ECOWAS: Lithium Carbonate Market 2024

Lithium Carbonate Market Size in ECOWAS

The ECOWAS lithium carbonate market soared to $X in 2023, growing by X% against the previous year. Overall, consumption, however, saw a abrupt downturn. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Lithium Carbonate Production in ECOWAS

In value terms, lithium carbonate production totaled $X in 2023 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Lithium Carbonate Exports

Exports in ECOWAS

In 2023, the amount of lithium carbonates exported in ECOWAS contracted dramatically to X kg, which is down by X% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, lithium carbonate exports declined notably to $X in 2023. In general, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. The level of export peaked at $X in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

Exports by Country

Sierra Leone was the largest exporter of lithium carbonates in ECOWAS, with the volume of exports resulting at X kg, which was near X% of total exports in 2023. It was distantly followed by Nigeria (X kg), achieving a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to lithium carbonate exports from Sierra Leone stood at X%. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the largest lithium carbonate supplying countries in ECOWAS were Sierra Leone ($X) and Nigeria ($X).

In terms of the main exporting countries, Nigeria, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%).

Lithium Carbonate Imports

Imports in ECOWAS

In 2023, purchases abroad of lithium carbonates was finally on the rise to reach X kg for the first time since 2017, thus ending a five-year declining trend. Overall, imports, however, saw a significant curtailment. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, lithium carbonate imports reduced to $X in 2023. In general, imports, however, showed a dramatic curtailment. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the major importing country with an import of about X kg, which reached X% of total imports. It was distantly followed by Cote d'Ivoire (X kg), generating a X% share of total imports. Ghana (X kg) held a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to lithium carbonate imports into Nigeria stood at X%. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Cote d'Ivoire increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported lithium carbonates in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price, however, enjoyed a resilient increase. The growth pace was the most rapid in 2021 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2022 to 2023, the import prices remained at a somewhat lower figure.

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 Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform