Report Update Apr 1, 2024

Nigeria - Magnesium - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Magnesium Market 2024

Magnesium Market Size in Nigeria

In 2022, the Nigerien magnesium market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Magnesium Production in Nigeria

In value terms, magnesium production stood at less than $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with a decrease of X% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

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Magnesium Exports

Exports from Nigeria

Magnesium exports from Nigeria soared to X tons in 2022, rising by X% compared with the year before. Over the period under review, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, magnesium exports surged to $X in 2022. In general, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain (X tons), India (X tons) and the United States (X tons) were the main destinations of magnesium exports from Nigeria.

From 2015 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), India ($X) and Spain ($X) appeared to be the largest markets for magnesium exported from Nigeria worldwide.

Among the main countries of destination, the United States, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average magnesium export price amounted to $X per ton, increasing by X% against the previous year. In general, the export price, however, continues to indicate a abrupt slump. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%).

Magnesium Imports

Imports into Nigeria

Magnesium imports into Nigeria contracted rapidly to X tons in 2022, declining by X% against the previous year's figure. In general, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, magnesium imports reduced markedly to $X in 2022. Overall, imports continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then fell sharply in the following year.

Imports by Country

In 2022, China (X tons) was the main magnesium supplier to Nigeria, with a X% share of total imports. It was followed by India (X kg), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%.

In value terms, China ($X) constituted the largest supplier of magnesium to Nigeria, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled X%.

Import Prices by Country

In 2022, the average magnesium import price amounted to $X per ton, picking up by X% against the previous year. Overall, the import price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for magnesium in the world?

China constituted the country with the largest volume of magnesium consumption, comprising approx. 43% of total volume. Moreover, magnesium consumption in China exceeded the figures recorded by the second-largest consumer, the United States, sevenfold. Canada ranked third in terms of total consumption with a 6.2% share.

What are the largest producers of magnesium in the world?

The country with the largest volume of magnesium production was China, accounting for 83% of total volume. Moreover, magnesium production in China exceeded the figures recorded by the second-largest producer, Russia, more than tenfold. Israel ranked third in terms of total production with a 3% share.

What are the leading suppliers of magnesium to Nigeria?

In value terms, China constituted the largest supplier of magnesium to Nigeria, comprising 99% of total imports. The second position in the ranking was taken by India $209), with a 0.1% share of total imports.

What are the leading importers of magnesium from Nigeria?

In value terms, the largest markets for magnesium exported from Nigeria were the United States, India and Spain.

What is the average export price for magnesium in Nigeria?

The average magnesium export price stood at $1,714 per ton in 2022, surging by 8.5% against the previous year.

What is the average import price for magnesium in Nigeria?

The average magnesium import price stood at $6,440 per ton in 2022, picking up by 55% against the previous year.

This report provides an in-depth analysis of the magnesium 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:

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023