Western Africa: Non-Metal Permanent Magnet Market 2024

Non-Metal Permanent Magnet Market Size in Western Africa

The West African non-metal permanent magnet market dropped slightly to $X in 2023, stabilizing at the previous year. The total consumption indicated a mild expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Non-Metal Permanent Magnet Production in Western Africa

In value terms, non-metal permanent magnet production expanded slightly to $X in 2023 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2023, production growth remained at a lower figure.

Non-Metal Permanent Magnet Exports

Exports in Western Africa

In 2023, the amount of non-metal permanent magnets exported in Western Africa dropped dramatically to X kg, with a decrease of X% compared with the previous year's figure. Over the period under review, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2023, the growth of the exports failed to regain momentum.

In value terms, non-metal permanent magnet exports shrank remarkably to $X in 2023. Overall, exports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2022 when exports increased by X%. As a result, the exports attained the peak of $X, and then contracted rapidly in the following year.

Exports by Country

In 2023, Cote d'Ivoire (X kg) was the main exporter of non-metal permanent magnets, mixing up 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 took near X% share of total exports. Mali (X kg) followed a long way behind the leaders.

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. While the share of Cote d'Ivoire (X p.p.), Ghana (X p.p.) and Mali (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Sierra Leone (X p.p.) displayed negative dynamics.

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

In Cote d'Ivoire, non-metal permanent magnet exports expanded at an average annual rate of X% over the period from 2012-2023. 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 Western Africa amounted to $X per ton, jumping by X% against the previous year. Overall, the export price posted a remarkable increase. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices hit record highs in 2023 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: 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 Western Africa

In 2023, after six years of growth, there was significant decline in supplies from abroad of non-metal permanent magnets, when their volume decreased by X% to X tons. In general, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, non-metal permanent magnet imports shrank dramatically to $X in 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then shrank significantly in the following year.

Imports by Country

Nigeria prevails in imports structure, reaching X tons, which was approx. X% of total imports in 2023. The following importers - Cote d'Ivoire (X tons), Ghana (X tons) and Sierra Leone (X tons) - together made up X% of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. 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 Western Africa, with a CAGR of X% from 2012-2023. Ghana experienced a relatively flat trend pattern. From 2012 to 2023, the share of Nigeria increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria amounted to 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

The import price in Western Africa stood at $X per ton in 2023, increasing by X% against the previous year. In general, the import price, however, continues to indicate a abrupt descent. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

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