ECOWAS: Tin Bar Market 2024

Tin Bar Market Size in ECOWAS

The ECOWAS tin bar market shrank modestly to $X in 2022, standing approx. at the previous year. The total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.9% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Tin Bar Production in ECOWAS

In value terms, tin bar production declined slightly to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 39% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Tin Bar Exports

Exports in ECOWAS

In 2022, after three years of growth, there was significant decline in overseas shipments of tin bars, rods, profiles and wires, when their volume decreased by -38.5% to X tons. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 862% against the previous year. The volume of export peaked at X tons in 2021, and then declined rapidly in the following year.

In value terms, tin bar exports dropped significantly to $X in 2022. Over the period under review, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 545% against the previous year. The level of export peaked at $X in 2021, and then contracted sharply in the following year.

Exports by Country

Nigeria was the main exporting country with an export of about X tons, which amounted to 79% of total exports. It was distantly followed by Senegal (X tons), generating a 19% share of total exports.

Nigeria was also the fastest-growing in terms of the tin bars, rods, profiles and wires exports, with a CAGR of +86.6% from 2012 to 2022. At the same time, Senegal (+39.5%) displayed positive paces of growth. From 2012 to 2022, the share of Nigeria increased by +71 percentage points.

In value terms, Nigeria ($X) remains the largest tin bar supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was taken by Senegal ($X), with a 24% share of total exports.

In Nigeria, tin bar exports expanded at an average annual rate of +64.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, growing by 4.1% against the previous year. Over the period under review, the export price, however, saw a deep slump. The most prominent rate of growth was recorded in 2019 when the export price increased by 44%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-5.8%).

Tin Bar Imports

Imports in ECOWAS

In 2022, approx. X tons of tin bars, rods, profiles and wires were imported in ECOWAS; jumping by 285% on the previous year's figure. Over the period under review, imports, however, continue to indicate a pronounced slump. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, tin bar imports surged to $X in 2022. In general, imports, however, continue to indicate a noticeable curtailment. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria (X tons) and Niger (X tons) represented roughly 75% of total imports in 2022. It was distantly followed by Senegal (X tons), constituting a 20% share of total imports. Ghana (X kg) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +11.2%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X) constitutes the largest market for imported tin bars, rods, profiles and wires in ECOWAS, comprising 76% of total imports. The second position in the ranking was taken by Niger ($X), with a 12% share of total imports. It was followed by Ghana, with a 3.1% share.

In Nigeria, tin bar imports shrank by an average annual rate of -2.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Niger (-3.9% per year) and Ghana (+16.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, waning by -15.7% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tin bar import price decreased by -42.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 54%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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