ECOWAS: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in ECOWAS

In 2022, the ECOWAS grinding and sharpening machine market decreased by -0.9% to $X, falling for the second year in a row after three years of growth. Overall, consumption, however, posted buoyant growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in ECOWAS

In value terms, grinding and sharpening machine production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 57%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports in ECOWAS

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported in ECOWAS; increasing by 82% on the year before. Over the period under review, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 207% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, grinding and sharpening machine exports shrank significantly to $X in 2022. In general, exports enjoyed a modest increase. The most prominent rate of growth was recorded in 2019 with an increase of 2,224% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria (X units) and Sierra Leone (X units) dominates exports structure, together making up 74% of total exports. Ghana (X units) ranks next in terms of the total exports with a 6.5% share, followed by Cote d'Ivoire (6.5%) and Senegal (6.5%). The following exporters - Guinea (X units) and Niger (X units) - each finished at a 6.5% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Sierra Leone (with a CAGR of +29.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest grinding and sharpening machine supplier in ECOWAS, comprising 16% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 5.6% share of total exports. It was followed by Cote d'Ivoire, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to -2.2%. In the other countries, the average annual rates were as follows: Sierra Leone (+60.0% per year) and Cote d'Ivoire (+8.9% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, which is down by -64% against the previous year. In general, the export price, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2019 when the export price increased by 657% against the previous year. As a result, the export price attained the peak level of $X per unit. 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 Ghana ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+23.9%), while the other leaders experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports in ECOWAS

In 2022, overseas purchases of grinding and sharpening metal finishing machines decreased by -27.7% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 265% against the previous year. The volume of import peaked at X units in 2021, and then shrank dramatically in the following year.

In value terms, grinding and sharpening machine imports contracted rapidly to $X in 2022. Overall, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2018 when imports increased by 105%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, resulting at X units, which was near 82% of total imports in 2022. It was distantly followed by Gambia (X units), generating a 5.1% share of total imports. Ghana (X units) and Cote d'Ivoire (X units) took a minor share of total imports.

Nigeria was also the fastest-growing in terms of the grinding and sharpening metal finishing machines imports, with a CAGR of +41.1% from 2012 to 2022. At the same time, Gambia (+31.9%) and Cote d'Ivoire (+7.9%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+60 p.p.) and Gambia (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-6.3 p.p.) and Ghana (-27.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported grinding and sharpening metal finishing machines in ECOWAS, comprising 94% of total imports. The second position in the ranking was taken by Ghana ($X), with a 2.9% share of total imports. It was followed by Cote d'Ivoire, with a 1.4% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +26.9%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+4.2% per year) and Cote d'Ivoire (+10.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, growing by 11% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 131%. As a result, import price reached the peak level of $X per unit. From 2020 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Gambia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform