Western Africa: Refined Lead Market 2024

Refined Lead Market Size in Western Africa

After two years of growth, the West African refined lead market decreased by -0.2% to $X in 2022. The total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +29.6% against 2019 indices. The level of consumption peaked at $X in 2021, and then contracted modestly in the following year.

Refined Lead Production in Western Africa

In value terms, refined lead production expanded modestly to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +42.9% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 47% against the previous year. Over the period under review, production reached the maximum level in 2022 and is likely to continue growth in the near future.

Refined Lead Exports

Exports in Western Africa

In 2022, shipments abroad of refined lead (unwrought) increased by 60% to X tons, rising for the fourth consecutive year after four years of decline. Over the period under review, exports showed a resilient expansion. The growth pace was the most rapid in 2019 when exports increased by 391%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, refined lead exports surged to $X in 2022. Overall, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 290%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Nigeria represented the largest exporter of refined lead (unwrought) in Western Africa, with the volume of exports recording X tons, which was near 81% of total exports in 2022. It was distantly followed by Ghana (X tons), making up a 19% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined lead exports from Nigeria stood at +13.5%. At the same time, Ghana (+29.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +29.5% from 2012-2022. Ghana (+13 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -10.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest refined lead supplier in Western Africa, comprising 82% of total exports. The second position in the ranking was held by Ghana ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +10.5%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, with an increase of 2.9% against the previous year. Overall, the export price, however, showed a noticeable setback. The pace of growth was the most pronounced in 2017 an increase of 22%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%).

Refined Lead Imports

Imports in Western Africa

In 2022, purchases abroad of refined lead (unwrought) decreased by -2% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports showed a deep setback. The most prominent rate of growth was recorded in 2014 when imports increased by 238%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined lead imports declined slightly to $X in 2022. In general, imports saw a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 143% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Niger (X tons) and Togo (X tons) represented roughly 84% of total imports in 2022. It was distantly followed by Nigeria (X tons), committing a 12% share of total imports. Senegal (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Togo (with a CAGR of +42.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Niger ($X), Togo ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 92% of total imports.

Togo, with a CAGR of +41.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, which is down by -2.5% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 60%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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