Nigeria: Non-Metal Permanent Magnet Market 2024

Non-Metal Permanent Magnet Market Size in Nigeria

The Nigerien non-metal permanent magnet market soared to $X in 2021, with an increase of 36% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed a significant expansion. Non-metal permanent magnet consumption peaked in 2021 and is likely to continue growth in years to come.

Non-Metal Permanent Magnet Exports

Exports from Nigeria

In 2021, overseas shipments of non-metal permanent magnets decreased by -37.2% to X kg for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, showed a tangible expansion. The pace of growth was the most pronounced in 2020 with an increase of 1,382%. As a result, the exports reached the peak of X kg, and then contracted sharply in the following year.

In value terms, non-metal permanent magnet exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 339% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Benin (X kg) was the main destination for non-metal permanent magnet exports from Nigeria, with a 94% share of total exports. Moreover, non-metal permanent magnet exports to Benin exceeded the volume sent to the second major destination, Angola (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Benin amounted to +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-5.2% per year) and Cote d'Ivoire (+19.6% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for non-metal permanent magnets exports from Nigeria, comprising 69% of total exports. The second position in the ranking was held by Benin ($X), with a 21% share of total exports. It was followed by Angola, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire stood at +25.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+13.9% per year) and Angola (-14.1% per year).

Export Prices by Country

In 2021, the average non-metal permanent magnet export price amounted to $X per ton, growing by 98% against the previous year. Overall, the export price enjoyed modest growth. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Metal Permanent Magnet Imports

Imports into Nigeria

For the third consecutive year, Nigeria recorded growth in supplies from abroad of non-metal permanent magnets, which increased by 44% to X tons in 2021. In general, imports recorded a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by 310% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, non-metal permanent magnet imports dropped sharply to $X in 2021. Over the period under review, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 256% against the previous year. Imports peaked at $X in 2020, and then contracted sharply in the following year.

Imports by Country

In 2021, China (X tons) was the main supplier of non-metal permanent magnet to Nigeria, accounting for a 96% share of total imports. It was followed by the UK (X tons), with a 1.7% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at +67.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+36.1% per year) and India (-25.9% per year).

In value terms, China ($X) constituted the largest supplier of non-metal permanent magnets to Nigeria, comprising 73% of total imports. The second position in the ranking was held by the UK ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +65.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+23.1% per year) and India (-28.4% per year).

Import Prices by Country

In 2021, the average non-metal permanent magnet import price amounted to $X per ton, dropping by -45.5% against the previous year. Over the period under review, the import price showed a drastic downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 78%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained 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 the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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