Nigeria: Mica Market 2022

Mica Market Size in Nigeria

The Nigerien mica market amounted to $less than X in 2020, stabilizing at the previous year. Over the period under review, consumption showed a relatively flat trend pattern.

Mica Production in Nigeria

In value terms, mica production skyrocketed to $X in 2021 estimated in export price. Overall, production enjoyed strong growth. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Mica Exports

Exports from Nigeria

In 2021, overseas shipments of mica were finally on the rise to reach X tonnes for the first time since 2018, thus ending a two-year declining trend. In general, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, mica exports surged to $X in 2021. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X tonnes) was the main destination for mica exports from Nigeria, with a approx. X% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China totaled +X%.

In value terms, China ($X) also remains the key foreign market for mica exports from Nigeria.

From 2012 to 2021, the average annual growth rate of value to China stood at +X%.

Export Prices by Country

The average mica export price stood at $X per tonne in 2021, which is down by -X% against the previous year. Overall, the export price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per tonne. From 2015 to 2021, the the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -X% per year.

Mica Imports

Imports into Nigeria

In 2021, the amount of mica imported into Nigeria shrank significantly to X tonnes, dropping by -X% compared with the year before. In general, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at X tonnes in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, mica imports contracted sharply to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then shrank notably in the following year.

Imports by Country

The United States (X tonnes) and China (X tonnes) were the main suppliers of mica imports to Nigeria.

From 2012 to 2021, the biggest increases were in the United States (with a CAGR of -X value terms, the United States ($X) constituted the largest supplier of mica to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by China ($X), with a X% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +X%.

Import Prices by Country

The average mica import price stood at $X per tonne in 2021, with a decrease of -X% against the previous year. Over the period under review, the import price, however, showed prominent growth. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per tonne in 2020, and then contracted in the following year.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($X per tonne), while the price for China totaled $X per tonne.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+X%).

Source: IndexBox Platform