Western Africa: Permanent Magnet Market 2024

Permanent Magnet Market Size in Western Africa

The West African permanent magnet market rose sharply to $X in 2021, with an increase of 7.7% against the previous year. Overall, consumption showed a prominent increase. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Permanent Magnet Production in Western Africa

In value terms, permanent magnet production stood at $X in 2021 estimated in export price. Over the period under review, production enjoyed strong growth. The growth pace was the most rapid in 2019 when the production volume increased by 118%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Permanent Magnet Exports

Exports in Western Africa

In 2021, approx. X tons of permanent magnets were exported in Western Africa; dropping by -25.8% compared with the previous year's figure. In general, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2015 when exports increased by 205% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, permanent magnet exports reduced rapidly to $X in 2021. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 223%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Sierra Leone was the main exporting country with an export of about X tons, which reached 62% of total exports. It was distantly followed by Nigeria (X tons) and Cote d'Ivoire (X tons), together committing a 32% share of total exports. Ghana (X kg) held a little share of total exports.

Sierra Leone was also the fastest-growing in terms of the permanent magnets exports, with a CAGR of +29.7% from 2012 to 2021. At the same time, Ghana (+21.9%), Nigeria (+12.5%) and Cote d'Ivoire (+12.3%) displayed positive paces of growth. While the share of Sierra Leone (+35 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-8 p.p.) and Nigeria (-10.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest permanent magnet supplier in Western Africa, comprising 75% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 12% share of total exports. It was followed by Nigeria, with a 6.6% share.

In Sierra Leone, permanent magnet exports increased at an average annual rate of +44.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+15.7% per year) and Nigeria (+16.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, permanent magnet export price decreased by -20.6% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 169% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained 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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+11.0%), while the other leaders experienced more modest paces of growth.

Permanent Magnet Imports

Imports in Western Africa

In 2021, imports of permanent magnets in Western Africa surged to X tons, with an increase of 74% on the previous year. Overall, imports showed a perceptible expansion. The growth pace was the most rapid in 2018 when imports increased by 507%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, permanent magnet imports soared to $X in 2021. Over the period under review, imports, however, showed a mild descent. The most prominent rate of growth was recorded in 2015 when imports increased by 173% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Nigeria (X tons) represented the main importer of permanent magnets, comprising 72% of total imports. Niger (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took approx. 16% share of total imports. Burkina Faso (X tons), Ghana (X tons) and Mali (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to permanent magnet imports into Nigeria stood at +4.2%. At the same time, Niger (+25.6%), Cote d'Ivoire (+2.2%) and Burkina Faso (+1.8%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +25.6% from 2012-2021. By contrast, Mali (-5.2%) and Ghana (-8.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Niger and Nigeria increased by +8.9 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported permanent magnets in Western Africa, comprising 45% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Ghana, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to -3.1%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-0.4% per year) and Ghana (-9.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, which is down by -25% against the previous year. Over the period under review, the import price recorded a abrupt downturn. The growth pace was the most rapid in 2014 an increase of 331%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Niger ($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 (+6.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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