Nigeria - Permanent Magnets - Market Analysis, Forecast, Size, Trends and Insights
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View PricingPermanent Magnet Price in Nigeria - 2022
Contents:
- Permanent Magnet Price in Nigeria (CIF) - 2022
- Permanent Magnet Price in Nigeria (FOB) - 2022
- Permanent Magnet Imports in Nigeria
- Permanent Magnet Exports in Nigeria
Permanent Magnet Price in Nigeria (CIF) - 2022
In 2022, the average permanent magnet import price amounted to $1,296 per ton, falling by -39.3% against the previous year. Overall, the import price continues to indicate a abrupt setback. The growth pace was the most rapid in 2016 when the average import price increased by 100%. The import price peaked at $4,825 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($2,451 per ton), while the price for China totaled $1,193 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-2.6%).
Permanent Magnet Price in Nigeria (FOB) - 2022
The average permanent magnet export price stood at $7,868 per ton in 2022, declining by -4.2% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 141% against the previous year. The export price peaked at $27,582 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($71,357 per ton), while the average price for exports to Niger ($1,009 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Congo (+6.2%), while the prices for the other major destinations experienced a decline.
Permanent Magnet Imports in Nigeria
For the fourth consecutive year, Nigeria recorded growth in supplies from abroad of permanent magnets, which increased by 153% to 1.1K tons in 2022. In general, imports recorded a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, permanent magnet imports skyrocketed to $1.4M in 2022. Over the period under review, imports enjoyed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Permanent Magnet in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 243 | 225 | 411 | 1,301 | 74.9% |
| India | 36.3 | 109 | 177 | 52.9 | 13.4% |
| Others | 479 | 370 | 353 | 92.3 | -42.2% |
| Total | 759 | 704 | 940 | 1,446 | 24.0% |
Top Suppliers of Permanent Magnet to Nigeria in 2022:
- China (1090.8 tons)
- India (21.6 tons)
Permanent Magnet Exports in Nigeria
In 2022, overseas shipments of permanent magnets decreased by -73.8% to 152 kg, falling for the second consecutive year after two years of growth. In general, exports continue to indicate a sharp setback. The pace of growth appeared the most rapid in 2020 with an increase of 452% against the previous year. As a result, the exports attained the peak of 2.2 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, permanent magnet exports reduced dramatically to $1.2K in 2022. Overall, exports showed a precipitous decrease. The pace of growth was the most pronounced in 2020 with an increase of 49%. As a result, the exports reached the peak of $13K. From 2021 to 2022, the growth of the exports failed to regain momentum.
| Export of Permanent Magnet in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Cote d'Ivoire | 6.7 | 9.4 | 1.6 | 1.0 | -47.0% |
| Niger | N/A | N/A | N/A | 0.1 | 0% |
| Benin | 0.1 | 1.3 | N/A | N/A | 1200.0% |
| Cameroon | N/A | 0.8 | N/A | N/A | 0% |
| Congo | 0.2 | 0.2 | 1.7 | N/A | 191.5% |
| Togo | N/A | 0.1 | N/A | N/A | 0% |
| United Arab Emirates | 0.4 | 0.2 | 0.9 | N/A | 50.0% |
| Angola | 0.8 | 0.6 | N/A | N/A | -25.0% |
| Ghana | 0.2 | 0.2 | 0.5 | N/A | 58.1% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 8.6 | 12.8 | 4.8 | 1.2 | -48.1% |
Top Export Markets for Permanent Magnet from Nigeria in 2022:
- Niger (107.0 kg)
- Benin (18.0 kg)
- Cote d'Ivoire (14.0 kg)
- United Arab Emirates (4.0 kg)
- Ghana (3.0 kg)
- Congo (3.0 kg)
- Angola (1.0 kg)
This report provides an in-depth analysis of the permanent magnet market in Nigeria. 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 23441230 - Permanent magnets and articles intended to become permanent magnets (excluding of metal)
- Prodcom 25992995 - Permanent magnets and articles intended to become permanent magnets, of metal
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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Global permanent magnet imports totaled X tons in 2016, remaining stable against the previous year figure. Overall, permanent magnet imports continue to indicate a relatively flat trend pattern. ...
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Explore the top 10 import markets for permanent magnets, including key statistics and insights. Find out which countries dominate the global import market for these essential materials.
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With the development of the electric car and electronic technology industry, the demand for permanent magnets is showing significant growth. China, thanks to government subsidies, continues to maintain low market prices for permanent magnets and dominate the export market.
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Global permanent magnet imports totaled X tons in 2016, remaining stable against the previous year figure. Overall, permanent magnet imports continue to indicate a relatively flat trend pattern. ...
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Global permanent magnet imports totaled X tons in 2016, remaining stable against the previous year figure. Overall, permanent magnet imports continue to indicate a relatively flat trend pattern. ...
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