Western Africa: Borates Market 2024

Borates Market Size in Western Africa

In 2022, the West African borates market decreased by -32.3% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption recorded a slight reduction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Borates Production in Western Africa

In value terms, borates production surged to $X in 2022 estimated in export price. Over the period under review, production saw a measured increase. The growth pace was the most rapid in 2020 when the production volume increased by 458%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Borates Exports

Exports in Western Africa

In 2022, shipments abroad of borates increased by 17% to X tons, rising for the second consecutive year after two years of decline. Overall, exports continue to indicate a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by 99%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, borates exports soared to $X in 2022. Over the period under review, exports recorded perceptible growth. The most prominent rate of growth was recorded in 2016 when exports increased by 88%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Togo represented the major exporting country with an export of about X tons, which amounted to 59% of total exports. Nigeria (X tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Niger (12%) and Sierra Leone (5.3%).

Exports from Togo increased at an average annual rate of +18.6% from 2012 to 2022. At the same time, Nigeria (+58.5%), Sierra Leone (+55.1%) and Niger (+36.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +58.5% from 2012-2022. While the share of Togo (+34 p.p.), Nigeria (+21 p.p.), Niger (+10 p.p.) and Sierra Leone (+5.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest borates supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was held by Niger ($X), with a 17% share of total exports. It was followed by Sierra Leone, with a 9.4% share.

In Togo, borates exports increased at an average annual rate of +18.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Niger (+31.6% per year) and Sierra Leone (+58.8% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the export price, however, recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2018 an increase of 9.8%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Borates Imports

Imports in Western Africa

In 2022, purchases abroad of borates decreased by -32% to X tons, falling for the second year in a row after two years of growth. In general, imports recorded a slight descent. The most prominent rate of growth was recorded in 2013 with an increase of 59% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, borates imports fell dramatically to $X in 2022. Over the period under review, imports recorded a mild decrease. The growth pace was the most rapid in 2013 with an increase of 83% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Mali represented the largest importing country with an import of around X tons, which accounted for 39% of total imports. Nigeria (X tons) took the second position in the ranking, followed by Senegal (X tons), Ghana (X tons), Liberia (X tons) and Burkina Faso (X tons). All these countries together held approx. 49% share of total imports. Guinea (X tons) followed a long way behind the leaders.

Mali was also the fastest-growing in terms of the borates imports, with a CAGR of +36.5% from 2012 to 2022. At the same time, Burkina Faso (+14.4%) and Guinea (+4.3%) displayed positive paces of growth. Senegal, Nigeria and Ghana experienced a relatively flat trend pattern. By contrast, Liberia (-3.7%) illustrated a downward trend over the same period. While the share of Mali (+38 p.p.), Burkina Faso (+3.5 p.p.), Senegal (+2.6 p.p.), Nigeria (+2.4 p.p.) and Guinea (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Liberia (-1.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest borates importing markets in Western Africa were Mali ($X), Nigeria ($X) and Senegal ($X), with a combined 66% share of total imports.

In terms of the main importing countries, Mali, with a CAGR of +28.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by 9.4% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the import price increased by 17%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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