Western Africa: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in Western Africa

The West African metal permanent magnet market reached $X in 2023, therefore, remained relatively stable against the previous year. In general, consumption saw strong growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Metal Permanent Magnet Production in Western Africa

In value terms, metal permanent magnet production stood at $X in 2023 estimated in export price. Overall, production, however, saw a prominent expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Metal Permanent Magnet Exports

Exports in Western Africa

In 2023, overseas shipments of metal permanent magnets were finally on the rise to reach X tons after three years of decline. Over the period under review, exports posted resilient growth. The pace of growth appeared the most rapid in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, metal permanent magnet exports soared to $X in 2023. Overall, exports saw a significant increase. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

Exports by Country

Sierra Leone (X tons) and Cote d'Ivoire (X tons) dominates exports structure, together generating X% of total exports. It was distantly followed by Ghana (X kg), mixing up a X% share of total exports. Mauritania (X kg) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

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

In Sierra Leone, metal permanent magnet exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced mixed trends in the export price figures.

Metal Permanent Magnet Imports

Imports in Western Africa

Metal permanent magnet imports skyrocketed to X tons in 2023, increasing by X% against the previous year's figure. In general, imports saw a perceptible increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2023, imports remained at a lower figure.

In value terms, metal permanent magnet imports surged to $X in 2023. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by X%. As a result, imports attained the peak of $X. From 2016 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Nigeria was the main importing country with an import of about X tons, which finished at X% of total imports. Ghana (X tons) ranks second in terms of the total imports with a X% share, followed by Togo (X%). The following importers - Cote d'Ivoire (X tons) and Senegal (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to metal permanent magnet imports into Nigeria stood at X%. At the same time, Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) and Togo (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Togo (X p.p.) and Ghana (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, metal permanent magnet imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, shrinking by X% against the previous year. In general, the import price continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2016 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform