Report Update Nov 1, 2024

Western Africa - Magnesite - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Magnesite Market 2024

Magnesite Market Size in Western Africa

In 2021, after two years of decline, there was significant growth in the West African magnesite market, when its value increased by 656% to $X. Over the period under review, consumption showed a moderate expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Magnesite Production in Western Africa

In value terms, magnesite production rose to $X in 2021 estimated in export price. In general, production, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2019 with an increase of 24%. As a result, production reached the peak level of $X; afterwards, it flattened through to 2021.

Magnesite Exports

Exports in Western Africa

In 2021, after four years of growth, there was significant decline in overseas shipments of magnesite, when their volume decreased by 99.9% to X kg. In general, exports recorded a sharp curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 6,061,264%. The volume of export peaked at X tons in 2020, and then plummeted in the following year.

In value terms, magnesite exports fell dramatically to $X in 2021. Over the period under review, exports saw a precipitous curtailment. The pace of growth appeared the most rapid in 2019 when exports increased by 513,200% against the previous year. The level of export peaked at $X in 2020, and then contracted sharply in the following year.

Exports by Country

The biggest shipments were from Ghana (X kg), together amounting to 100% of total export.

Ghana was also the fastest-growing in terms of the magnesite exports, with a CAGR of -14.5% from 2012 to 2021. Ghana (+94 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, Ghana ($X) also remains the largest magnesite supplier in Western Africa.

In Ghana, magnesite exports expanded at an average annual rate of +8.4% over the period from 2012-2021.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, picking up by 3,099% against the previous year. In general, the export price saw a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for Ghana amounted to +26.7% per year.

Magnesite Imports

Imports in Western Africa

In 2021, the amount of magnesite imported in Western Africa surged to X tons, picking up by 39% compared with 2020. In general, imports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 64% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, magnesite imports soared to $X in 2021. Over the period under review, imports, however, showed a deep reduction. The growth pace was the most rapid in 2020 with an increase of 110%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was approx. 92% of total imports in 2021. It was distantly followed by Ghana (X tons), making up a 5.2% share of total imports. Cote d'Ivoire (X tons) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the magnesite imports, with a CAGR of +34.1% from 2012 to 2021. Ghana (-27.2%) and Cote d'Ivoire (-37.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +90 percentage points.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of imports in 2021, with a combined 99% share of total imports.

In terms of the main importing countries, Nigeria, with a CAGR of +32.3%, 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 a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, picking up by 23% against the previous year. Import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, magnesite import price increased by +57.7% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of 30% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+57.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for magnesite in Western Africa?

The country with the largest volume of magnesite consumption was Burkina Faso, accounting for 61% of total volume. Moreover, magnesite consumption in Burkina Faso exceeded the figures recorded by the second-largest consumer, Nigeria, twofold.

What are the largest producers of magnesite in Western Africa?

Burkina Faso remains the largest magnesite producing country in Western Africa, accounting for 100% of total volume.

What are the leading exporters of magnesite in Western Africa?

In value terms, Burkina Faso remains the largest magnesite supplier in Western Africa.

What are the leading importers of magnesite in Western Africa?

In value terms, Nigeria constitutes the largest market for imported magnesite in Western Africa, comprising 80% of total imports. The second position in the ranking was occupied by Ghana, with an 18% share of total imports.

What is the average export price for magnesite in Western Africa?

In 2020, the magnesite export price in Western Africa amounted to $190 per ton, leveling off at the previous year.

What is the average import price for magnesite in Western Africa?

The magnesite import price in Western Africa stood at $1,184 per ton in 2020, surging by 101% against the previous year.

This report provides an in-depth analysis of the magnesite market in Western Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

UNCode 16390-1 - Magnesite

Country coverage:

Benin
Burkina Faso
Cabo Verde
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Mauritania
Niger
Nigeria
Saint Helena, Ascension and Tristan da Cunha
Senegal
Sierra Leone
Togo
Cote d'Ivoire

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in Western Africa, split by region and country
Trade (exports and imports) in Western Africa
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023