Western Africa: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Western Africa

In 2021, the West African iron oxide pigment market decreased by -15% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, posted a prominent expansion. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Iron Oxide Pigment Production in Western Africa

In value terms, iron oxide pigment production declined rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 119%. Over the period under review, production reached the peak level at $X in 2020, and then shrank notably in the following year.

Iron Oxide Pigment Exports

Exports in Western Africa

In 2021, approx. X tons of iron oxide pigments were exported in Western Africa; jumping by 26% against the previous year's figure. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 82% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, iron oxide pigment exports dropped sharply to $X in 2021. Over the period under review, exports saw a significant increase. The growth pace was the most rapid in 2019 with an increase of 149% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then declined sharply in the following year.

Exports by Country

In 2021, Mauritania (X tons) represented the largest exporter of iron oxide pigments in Western Africa, constituting 100% of total export.

Mauritania was also the fastest-growing in terms of the iron oxide pigments exports, with a CAGR of +33.5% from 2012 to 2021. While the share of Mauritania (+6.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mauritania ($X) also remains the largest iron oxide pigment supplier in Western Africa.

In Mauritania, iron oxide pigment exports expanded at an average annual rate of +25.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, which is down by -33.3% against the previous year. Overall, the export price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2019 an increase of 37%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Mauritania amounted to -6.1% per year.

Iron Oxide Pigment Imports

Imports in Western Africa

In 2021, supplies from abroad of iron oxide pigments decreased by -13.6% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, saw a noticeable expansion. The most prominent rate of growth was recorded in 2020 with an increase of 52% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, iron oxide pigment imports shrank slightly to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +89.8% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 52%. As a result, imports reached the peak of $X, and then contracted modestly in the following year.

Imports by Country

Nigeria was the major importer of iron oxide pigments in Western Africa, with the volume of imports resulting at X tons, which was approx. 50% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Guinea (X tons) and Senegal (X tons), together achieving a 43% share of total imports. The following importers - Mali (X tons) and Burkina Faso (X tons) - each reached a 3.3% share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of iron oxide pigments. At the same time, Cote d'Ivoire (+22.0%), Senegal (+15.2%), Guinea (+13.8%), Burkina Faso (+13.7%) and Ghana (+8.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +22.0% from 2012-2021. Mali experienced a relatively flat trend pattern. While the share of Cote d'Ivoire (+14 p.p.), Guinea (+3.8 p.p.), Ghana (+3.2 p.p.) and Senegal (+3.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-21.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported iron oxide pigments in Western Africa, comprising 51% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 15% share.

In Nigeria, iron oxide pigment imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+21.2% per year) and Ghana (+10.2% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 14% against the previous year. In general, the import price saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 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 Ghana ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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