Western Africa: Non-Metal Permanent Magnet Market 2024

Non-Metal Permanent Magnet Market Size in Western Africa

The West African non-metal permanent magnet market rose sharply to $X in 2021, growing by 12% against the previous year. The total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.5% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Non-Metal Permanent Magnet Production in Western Africa

In value terms, non-metal permanent magnet production expanded rapidly to $X in 2021 estimated in export price. The total production indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -10.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 21%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Non-Metal Permanent Magnet Exports

Exports in Western Africa

In 2021, exports of non-metal permanent magnets in Western Africa declined dramatically to X kg, which is down by -32.6% against 2020 figures. Over the period under review, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 354% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, non-metal permanent magnet exports skyrocketed to $X in 2021. In general, exports recorded a perceptible decline. The pace of growth was the most pronounced in 2015 when exports increased by 736%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria dominates exports structure, resulting at X kg, which was approx. 88% of total exports in 2021. It was distantly followed by Sierra Leone (X kg), mixing up a 6% share of total exports. The following exporters - Cote d'Ivoire (X kg) and Gambia (X kg) - together made up 5.4% of total exports.

Exports from Nigeria increased at an average annual rate of +3.8% from 2012 to 2021. At the same time, Gambia (+20.1%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +20.1% from 2012-2021. By contrast, Cote d'Ivoire (-13.4%) and Sierra Leone (-21.1%) illustrated a downward trend over the same period. While the share of Nigeria (+49 p.p.) and Gambia (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-4.5 p.p.) and Sierra Leone (-25.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest non-metal permanent magnet supplier in Western Africa, comprising 61% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +5.3%. In the other countries, the average annual rates were as follows: Sierra Leone (-13.1% per year) and Cote d'Ivoire (-18.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 73% against the previous year. Over the period under review, the export price showed measured growth. The pace of growth appeared the most rapid in 2015 an increase of 179% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+10.2%), while the other leaders experienced more modest paces of growth.

Non-Metal Permanent Magnet Imports

Imports in Western Africa

For the third year in a row, Western Africa recorded growth in purchases abroad of non-metal permanent magnets, which increased by 41% to X tons in 2021. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 230% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, non-metal permanent magnet imports stood at $X in 2021. Overall, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2014 when imports increased by 112% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in years to come.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was approx. 88% of total imports in 2021. The following importers - Mali (X tons), Cote d'Ivoire (X tons), Burkina Faso (X tons), Niger (X tons) and Benin (X tons) - each recorded a 9% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to non-metal permanent magnet imports into Nigeria stood at +29.2%. At the same time, Burkina Faso (+70.7%), Niger (+35.8%), Benin (+26.4%) and Mali (+9.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +70.7% from 2012-2021. By contrast, Cote d'Ivoire (-1.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Burkina Faso increased by +31 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported non-metal permanent magnets in Western Africa, comprising 44% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 9.9% share of total imports. It was followed by Burkina Faso, with a 9.7% share.

In Nigeria, non-metal permanent magnet imports expanded at an average annual rate of +9.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-1.6% per year) and Burkina Faso (+70.1% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, dropping by -25.9% against the previous year. In general, the import price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 44%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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