ECOWAS: Market for Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals 2024

Market Size for Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals in ECOWAS

The ECOWAS compounds of rare-earth metals market reached $X in 2022, approximately reflecting the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Production of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals in ECOWAS

In value terms, compounds of rare-earth metals production stood at $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in overseas shipments of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals, which increased by X% to X kg in 2021. Over the period under review, exports, however, continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports reached the peak of X kg. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, compounds of rare-earth metals exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X kg) represented roughly X% of total exports in 2021.

Nigeria was also the fastest-growing in terms of the compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals exports, with a CAGR of X% from 2012 to 2021. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In Nigeria, compounds of rare-earth metals exports expanded at an average annual rate of X% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, reducing by X% against the previous year. Over the period under review, the export price saw a abrupt downturn. The growth pace was the most rapid in 2014 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 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 X% per year.

Imports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

Imports in ECOWAS

In 2022, imports of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals in ECOWAS skyrocketed to X tons, rising by X% against the year before. Overall, imports showed perceptible growth. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, compounds of rare-earth metals imports contracted to $X in 2022. In general, imports continue to indicate a notable increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. X% of total imports in 2022. It was distantly followed by Benin (X kg), committing a X% share of total imports. The following importers - Senegal (X kg), Ghana (X kg) and Niger (X kg) - each accounted for a X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%), Senegal (X%) and Niger (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.) and Benin (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (X p.p.), Senegal (X p.p.) and Niger (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Benin, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Benin (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. In general, the import price, however, posted a pronounced expansion. The pace of growth was the most pronounced in 2019 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 ($X per ton), while Benin ($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 (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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