Western Africa: Titanium Dioxide Pigments Market 2024

Titanium Dioxide Pigments Market Size in Western Africa

In 2021, the West African titanium dioxide pigments market decreased by -9.5% to $X for the first time since 2016, thus ending a four-year rising trend. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.9% against 2016 indices. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Titanium Dioxide Pigments Production in Western Africa

In value terms, titanium dioxide pigments production reduced to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +61.9% against 2017 indices. The growth pace was the most rapid in 2018 with an increase of 31%. Over the period under review, production attained the peak level at $X in 2020, and then reduced in the following year.

Titanium Dioxide Pigments Exports

Exports in Western Africa

In 2021, after three years of decline, there was significant growth in overseas shipments of titanium dioxide pigments and colouring preparations, when their volume increased by 41% to X tons. In general, exports posted a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 272%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, titanium dioxide pigments exports surged to $X in 2021. Over the period under review, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 230% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Sierra Leone prevails in exports structure, accounting for X tons, which was approx. 81% of total exports in 2021. Guinea (X tons) ranks second in terms of the total exports with a 6.9% share, followed by Cote d'Ivoire (5.2%). Nigeria (X tons) and Ghana (X tons) held a minor share of total exports.

Exports from Sierra Leone increased at an average annual rate of +15.9% from 2012 to 2021. At the same time, Ghana (+17.2%) and Guinea (+7.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +17.2% from 2012-2021. By contrast, Cote d'Ivoire (-10.8%) and Nigeria (-15.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Sierra Leone increased by +45 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest titanium dioxide pigments supplier in Western Africa, comprising 76% of total exports. The second position in the ranking was taken by Guinea ($X), with an 8.7% share of total exports. It was followed by Nigeria, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sierra Leone stood at +17.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (+11.9% per year) and Nigeria (+4.8% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with an increase of 8.7% against the previous year. Export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, titanium dioxide pigments export price increased by +20.5% against 2017 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 30%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

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 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 Nigeria (+24.0%), while the other leaders experienced more modest paces of growth.

Titanium Dioxide Pigments Imports

Imports in Western Africa

After four years of growth, purchases abroad of titanium dioxide pigments and colouring preparations decreased by -11.2% to X tons in 2021. Overall, imports, however, recorded a strong expansion. The growth pace was the most rapid in 2014 when imports increased by 54% against the previous year. The volume of import peaked at X tons in 2020, and then declined in the following year.

In value terms, titanium dioxide pigments imports declined to $X in 2021. In general, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2014 when imports increased by 57% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then dropped in the following year.

Imports by Country

Nigeria was the major importing country with an import of around X tons, which finished at 54% of total imports. It was distantly followed by Cote d'Ivoire (X tons) and Ghana (X tons), together creating a 35% share of total imports. Senegal (X tons) and Togo (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to titanium dioxide pigments imports into Nigeria stood at +12.4%. At the same time, Togo (+15.8%), Cote d'Ivoire (+14.0%), Ghana (+12.8%) and Senegal (+3.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +15.8% from 2012-2021. Nigeria (+5.5 p.p.), Cote d'Ivoire (+4.2 p.p.) and Ghana (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by -2.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported titanium dioxide pigments and colouring preparations in Western Africa, comprising 49% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 24% share of total imports. It was followed by Ghana, with a 14% share.

In Nigeria, titanium dioxide pigments imports increased at an average annual rate of +8.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+13.1% per year) and Ghana (+10.3% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with an increase of 5% against the previous year. Overall, the import price, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2018 an increase of 16% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Senegal ($X per ton), while Nigeria ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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