Western Africa: Carbonate Market 2024

Carbonate Market Size in Western Africa

In 2021, the West African carbonate market decreased by -26.5% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +66.3% against 2012 indices. As a result, consumption reached the peak level of $X, and then fell markedly in the following year.

Carbonate Production in Western Africa

In value terms, carbonate production contracted to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +18.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 27% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then declined in the following year.

Carbonate Exports

Exports in Western Africa

In 2021, exports of carbonates and peroxocarbonates in Western Africa expanded sharply to X tons, increasing by 10% against the year before. Over the period under review, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 78% 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.

In value terms, carbonate exports declined to $X in 2021. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by 51%. The level of export peaked at $X in 2020, and then shrank in the following year.

Exports by Country

In 2021, Mali (X tons) was the largest exporter of carbonates and peroxocarbonates, achieving 55% of total exports. Nigeria (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons) and Senegal (X tons). All these countries together held near 43% share of total exports.

Mali was also the fastest-growing in terms of the carbonates and peroxocarbonates exports, with a CAGR of +59.4% from 2012 to 2021. At the same time, Senegal (+12.9%) and Nigeria (+10.3%) displayed positive paces of growth. Cote d'Ivoire experienced a relatively flat trend pattern. From 2012 to 2021, the share of Mali increased by +53 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest carbonate supplying countries in Western Africa were Nigeria ($X), Cote d'Ivoire ($X) and Mali ($X), together comprising 92% of total exports.

Mali, with a CAGR of +44.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with a decrease of -16.7% against the previous year. Overall, the export price continues to indicate a perceptible descent. The pace of growth appeared the most rapid in 2014 when the export price increased by 28% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Carbonate Imports

Imports in Western Africa

In 2021, after two years of growth, there was significant decline in purchases abroad of carbonates and peroxocarbonates, when their volume decreased by -47.8% to X tons. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 49%. As a result, imports attained the peak of X tons, and then fell rapidly in the following year.

In value terms, carbonate imports declined remarkably to $X in 2021. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2020 when imports increased by 102%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

In 2021, Nigeria (X tons), distantly followed by Cote d'Ivoire (X tons), Ghana (X tons) and Senegal (X tons) were the key importers of carbonates and peroxocarbonates, together creating 85% of total imports. The following importers - Burkina Faso (X tons), Niger (X tons) and Mauritania (X tons) - together made up 8% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Burkina Faso (with a CAGR of +11.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported carbonates and peroxocarbonates in Western Africa, comprising 64% of total imports. The second position in the ranking was held by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +6.3%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+11.2% per year) and Cote d'Ivoire (+5.2% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 15% against the previous year. Import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, carbonate import price increased by +84.5% against 2016 indices. The pace of growth was the most pronounced in 2020 an increase of 35%. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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