Report Update Jan 1, 2025

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

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Western Africa: Platinum Market 2025

Platinum Market Size in Western Africa

The West African platinum market shrank slightly to $X in 2021, falling by -1.5% against the previous year. In general, consumption, however, recorded a abrupt decrease. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Platinum Production in Western Africa

In value terms, platinum production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a deep contraction. The pace of growth was the most pronounced in 2013 when the production volume increased by 19%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Platinum Exports

Exports in Western Africa

For the fourth consecutive year, Western Africa recorded decline in shipments abroad of platinum, which decreased by 0% to X kg in 2021. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,827% against the previous year. The volume of export peaked at X kg in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, platinum exports surged to $X in 2021. Over the period under review, exports saw prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 15,874%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Nigeria (X kg) represented the major exporter of platinum in Western Africa, constituting 100% of total export.

Nigeria was also the fastest-growing in terms of the platinum exports, with a CAGR of +16.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest platinum supplier in Western Africa.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +11.5%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per kg, remaining stable against the previous year. Overall, the export price saw a perceptible setback. The most prominent rate of growth was recorded in 2013 an increase of 1,418%. As a result, the export price attained the peak level of $X per kg. From 2014 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -4.2% per year.

Platinum Imports

Imports in Western Africa

In 2021, the amount of platinum imported in Western Africa dropped significantly to X kg, with a decrease of -29.9% compared with the previous year. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 827% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, platinum imports surged to $X in 2021. Over the period under review, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 44% 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

In 2021, Ghana (X kg) was the key importer of platinum, making up 67% of total imports. It was distantly followed by Nigeria (X kg) and Senegal (X kg), together creating a 27% share of total imports. Benin (X kg) held a relatively small share of total imports.

Imports into Ghana increased at an average annual rate of +1.8% from 2012 to 2021. At the same time, Senegal (+39.5%) and Benin (+33.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +39.5% from 2012-2021. By contrast, Nigeria (-4.6%) illustrated a downward trend over the same period. Ghana (+6.5 p.p.), Senegal (+4.6 p.p.) and Benin (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -13.9% from 2012 to 2021, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported platinum in Western Africa, comprising 61% of total imports. The second position in the ranking was taken by Benin ($X), with a 12% share of total imports. It was followed by Ghana, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value in Senegal totaled +45.5%. The remaining importing countries recorded the following average annual rates of imports growth: Benin (+17.9% per year) and Ghana (-8.5% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, surging by 94% against the previous year. Overall, the import price showed buoyant growth. The most prominent rate of growth was recorded in 2015 when the import price increased by 997%. The level of import peaked 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 Senegal ($X per ton), while Ghana ($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 (+6.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for platinum in Western Africa?

Nigeria constituted the country with the largest volume of platinum consumption, comprising approx. 60% of total volume. Moreover, platinum consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Niger, sixfold. The third position in this ranking was occupied by Mali, with a 7.5% share.

What are the largest producers of platinum in Western Africa?

The country with the largest volume of platinum production was Nigeria, comprising approx. 60% of total volume. Moreover, platinum production in Nigeria exceeded the figures recorded by the second-largest producer, Niger, sixfold. Mali ranked third in terms of total production with a 7.5% share.

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

In 2021, the e in Western Africa amounted to $279 per kg, shrinking by -78.1% against the previous year.

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

The import price in Western Africa stood at $161,775 per ton in 2021, increasing by 795% against the previous year.

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

Prodcom 24413010 -
Prodcom 24413015 -
Prodcom 24413020 -
Prodcom 24413025 -
Prodcom 24413040 -
Prodcom 24413045 -
Prodcom 24413055 -
Prodcom 24413060 -
Prodcom 24413065 -
Prodcom 24413070 - Platinum catalysts in the form of wire cloth or grill
Prodcom 24413030 - Platinum, palladium, rhodium, iridium, osmium and ruthenium, unwrought or in powder form
Prodcom 24413050 - Platinum, palladium, rhodium, iridium, osmium and ruthenium, in semi-manufactured forms (excluding unwrought or in powder form)

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 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2024
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 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption, By Country, 2018–2024
5. Production, In Physical Terms, By Country, 2012–2024
6. Imports, In Physical Terms, By Country, 2012–2024
7. Imports, In Value Terms, By Country, 2012–2024
8. Import Prices, By Country Of Destination, 2012–2024
9. Exports, In Physical Terms, By Country, 2012–2024
10. Exports, In Value Terms, By Country, 2012–2024
11. Export Prices, By Country Of Origin, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Consumption, By Country, 2024
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, 2012–2024
18. Production, In Value Terms, 2012–2024
19. Production, By Country, 2024
20. Production, In Physical Terms, By Country, 2012–2024
21. Imports, In Physical Terms, 2012–2024
22. Imports, In Value Terms, 2012–2024
23. Imports, In Physical Terms, By Country, 2024
24. Imports, In Physical Terms, By Country, 2012–2024
25. Imports, In Value Terms, By Country, 2012–2024
26. Import Prices, By Country, 2012–2024
27. Exports, In Physical Terms, 2012–2024
28. Exports, In Value Terms, 2012–2024
29. Exports, In Physical Terms, By Country, 2024
30. Exports, In Physical Terms, By Country, 2012–2024
31. Exports, In Value Terms, By Country, 2012–2024
32. Export Prices, 2012–2024