Western Africa: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in Western Africa

The West African metal permanent magnet market was estimated at $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Metal Permanent Magnet Production in Western Africa

In value terms, metal permanent magnet production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 31% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Metal Permanent Magnet Exports

Exports in Western Africa

Metal permanent magnet exports declined to X tons in 2022, falling by -1.6% against 2021 figures. Overall, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 345% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, metal permanent magnet exports amounted to $X in 2022. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 387%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Sierra Leone prevails in exports structure, finishing at X tons, which was near 87% of total exports in 2022. Nigeria (X kg) ranks second in terms of the total exports with a 6.5% share, followed by Cote d'Ivoire (4.9%).

Sierra Leone was also the fastest-growing in terms of the metal permanent magnets exports, with a CAGR of +60.0% from 2012 to 2022. At the same time, Nigeria (+45.8%) and Cote d'Ivoire (+36.9%) displayed positive paces of growth. Sierra Leone (+56 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -3.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest metal permanent magnet supplier in Western Africa, comprising 91% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 3.7% share of total exports.

In Sierra Leone, metal permanent magnet exports increased at an average annual rate of +64.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+36.6% per year) and Nigeria (+36.9% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 2.8% against the previous year. Over the period under review, the export price, however, recorded a slight contraction. The pace of growth appeared the most rapid in 2018 an increase of 45%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+2.6%), while the other leaders experienced a decline in the export price figures.

Metal Permanent Magnet Imports

Imports in Western Africa

In 2022, the amount of metal permanent magnets imported in Western Africa reduced to X tons, which is down by -7.4% compared with the year before. In general, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2018 with an increase of 495%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, metal permanent magnet imports stood at $X in 2022. Over the period under review, imports showed a noticeable decrease. The most prominent rate of growth was recorded in 2015 when imports increased by 264% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was approx. 65% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Mauritania (X tons), Senegal (X tons) and Togo (X tons), together comprising a 28% share of total imports. Niger (X tons) took a little share of total imports.

Imports into Nigeria decreased at an average annual rate of -10.6% from 2012 to 2022. At the same time, Niger (+49.9%), Mauritania (+42.1%), Senegal (+28.0%) and Cote d'Ivoire (+2.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +49.9% from 2012-2022. By contrast, Ghana (-3.3%) and Togo (-3.4%) illustrated a downward trend over the same period. Mauritania (+5.3 p.p.), Cote d'Ivoire (+5.1 p.p.), Senegal (+4.6 p.p.), Niger (+2.3 p.p.), Ghana (+2.3 p.p.) and Togo (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -22.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 68% of total imports. Niger, Mauritania, Togo and Senegal lagged somewhat behind, together comprising a further 26%.

In terms of the main importing countries, Niger, with a CAGR of +74.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, with an increase of 20% against the previous year. In general, the import price recorded resilient growth. The most prominent rate of growth was recorded in 2016 an increase of 225% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+16.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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