ECOWAS: Endless Machinery Band Market 2025

Endless Machinery Band Market Size in ECOWAS

In 2021, the ECOWAS endless machinery band market decreased by -14.2% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, enjoyed a significant expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Endless Machinery Band Production in ECOWAS

In value terms, endless machinery band production shrank to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Endless Machinery Band Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in overseas shipments of endless bands for machinery, of stainless steel, which increased by 28% to X square meters in 2021. Overall, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 534%. As a result, the exports attained the peak of X square meters. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, endless machinery band exports stood at $X in 2021. In general, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 711% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria represented the largest exporting country with an export of about X square meters, which reached 83% of total exports. It was distantly followed by Togo (X square meters), comprising a 17% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to endless machinery band exports from Nigeria stood at +17.0%. At the same time, Togo (+150.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +150.5% from 2012-2021. From 2012 to 2021, the share of Togo increased by +17 percentage points.

In value terms, Nigeria ($X) remains the largest endless machinery band supplier in ECOWAS, comprising 92% of total exports. The second position in the ranking was held by Togo ($X), with a 7.7% share of total exports.

In Nigeria, endless machinery band exports increased at an average annual rate of +9.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per square meter, with a decrease of -18.3% against the previous year. In general, the export price continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of 225% against the previous year. The level of export peaked at $X per square meter in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Nigeria ($X per square meter), while Togo amounted to $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+31.9%).

Endless Machinery Band Imports

Imports in ECOWAS

In 2021, overseas purchases of endless bands for machinery, of stainless steel decreased by -13.1% to X square meters, falling for the second year in a row after two years of growth. Over the period under review, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 1,204%. The volume of import peaked at X square meters in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, endless machinery band imports fell markedly to $X in 2021. Overall, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 106%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, accounting for X square meters, which was near 90% of total imports in 2021. Senegal (X square meters) and Niger (X square meters) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the endless bands for machinery, of stainless steel imports, with a CAGR of +114.2% from 2012 to 2021. At the same time, Senegal (+24.5%) and Niger (+9.8%) displayed positive paces of growth. Nigeria (+89 p.p.) significantly strengthened its position in terms of the total imports, while Niger saw its share reduced by -4.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported endless bands for machinery, of stainless steel in ECOWAS, comprising 57% of total imports. The second position in the ranking was held by Senegal ($X), with a 6.6% share of total imports.

In Nigeria, endless machinery band imports expanded at an average annual rate of +60.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+9.3% per year) and Niger (-12.2% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per square meter, declining by -6.7% against the previous year. Overall, the import price faced a drastic downturn. The growth pace was the most rapid in 2017 an increase of 101%. As a result, import price attained the peak level of $X per square meter. From 2018 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Senegal ($X per square meter), while Niger ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-12.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform