Western Africa: Titanium Market 2023

Titanium Market Size in Western Africa

The West African titanium market declined to $X in 2022, reducing by -3% against the previous year. The total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 +3.2% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Titanium Production in Western Africa

In value terms, titanium production dropped to $X in 2022 estimated in export price. The total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +3.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 27% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Titanium Exports

Exports in Western Africa

Titanium exports reduced dramatically to X kg in 2021, declining by -98.6% compared with the previous year. Over the period under review, exports continue to indicate a sharp contraction. The growth pace was the most rapid in 2020 with an increase of 71,725% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, titanium exports declined remarkably to $X in 2021. In general, exports recorded a significant decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 262,137% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Guinea (X kg) represented roughly 100% of total exports in 2021.

Guinea was also the fastest-growing in terms of the titanium sponge, powders, ingots and slabs exports, with a CAGR of -98.6% from 2012 to 2021. While the share of Guinea (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) also remains the largest titanium supplier in Western Africa.

From 2012 to 2021, the average annual growth rate of value in Guinea totaled -92.2%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per kg, jumping by 459% against the previous year. Overall, the export price continues to indicate significant growth. The pace of growth was the most pronounced in 2014 when the export price increased by 14,130% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for Guinea amounted to +458.8% per year.

Titanium Imports

Imports in Western Africa

In 2022, purchases abroad of titanium sponge, powders, ingots and slabs was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2017 when imports increased by 132%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, titanium imports soared to $X in 2022. In general, imports recorded a notable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 172% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of titanium imports in 2022 were Nigeria (X tons), together resulting at 100% of total import.

Nigeria was also the fastest-growing in terms of the titanium sponge, powders, ingots and slabs imports, with a CAGR of +27.7% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by +83 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 titanium sponge, powders, ingots and slabs in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +36.2%.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, which is down by -2% against the previous year. Over the period under review, the import price continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2019 when the import price increased by 77% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a 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 +6.7% per year.

Source: IndexBox Market Intelligence Platform

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