Western Africa: Market for Oxides Of Boron and Boric Acids 2024

Market Size for Oxides Of Boron and Boric Acids in Western Africa

The West African market for oxides of boron and boric acids surged to $X in 2021, rising by 30% against the previous year. Over the period under review, consumption recorded a moderate expansion. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Production of Oxides Of Boron and Boric Acids in Western Africa

In value terms, boron oxide and boric acid production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the production volume increased by 8.9% against the previous year. Over the period under review, production attained the maximum level in 2021 and is expected to retain growth in years to come.

Exports of Oxides Of Boron and Boric Acids

Exports in Western Africa

In 2021, the amount of oxides of boron and boric acids exported in Western Africa skyrocketed to X tons, growing by 42% against 2020 figures. Over the period under review, exports showed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 12,640%. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, boron oxide and boric acid exports rose modestly to $X in 2021. In general, exports posted significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 1,608% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

Exports by Country

In 2021, Nigeria (X tons) was the main exporter of oxides of boron and boric acids, achieving 83% of total exports. It was distantly followed by Mauritania (X tons), comprising a 13% share of total exports. Senegal (X tons) held a relatively small share of total exports.

Nigeria was also the fastest-growing in terms of the oxides of boron and boric acids exports, with a CAGR of +25.0% from 2012 to 2021. Mauritania and Senegal experienced a relatively flat trend pattern. Nigeria (+83 p.p.) and Mauritania (+13 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -88.2% from 2012 to 2021, respectively.

In value terms, Nigeria ($X), Mauritania ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 93% of total exports.

Among the main exporting countries, Mauritania, with a CAGR of 0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, reducing by -27.7% against the previous year. In general, the export price continues to indicate a abrupt decrease. The growth pace was the most rapid in 2017 when the export price increased by 220% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-3.3%).

Imports of Oxides Of Boron and Boric Acids

Imports in Western Africa

In 2021, approx. X tons of oxides of boron and boric acids were imported in Western Africa; rising by 81% on the previous year's figure. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 294%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, boron oxide and boric acid imports soared to $X in 2021. Over the period under review, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 247% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was approx. 82% of total imports in 2021. It was distantly followed by Senegal (X tons), making up a 6.4% share of total imports. Guinea (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Togo (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +22.5% from 2012 to 2021. At the same time, Guinea (+58.2%) and Togo (+34.3%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +58.2% from 2012-2021. By contrast, Cote d'Ivoire (-7.9%), Senegal (-9.6%) and Ghana (-12.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Guinea increased by +54 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported oxides of boron and boric acids in Western Africa, comprising 71% of total imports. The second position in the ranking was taken by Senegal ($X), with a 12% share of total imports. It was followed by Guinea, with a 4.8% share.

In Nigeria, boron oxide and boric acid imports increased at an average annual rate of +18.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (-3.0% per year) and Guinea (+59.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, falling by -2.6% against the previous year. Over the period under review, the import price saw a noticeable curtailment. The most prominent rate of growth was recorded in 2017 an increase of 17%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :