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Report Western Africa - Rare Earth Metals - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Apr 1, 2024

Western Africa - Rare Earth Metals - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Western Africa

After four years of growth, the West African rare earth metal market decreased by X% to $X in 2022. Over the period under review, consumption, however, saw a slight decline. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Rare Earth Metal Production in Western Africa

In value terms, rare earth metal production stood at $X in 2022 estimated in export price. Overall, production, however, showed a mild reduction. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Rare Earth Metal Exports

Exports in Western Africa

In 2022, after two years of decline, there was decline in shipments abroad of rare earth metals, when their volume decreased by X% to X tons. Overall, exports posted a significant increase. The pace of growth appeared the most rapid in 2019 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, rare earth metal exports amounted to $X in 2022. Over the period under review, exports saw significant growth. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price enjoyed a significant increase. The pace of growth was the most pronounced in 2019 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

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

From 2014 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Rare Earth Metal Imports

Imports in Western Africa

In 2022, supplies from abroad of rare earth metals increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports recorded significant growth. The pace of growth was the most pronounced in 2015 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, rare earth metal imports fell to $X in 2022. Over the period under review, imports showed a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria (X tons) represented roughly X% of total imports in 2022.

Nigeria was also the fastest-growing in terms of the rare earth metals imports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported rare earth metals in Western Africa.

In Nigeria, rare earth metal imports expanded at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, falling by X% against the previous year. In general, the import price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

Nigeria remains the largest rare earth metal consuming country in Western Africa, accounting for 95% of total volume. Moreover, rare earth metal consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Togo, more than tenfold.
The country with the largest volume of rare earth metal production was Nigeria, comprising approx. 97% of total volume. It was followed by Togo, with a 2% share of total production.
In value terms, Nigeria constitutes the largest market for imported rare earth metals in Western Africa.
The export price in Western Africa stood at $20,000 per ton in 2022, increasing by 1,306% against the previous year.
In 2022, the import price in Western Africa amounted to $1,383 per ton, reducing by -26.6% against the previous year.

This report provides an in-depth analysis of the rare earth metal market in Western Africa. 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:

    • Benin
    • Burkina Faso
    • Cabo Verde
    • Cote d'Ivoire
    • Gambia
    • Ghana
    • Guinea
    • Guinea-Bissau
    • Liberia
    • Mali
    • Mauritania
    • Niger
    • Nigeria
    • Saint Helena, Ascension and Tristan da Cunha
    • Senegal
    • Sierra Leone
    • Togo

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Production in Western Africa, split by region and country
    • Trade (exports and imports) in Western Africa
    • 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:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. 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. 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. 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. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. CONSUMPTION BY COUNTRY
      3. MARKET FORECAST TO 2030

    4. 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. 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. 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. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE
      2. PRODUCTION BY COUNTRY

    8. 8. IMPORTS

      The Largest Importers on The Market and How They Succeed

      1. IMPORTS FROM 2012–2023
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. EXPORTS

      The Largest Exporters on The Market and How They Succeed

      1. EXPORTS FROM 2012–2023
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. 11. COUNTRY PROFILES

      The Largest Markets And Their Profiles

      This Chapter is Available Only for the Professional Edition PRO
      • Benin
      • Burkina Faso
      • Cabo Verde
      • Gambia
      • Ghana
      • Guinea
      • Guinea-Bissau
      • Liberia
      • Mali
      • Mauritania
      • Niger
      • Nigeria
      • Saint Helena, Ascension and Tristan da Cunha
      • Senegal
      • Sierra Leone
      • Togo
      • Cote d'Ivoire

    12. 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, By Country, 2018–2023
      5. Production, In Physical Terms, By Country, 2012–2023
      6. Imports, In Physical Terms, By Country, 2012–2023
      7. Imports, In Value Terms, By Country, 2012–2023
      8. Import Prices, By Country Of Destination, 2012–2023
      9. Exports, In Physical Terms, By Country, 2012–2023
      10. Exports, In Value Terms, By Country, 2012–2023
      11. Export Prices, By Country Of Origin, 2012–2023

    13. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2023
      2. Market Value, 2012–2023
      3. Consumption, By Country, 2023
      4. Market Volume Forecast to 2030
      5. Market Value Forecast to 2030
      6. Products: Market Size And Growth, By Type
      7. Products: Average Per Capita Consumption, By Type
      8. Products: Exports And Growth, By Type
      9. Products: Export Prices And Growth, By Type
      10. Production Volume And Growth
      11. Exports And Growth
      12. Export Prices And Growth
      13. Market Size And Growth
      14. Per Capita Consumption
      15. Imports And Growth
      16. Import Prices
      17. Production, In Physical Terms, 2012–2023
      18. Production, In Value Terms, 2012–2023
      19. Production, By Country, 2023
      20. Production, In Physical Terms, By Country, 2012–2023
      21. Imports, In Physical Terms, 2012–2023
      22. Imports, In Value Terms, 2012–2023
      23. Imports, In Physical Terms, By Country, 2023
      24. Imports, In Physical Terms, By Country, 2012–2023
      25. Imports, In Value Terms, By Country, 2012–2023
      26. Import Prices, By Country, 2012–2023
      27. Exports, In Physical Terms, 2012–2023
      28. Exports, In Value Terms, 2012–2023
      29. Exports, In Physical Terms, By Country, 2023
      30. Exports, In Physical Terms, By Country, 2012–2023
      31. Exports, In Value Terms, By Country, 2012–2023
      32. Export Prices, 2012–2023

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