ECOWAS: Market for Grinding, Sanding and Polishing Machines 2024

Market Size for Grinding, Sanding and Polishing Machines in ECOWAS

In 2021, after three years of growth, there was significant decline in the ECOWAS market for grinding, sanding and polishing machines, when its value decreased by -68.4% to $X. Over the period under review, consumption, however, enjoyed a buoyant increase. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Grinding, Sanding and Polishing Machines in ECOWAS

In value terms, grinding, sanding and polishing machine production reduced modestly to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +6.1% against 2018 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 31%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Grinding, Sanding and Polishing Machines

Exports in ECOWAS

After two years of decline, shipments abroad of grinding, sanding and polishing machines increased by 250% to X units in 2021. Overall, exports, however, continue to indicate a abrupt contraction. The growth pace was the most rapid in 2016 when exports increased by 867% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, grinding, sanding and polishing machine exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2015 when exports increased by 281% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Senegal (X units), distantly followed by Ghana (X units) were the key exporters of grinding, sanding and polishing machines, together constituting 100% of total exports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +16.7%).

In value terms, Senegal ($X) remains the largest grinding, sanding and polishing machine supplier in ECOWAS, comprising 41% of total exports. The second position in the ranking was held by Ghana ($X), with a 3.7% share of total exports.

In Senegal, grinding, sanding and polishing machine exports expanded at an average annual rate of +24.2% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, with a decrease of -47.1% against the previous year. Over the period under review, the export price, however, continues to indicate prominent growth. The pace of growth appeared the most rapid in 2017 an increase of 1,697%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Ghana totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+6.5%).

Imports of Grinding, Sanding and Polishing Machines

Imports in ECOWAS

In 2021, supplies from abroad of grinding, sanding and polishing machines decreased by -65.1% to X units for the first time since 2017, thus ending a three-year rising trend. In general, imports, however, posted a temperate expansion. The most prominent rate of growth was recorded in 2015 with an increase of 5,188% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, grinding, sanding and polishing machine imports contracted notably to $X in 2021. Overall, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 330% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then contracted dramatically in the following year.

Imports by Country

In 2021, Nigeria (X units) represented the main importer of grinding, sanding and polishing machines, mixing up 53% of total imports. Burkina Faso (X units) took the second position in the ranking, followed by Cote d'Ivoire (X units) and Ghana (X units). All these countries together took near 35% share of total imports. Togo (X units), Benin (X units) and Cabo Verde (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to grinding, sanding and polishing machine imports into Nigeria stood at +16.3%. At the same time, Togo (+41.3%), Benin (+21.9%), Cabo Verde (+18.4%), Cote d'Ivoire (+15.6%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +41.3% from 2012-2021. By contrast, Burkina Faso (-12.2%) illustrated a downward trend over the same period. Nigeria (+36 p.p.), Cote d'Ivoire (+9 p.p.), Togo (+3.4 p.p.), Benin (+2.6 p.p.), Ghana (+2 p.p.) and Cabo Verde (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso saw its share reduced by -50.3% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported grinding, sanding and polishing machines in ECOWAS, comprising 54% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 22% share of total imports. It was followed by Ghana, with a 17% share.

In Nigeria, grinding, sanding and polishing machine imports increased at an average annual rate of +8.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+16.8% per year) and Ghana (+10.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, surging by 10% against the previous year. Over the period under review, the import price saw a remarkable increase. The pace of growth was the most pronounced in 2016 an increase of 418% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+22.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform