Nigeria: Market for Iodine, Fluorine And Bromine 2024

Market Size for Iodine, Fluorine And Bromine in Nigeria

The Nigerien iodine, fluorine and bromine market declined to $X in 2021, reducing by -3.9% against the previous year. Overall, consumption, however, recorded a prominent increase. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Production of Iodine, Fluorine And Bromine in Nigeria

In value terms, iodine, fluorine and bromine production reduced slightly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a strong increase. The growth pace was the most rapid in 2018 when the production volume increased by 33% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then fell slightly in the following year.

Exports of Iodine, Fluorine And Bromine

Exports from Nigeria

For the sixth consecutive year, Nigeria recorded growth in overseas shipments of iodine, fluorine and bromine, which increased by 20% to X tons in 2019. Overall, exports continue to indicate a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, iodine, fluorine and bromine exports soared to $X in 2019. Over the period under review, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Poland (X tons) was the main destination for iodine, fluorine and bromine exports from Nigeria, with a 63% share of total exports. Moreover, iodine, fluorine and bromine exports to Poland exceeded the volume sent to the second major destination, Spain (X tons), twofold.

From 2012 to 2019, the average annual growth rate of volume to Poland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Ecuador (0.0% per year).

In value terms, Poland ($X) emerged as the key foreign market for iodine, fluorine and bromine exports from Nigeria, comprising 64% of total exports. The second position in the ranking was held by Spain ($X), with a 29% share of total exports.

From 2012 to 2019, the average annual rate of growth in terms of value to Poland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Ecuador (0.0% per year).

Export Prices by Country

The average iodine, fluorine and bromine export price stood at $X per ton in 2019, standing approx. at the previous year. Over the period under review, the export price showed a buoyant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2019, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Poland (0.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iodine, Fluorine And Bromine

Imports into Nigeria

In 2021, the amount of iodine, fluorine and bromine imported into Nigeria shrank remarkably to X tons, waning by -58.9% on the previous year. Over the period under review, imports, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2014 with an increase of 401% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iodine, fluorine and bromine imports declined markedly to $X in 2021. Overall, imports saw a deep reduction. The pace of growth appeared the most rapid in 2018 with an increase of 327% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

India (X tons), the United Arab Emirates (X tons) and Chile (X kg) were the main suppliers of iodine, fluorine and bromine imports to Nigeria, together comprising 88% of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +48.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of iodine, fluorine and bromine to Nigeria, comprising 46% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 14% share of total imports. It was followed by the UK, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+23.8% per year) and the UK (-27.9% per year).

Import Prices by Country

In 2021, the average iodine, fluorine and bromine import price amounted to $X per ton, rising by 8.4% against the previous year. In general, the import price, however, faced a deep downturn. The pace of growth appeared the most rapid in 2017 when the average import price increased by 93%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+134.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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