ECOWAS: Permanent Magnet Market 2024

Permanent Magnet Market Size in ECOWAS

The ECOWAS permanent magnet market fell rapidly to $X in 2023, dropping by X% against the previous year. Over the period under review, consumption saw a noticeable curtailment. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2023, consumption remained at a lower figure.

Permanent Magnet Production in ECOWAS

In value terms, permanent magnet production contracted sharply to $X in 2023 estimated in export price. Overall, production, however, posted significant growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 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.

Permanent Magnet Exports

Exports in ECOWAS

Permanent magnet exports dropped to X tons in 2023, declining by X% compared with 2022 figures. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, permanent magnet exports expanded sharply to $X in 2023. Over the period under review, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 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 remained at a lower figure.

Exports by Country

Sierra Leone (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together generating X% of total exports. It was distantly followed by Ghana (X kg), making up a X% share of total exports. The following exporters - Nigeria (X kg) and Gambia (X kg) - together made up X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) remains the largest permanent magnet supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($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 Sierra Leone totaled X%. 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 ECOWAS amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Gambia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced more modest paces of growth.

Permanent Magnet Imports

Imports in ECOWAS

In 2023, the amount of permanent magnets imported in ECOWAS shrank dramatically to X tons, waning by X% compared with the previous year. Overall, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2023, imports remained at a lower figure.

In value terms, permanent magnet imports rose modestly to $X in 2023. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Nigeria represented the main importer of permanent magnets in ECOWAS, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. Ghana (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons), Togo (X tons) and Senegal (X tons). All these countries together took near X% share of total imports. Guinea (X tons) and Niger (X tons) took a relatively small share of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Senegal (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Cote d'Ivoire and Guinea experienced a relatively flat trend pattern. By contrast, Niger (X%) and Togo (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.), Senegal (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Nigeria was relatively modest. 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 ECOWAS amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the import price posted pronounced growth. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 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 Nigeria (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform