Western Africa: Tin Bar Market 2024

Tin Bar Market Size in Western Africa

The West African tin bar market reduced to $X in 2022, therefore, remained relatively stable against the previous year. The total consumption indicated a temperate increase 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 stood at a somewhat lower figure.

Tin Bar Production in Western Africa

In value terms, tin bar production fell slightly to $X in 2022 estimated in export price. The total production indicated noticeable growth 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 pace of growth appeared the most rapid in 2013 with an increase of 39% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Tin Bar Exports

Exports in Western Africa

In 2022, overseas shipments of tin bars, rods, profiles and wires decreased by -38.5% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 862%. The volume of export peaked at X tons in 2021, and then declined sharply in the following year.

In value terms, tin bar exports reduced remarkably to $X in 2022. Over the period under review, exports, however, showed a significant increase. The growth pace was the most rapid in 2017 when exports increased by 545% against the previous year. The level of export peaked at $X in 2021, and then shrank remarkably in the following year.

Exports by Country

Nigeria represented the largest exporter of tin bars, rods, profiles and wires in Western Africa, with the volume of exports reaching X tons, which was approx. 79% of total exports in 2022. It was distantly followed by Senegal (X tons), creating 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. While the share of Nigeria (+71 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-18.5 p.p.) displayed negative dynamics.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +64.6%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, increasing by 4.2% against the previous year. Overall, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2019 when the export price increased by 44% against the previous year. The level of export peaked 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 totaled $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 Western Africa

In 2022, the amount of tin bars, rods, profiles and wires imported in Western Africa soared to X tons, growing by 275% compared with the previous year's figure. Over the period under review, imports, however, recorded a noticeable downturn. 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 skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a noticeable decrease. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) and Niger (X tons) represented the key importers of tin bars, rods, profiles and wires in Western Africa, together creating 74% of total imports. 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 most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Ghana (with a CAGR of +11.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X) constitutes the largest market for imported tin bars, rods, profiles and wires in Western Africa, comprising 74% of total imports. The second position in the ranking was taken by Niger ($X), with a 12% share of total imports. It was followed by Ghana, with a 3% share.

In Nigeria, tin bar imports declined 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 Western Africa stood at $X per ton in 2022, declining by -20.5% against the previous year. Import price indicated a modest increase from 2012 to 2022: its price 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, tin bar import price decreased by -41.4% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 51% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 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 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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