Western Africa: Market for Iodine, Fluorine And Bromine 2024

Market Size for Iodine, Fluorine And Bromine in Western Africa

In 2021, after nine years of growth, there was decline in the West African iodine, fluorine and bromine market, when its value decreased by -1.8% to $X. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.7% 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 +94.9% against 2012 indices. Over the period under review, the market hit record highs at $X in 2020, and then declined modestly in the following year.

Production of Iodine, Fluorine And Bromine in Western Africa

In value terms, iodine, fluorine and bromine production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 27%. The level of production peaked at $X in 2020, and then contracted in the following year.

Exports of Iodine, Fluorine And Bromine

Exports in Western Africa

In 2021, shipments abroad of iodine, fluorine and bromine decreased by -5.8% to X kg, falling for the second consecutive year after two years of growth. Overall, exports recorded a precipitous decline. The most prominent rate of growth was recorded in 2018 with an increase of 17,698%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, iodine, fluorine and bromine exports amounted to $X in 2021. Over the period under review, exports continue to indicate a noticeable descent. The growth pace was the most rapid in 2015 with an increase of 2,454% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Senegal (X kg), together recording 100% of total export.

Senegal was also the fastest-growing in terms of the iodine, fluorine and bromine exports, with a CAGR of +11.3% from 2012 to 2021. Senegal (+99 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest iodine, fluorine and bromine supplier in Western Africa.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal totaled +7.6%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 8.1% against the previous year. Overall, the export price showed a significant expansion. The growth pace was the most rapid in 2013 when the export price increased by 3,067% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for Senegal amounted to -3.3% per year.

Imports of Iodine, Fluorine And Bromine

Imports in Western Africa

Iodine, fluorine and bromine imports contracted rapidly to X tons in 2021, which is down by -15.5% on 2020. Overall, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 261%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, iodine, fluorine and bromine imports contracted dramatically to $X in 2021. In general, imports showed a abrupt decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 196% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Ghana (X tons) was the largest importer of iodine, fluorine and bromine, comprising 73% of total imports. It was distantly followed by Nigeria (X tons), comprising a 19% share of total imports. Gambia (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the iodine, fluorine and bromine imports, with a CAGR of +42.7% from 2012 to 2021. At the same time, Nigeria (+3.4%) displayed positive paces of growth. By contrast, Gambia (-12.5%) illustrated a downward trend over the same period. Ghana (+67 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Gambia saw its share reduced by -11.9% and -19.6% from 2012 to 2021, respectively.

In value terms, the largest iodine, fluorine and bromine importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Gambia ($X), together accounting for 83% of total imports.

Among the main importing countries, Ghana, with a CAGR of +15.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, which is down by -31.1% against the previous year. Over the period under review, the import price saw a deep slump. The pace of growth was the most pronounced in 2017 when the import price increased by 24% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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 ($X per ton), while Gambia ($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 (-10.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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