Western Africa: Base Metal Closure Market 2024

Base Metal Closure Market Size in Western Africa

The West African base metal closure market reduced to $X in 2021, shrinking by -8.4% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.5% 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 +91.4% against 2012 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Base Metal Closure Production in Western Africa

In value terms, base metal closure production fell to $X in 2021 estimated in export price. In general, production, however, showed prominent growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by 30% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Base Metal Closure Exports

Exports in Western Africa

In 2021, exports of base metal closures, stoppers, caps and lids in Western Africa expanded sharply to X tons, surging by 11% compared with 2020 figures. Overall, exports showed a strong increase. The growth pace was the most rapid in 2013 with an increase of 172%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, base metal closure exports declined significantly to $X in 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 128%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria dominates exports structure, reaching X tons, which was approx. 93% of total exports in 2021. The following exporters - Sierra Leone (X tons) and Ghana (X tons) - together made up 4.6% of total exports.

Exports from Nigeria increased at an average annual rate of +24.9% from 2012 to 2021. At the same time, Sierra Leone (+62.2%) and Ghana (+53.3%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +62.2% from 2012-2021. From 2012 to 2021, the share of Nigeria and Sierra Leone increased by +45 and +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest base metal closure supplier in Western Africa, comprising 76% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 5% share of total exports.

In Nigeria, base metal closure exports expanded at an average annual rate of +3.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sierra Leone (+46.4% per year) and Ghana (+46.0% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, waning by -47.5% against the previous year. Over the period under review, the export price faced a abrupt downturn. The pace of growth was the most pronounced in 2015 an increase of 50% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-4.7%), while the other leaders experienced a decline in the export price figures.

Base Metal Closure Imports

Imports in Western Africa

In 2021, purchases abroad of base metal closures, stoppers, caps and lids decreased by -6.3% to X tons for the first time since 2014, thus ending a six-year rising trend. In general, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 38% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, base metal closure imports declined to $X in 2021. Over the period under review, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 38% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2021, Nigeria (X tons) and Ghana (X tons) represented the main importers of base metal closures, stoppers, caps and lids in Western Africa, together making up 77% of total imports. Cote d'Ivoire (X tons) took the next position in the ranking, followed by Senegal (X tons). All these countries together took near 18% share of total imports. Guinea (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +46.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 86% share of total imports. Senegal and Guinea lagged somewhat behind, together comprising a further 8.4%.

Guinea, with a CAGR of +51.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, growing by 5.5% against the previous year. Overall, the import price, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2014 when the import price increased by 15%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: 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 Senegal (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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