Western Africa: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Western Africa

For the fourth consecutive year, the West African iron oxide pigment market recorded growth in sales value, which increased by X% to $X in 2022. In general, consumption recorded a buoyant increase. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Iron Oxide Pigment Production in Western Africa

In value terms, iron oxide pigment production stood at $X in 2022 estimated in export price. In general, production, however, showed buoyant growth. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Iron Oxide Pigment Exports

Exports in Western Africa

In 2022, after ten years of growth, there was significant decline in shipments abroad of iron oxide pigments, when their volume decreased by X% to X tons. In general, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2019 when exports increased by X%. The volume of export peaked at X tons in 2021, and then dropped dramatically in the following year.

In value terms, iron oxide pigment exports dropped remarkably to $X in 2022. Overall, exports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mauritania dominates exports structure, finishing at X tons, which was near X% of total exports in 2022. It was distantly followed by Nigeria (X tons), committing a X% share of total exports.

Mauritania was also the fastest-growing in terms of the iron oxide pigments exports, with a CAGR of X% from 2012 to 2022. Nigeria (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mauritania (X p.p.) displayed negative dynamics.

In value terms, Mauritania ($X) remains the largest iron oxide pigment supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Mauritania amounted to X%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, with an increase of X% against the previous year. In general, the export price, however, recorded a slight decline. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mauritania ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%).

Iron Oxide Pigment Imports

Imports in Western Africa

In 2022, overseas purchases of iron oxide pigments decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, posted a noticeable increase. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, iron oxide pigment imports expanded notably to $X in 2022. Total imports 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, imports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

Nigeria represented the major importing country with an import of around X tons, which accounted for X% of total imports. Cote d'Ivoire (X tons) took the second position in the ranking, distantly followed by Ghana (X tons) and Senegal (X tons). All these countries together held approx. X% share of total imports. Mali (X tons), Guinea (X tons) and Burkina Faso (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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