Report Update Nov 1, 2024

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

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Western Africa: Magnesium Market 2024

Magnesium Market Size in Western Africa

The West African magnesium market soared to $X in 2021, increasing by 746% against the previous year. Over the period under review, consumption enjoyed a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Magnesium Production in Western Africa

In value terms, magnesium production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when the production volume increased by 27%. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Magnesium Exports

Exports in Western Africa

In 2021, magnesium exports in Western Africa was estimated at X tons, stabilizing at 2020. Over the period under review, exports showed a significant expansion. The smallest decline of 99.9% was in 2020. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, magnesium exports amounted to $X in 2021. In general, exports enjoyed a significant expansion. The smallest decline of 99.9% was in 2020. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with a decrease of -69% against the previous year. Over the period under review, the export price faced a sharp shrinkage. The pace of growth was the most pronounced in 2014 a decrease of -25.8%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 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 Nigeria.

From 2013 to 2021, the rate of growth in terms of prices for Nigeria amounted to 0.0% per year.

Magnesium Imports

Imports in Western Africa

In 2021, the amount of magnesium imported in Western Africa soared to X tons, rising by 844% against the previous year. Overall, imports continue to indicate prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, magnesium imports surged to $X in 2021. In general, imports posted a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Senegal was the key importing country with an import of around X tons, which reached 71% of total imports. Nigeria (X tons) ranks second in terms of the total imports with an 18% share, followed by Ghana (11%).

Senegal was also the fastest-growing in terms of the magnesium imports, with a CAGR of +57.9% from 2012 to 2021. At the same time, Ghana (+37.8%) displayed positive paces of growth. Nigeria experienced a relatively flat trend pattern. Senegal (+65 p.p.) and Ghana (+7.7 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -72.7% from 2012 to 2021, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported magnesium in Western Africa, comprising 71% of total imports. The second position in the ranking was held by Nigeria ($X), with a 20% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal totaled +66.3%. In the other countries, the average annual rates were as follows: Nigeria (+1.0% per year) and Ghana (+25.2% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, growing by 2.6% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 30% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Senegal (+5.3%), 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 magnesium in Western Africa?

The countries with the highest volumes of magnesium consumption in 2021 were Ghana, Nigeria and Cote d'Ivoire, together accounting for 99% of total consumption.

What are the largest producers of magnesium in Western Africa?

The country with the largest volume of magnesium production was Guinea, comprising approx. 98% of total volume. It was followed by Gambia, with a 1.6% share of total production.

What are the leading importers of magnesium in Western Africa?

In value terms, Ghana, Nigeria and Cote d'Ivoire constituted the countries with the highest levels of imports in 2021, together accounting for 97% of total imports.

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

In 2021, the magnesium export price in Western Africa amounted to $3,300 per ton, dropping by -1.7% against the previous year.

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

The magnesium import price in Western Africa stood at $2,975 per ton in 2021, rising by 7.1% against the previous year.

This report provides an in-depth analysis of the magnesium 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:

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