ECOWAS: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in ECOWAS

In 2022, the ECOWAS stone polishing machine market decreased by -42.1% to $X, falling for the third year in a row after two years of growth. Overall, consumption, however, saw a prominent increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Stone Polishing Machine Production in ECOWAS

In value terms, stone polishing machine production fell to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2015 when the production volume increased by 167% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Stone Polishing Machine Exports

Exports in ECOWAS

In 2022, approx. X units of grinding or polishing machines for working stone, ceramics and concrete were exported in ECOWAS; declining by -36.4% against the previous year's figure. Over the period under review, exports continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2013 with an increase of 413%. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, stone polishing machine exports soared to $X in 2022. In general, exports saw a noticeable descent. The growth pace was the most rapid in 2014 when exports increased by 449%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X units) represented the major exporter of grinding or polishing machines for working stone, ceramics and concrete, achieving 57% of total exports. Cabo Verde (X units) held a 29% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (14%).

From 2012 to 2022, the biggest increases were recorded for Cabo Verde (with a CAGR of +7.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X) remains the largest stone polishing machine supplier in ECOWAS, comprising 48% of total exports. The second position in the ranking was held by Cabo Verde ($X), with a 3.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal totaled +19.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Cabo Verde (-14.4% per year) and Ghana (+0.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, jumping by 114% against the previous year. Over the period under review, the export price, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when the export price increased by 128% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 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 Senegal ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+33.4%), while the other leaders experienced mixed trends in the export price figures.

Stone Polishing Machine Imports

Imports in ECOWAS

In 2022, supplies from abroad of grinding or polishing machines for working stone, ceramics and concrete decreased by -42.2% to X units, falling for the third year in a row after two years of growth. Overall, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 800%. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, stone polishing machine imports contracted markedly to $X in 2022. Over the period under review, imports, however, saw strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 2,211%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, finishing at X units, which was near 74% of total imports in 2022. It was distantly followed by Guinea-Bissau (X units), committing a 7.1% share of total imports. Ghana (X units), Benin (X units), Senegal (X units), Sierra Leone (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 or polishing machines for working stone, ceramics and concrete imports, with a CAGR of +33.6% from 2012 to 2022. At the same time, Benin (+28.4%), Sierra Leone (+27.5%), Guinea-Bissau (+24.7%) and Senegal (+8.6%) displayed positive paces of growth. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Ghana (-7.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Guinea-Bissau and Benin increased by +61, +4.5 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported grinding or polishing machines for working stone, ceramics and concrete in ECOWAS, comprising 83% of total imports. The second position in the ranking was held by Ghana ($X), with an 8.3% share of total imports. It was followed by Senegal, with a 4.5% share.

In Nigeria, stone polishing machine imports increased at an average annual rate of +38.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+3.4% per year) and Senegal (+29.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, with an increase of 8.8% against the previous year. Over the period under review, the import price posted a strong increase. The growth pace was the most rapid in 2018 an increase of 157%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the import prices remained 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 Senegal ($X per unit), while Guinea-Bissau ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+65.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform