Western Africa: Market for Zirconium Ores and Concentrates 2024

Market Size for Zirconium Ores and Concentrates in Western Africa

The West African zirconium ore and concentrate market shrank to $X in 2023, with a decrease of X% against the previous year. Overall, consumption continues to indicate a abrupt downturn. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market remained at a somewhat lower figure.

Production of Zirconium Ores and Concentrates in Western Africa

In value terms, zirconium ore and concentrate production expanded to $X in 2023 estimated in export price. Overall, production showed a strong expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2023, production stood at a somewhat lower figure.

Exports of Zirconium Ores and Concentrates

Exports in Western Africa

In 2023, approx. X tons of zirconium ores and concentrates were exported in Western Africa; with an increase of X% on the year before. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, zirconium ore and concentrate exports declined to $X in 2023. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. The level of export peaked at $X in 2022, and then reduced in the following year.

Exports by Country

Senegal was the major exporter of zirconium ores and concentrates in Western Africa, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. It was distantly followed by Sierra Leone (X tons), mixing up a X% share of total exports. The following exporters - Nigeria (X tons) and Gambia (X tons) - each accounted for a X% share of total exports.

Senegal was also the fastest-growing in terms of the zirconium ores and concentrates exports, with a CAGR of X% from 2012 to 2023. At the same time, Gambia (X%), Nigeria (X%) and Sierra Leone (X%) displayed positive paces of growth. From 2012 to 2023, the share of Senegal increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest zirconium ore and concentrate supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Senegal amounted to X%. In the other countries, the average annual rates were as follows: Sierra Leone (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, which is down by X% against the previous year. Export price indicated a modest increase from 2012 to 2023: its price 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, zirconium ore and concentrate export price decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2022 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then dropped rapidly in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced more modest paces of growth.

Imports of Zirconium Ores and Concentrates

Imports in Western Africa

In 2023, overseas purchases of zirconium ores and concentrates decreased by X% to X kg, falling for the second year in a row after two years of growth. In general, imports recorded a dramatic descent. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2023, imports remained at a lower figure.

In value terms, zirconium ore and concentrate imports declined notably to $X in 2023. Overall, imports saw a precipitous slump. The most prominent rate of growth was recorded in 2020 when imports increased by X%. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

Cote d'Ivoire prevails in imports structure, resulting at X kg, which was near X% of total imports in 2023. Benin (X kg) followed a long way behind the leaders.

Imports into Cote d'Ivoire decreased at an average annual rate of X% from 2012 to 2023. Benin experienced a relatively flat trend pattern. While the share of Cote d'Ivoire (X p.p.) and Benin (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest zirconium ore and concentrate importing markets in Western Africa were Cote d'Ivoire ($X) and Benin ($X).

Benin, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review.

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, with an increase of X% against the previous year. In general, the import price continues to indicate a noticeable expansion. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2023 and is likely to continue growth in the near future.

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 Benin ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%).

Source: IndexBox Platform