ECOWAS: Market for Bearing Housings Incorporating Ball Or Roller Bearings 2024

Market Size for Bearing Housings Incorporating Ball Or Roller Bearings in ECOWAS

In 2022, the ECOWAS market for bearing housings incorporating ball or roller bearings increased by 24% to $X, rising for the sixth year in a row after two years of decline. Over the period under review, consumption enjoyed a strong increase. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Bearing Housings Incorporating Ball Or Roller Bearings in ECOWAS

In value terms, bearing housing with ball bearing production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 68%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Bearing Housings Incorporating Ball Or Roller Bearings

Exports in ECOWAS

After two years of growth, overseas shipments of bearing housings incorporating ball or roller bearings decreased by -21.9% to X tons in 2022. Overall, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 95% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, bearing housing with ball bearing exports contracted slightly to $X in 2022. Over the period under review, exports, however, recorded a noticeable increase. The most prominent rate of growth was recorded in 2015 when exports increased by 104% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) and Ghana (X tons) prevails in exports structure, together mixing up 83% of total exports. Sierra Leone (X kg) held a 9.3% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (4.8%).

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +13.4%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Nigeria ($X) remains the largest bearing housing with ball bearing supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was taken by Ghana ($X), with a 16% share of total exports. It was followed by Sierra Leone, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +10.9%. In the other countries, the average annual rates were as follows: Ghana (+6.0% per year) and Sierra Leone (+3.1% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by 26% against the previous year. Over the period under review, the export price continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 when the export price increased by 448%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+31.2%), while the other leaders experienced more modest paces of growth.

Imports of Bearing Housings Incorporating Ball Or Roller Bearings

Imports in ECOWAS

In 2022, supplies from abroad of bearing housings incorporating ball or roller bearings increased by 131% to X tons, rising for the sixth year in a row after four years of decline. In general, imports posted a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, bearing housing with ball bearing imports soared to $X in 2022. Over the period under review, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 114%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near 93% of total imports in 2022. Ghana (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to bearing housing with ball bearing imports into Nigeria stood at +12.4%. At the same time, Ghana (+24.6%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +24.6% from 2012-2022. While the share of Ghana (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported bearing housings incorporating ball or roller bearings in ECOWAS, comprising 78% of total imports. The second position in the ranking was held by Ghana ($X), with a 5.9% share of total imports.

In Nigeria, bearing housing with ball bearing imports increased at an average annual rate of +12.6% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, reducing by -14.1% against the previous year. Overall, the import price showed a slight reduction. The most prominent rate of growth was recorded in 2013 when the import price increased by 142%. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat 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 Ghana ($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 Nigeria (+0.2%).

Source: IndexBox Platform