2022. In general, exports, however, showed significant growth. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Senegal represented the largest exporter of zirconium ores and concentrates in ECOWAS, with the volume of exports accounting for X tons, which was near X% of total exports in 2022. It was distantly followed by Sierra Leone (X tons), making up a X% share of total exports. The following exporters - Nigeria (X tons) and Gambia (X tons) - together made up X% of total exports.

Senegal was also the fastest-growing in terms of the zirconium ores and concentrates exports, with a CAGR of X% from 2012 to 2022. At the same time, Gambia (X%), Nigeria (X%) and Sierra Leone (X%) displayed positive paces of growth. From 2012 to 2022, the share of Senegal increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest zirconium ore and concentrate supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

In Senegal, zirconium ore and concentrate exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 an increase of X%. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Zirconium Ores and Concentrates

Imports in ECOWAS

After two years of growth, purchases abroad of zirconium ores and concentrates decreased by X% to X tons in 2022. Overall, imports recorded a deep downturn. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, zirconium ore and concentrate imports shrank remarkably to $X in 2022. In general, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by X%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of zirconium ore and concentrate imports in 2022 were Nigeria (X tons), together recording X% of total import.

Nigeria was also the fastest-growing in terms of the zirconium ores and concentrates imports, with a CAGR of X% from 2012 to 2022. Nigeria (X 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 zirconium ores and concentrates in ECOWAS.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at X%.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by X% against the previous year. Import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zirconium ore and concentrate import price increased by X% against 2017 indices. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Source: IndexBox Platform