ECOWAS: Non-Metal Permanent Magnet Market 2024

Non-Metal Permanent Magnet Market Size in ECOWAS

In 2023, after two years of growth, there was decline in the ECOWAS non-metal permanent magnet market, when its value decreased by X% to $X. The total consumption indicated a modest increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2023, the growth of the market remained at a lower figure.

Non-Metal Permanent Magnet Production in ECOWAS

In value terms, non-metal permanent magnet production reached $X in 2023 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2023, production growth failed to regain momentum.

Non-Metal Permanent Magnet Exports

Exports in ECOWAS

In 2023, approx. X kg of non-metal permanent magnets were exported in ECOWAS; which is down by X% on the year before. Overall, exports continue to indicate a perceptible downturn. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2023, the growth of the exports remained at a lower figure.

In value terms, non-metal permanent magnet exports plummeted to $X in 2023. Over the period under review, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped dramatically in the following year.

Exports by Country

Cote d'Ivoire represented the key exporting country with an export of about X kg, which recorded X% of total exports. Sierra Leone (X kg) held the second position in the ranking, distantly followed by Ghana (X kg). All these countries together held approx. X% share of total exports. Mali (X kg) held a relatively small share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the non-metal permanent magnets exports, with a CAGR of X% from 2012 to 2023. At the same time, Ghana (X%) displayed positive paces of growth. By contrast, Sierra Leone (X%) and Mali (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.), Ghana (X p.p.) and Mali (X p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone saw its share reduced by X% from 2012 to 2023, respectively.

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

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire totaled X%. In the other countries, the average annual rates were as follows: Sierra Leone (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price recorded a strong increase. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs in 2023 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 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Sierra Leone ($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 more modest paces of growth.

Non-Metal Permanent Magnet Imports

Imports in ECOWAS

After six years of growth, supplies from abroad of non-metal permanent magnets decreased by X% to X tons in 2023. Overall, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2022 with an increase of X%. As a result, imports reached the peak of X tons, and then dropped markedly in the following year.

In value terms, non-metal permanent magnet imports declined rapidly to $X in 2023. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was near X% of total imports in 2023. Cote d'Ivoire (X tons), Ghana (X tons) and Sierra Leone (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to non-metal permanent magnet imports into Nigeria stood at X%. At the same time, Sierra Leone (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Cote d'Ivoire (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 ($X) constitutes the largest market for imported non-metal permanent magnets in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2023, 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: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, picking up by X% against the previous year. In general, the import price, however, continues to indicate a abrupt curtailment. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

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

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

Source: IndexBox Platform