Western Africa: Market for Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium 2024

Market Size for Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium in Western Africa

The West African magnesium hydroxide and peroxide market reduced rapidly to $X in 2022, shrinking by -36.1% against the previous year. Overall, consumption, however, showed a noticeable increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium in Western Africa

In value terms, magnesium hydroxide and peroxide production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate resilient growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 203%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium

Exports in Western Africa

After two years of growth, shipments abroad of hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium decreased by -78.5% to X tons in 2022. Overall, exports continue to indicate a precipitous descent. The most prominent rate of growth was recorded in 2021 with an increase of 531% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, magnesium hydroxide and peroxide exports plummeted to $X in 2022. Over the period under review, exports continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 4,436% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) represented roughly 100% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium exports, with a CAGR of -10.2% from 2012 to 2022. While the share of Nigeria (+96 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest magnesium hydroxide and peroxide supplier in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at -16.9%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, which is down by -89.6% against the previous year. Overall, the export price saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 an increase of 618%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -7.5% per year.

Imports of Hydroxide And Peroxide Of Magnesium, Oxides, Hydroxides And Peroxides Of Strontium Or Barium

Imports in Western Africa

After two years of growth, supplies from abroad of hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium decreased by -68.2% to X tons in 2022. Over the period under review, imports recorded a deep setback. The pace of growth was the most pronounced in 2013 when imports increased by 227% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, magnesium hydroxide and peroxide imports contracted dramatically to $X in 2022. In general, imports continue to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2020 with an increase of 301% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Liberia (X tons) and Ghana (X tons) were the key importers of hydroxide and peroxide of magnesium, oxides, hydroxides and peroxides of strontium or barium in 2022, resulting at approx. 46% and 39% of total imports, respectively. It was distantly followed by Nigeria (X tons), creating a 10% share of total imports. Cote d'Ivoire (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Liberia (with a CAGR of +112.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest magnesium hydroxide and peroxide importing markets in Western Africa were Liberia ($X), Ghana ($X) and Nigeria ($X), with a combined 96% share of total imports.

In terms of the main importing countries, Liberia, with a CAGR of +102.4%, saw the highest growth rate of 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, increasing by 25% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, magnesium hydroxide and peroxide import price increased by +69.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 48%. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

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 (+13.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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