ECOWAS: Market for Hot-Rolled Bars In Bearing Steels 2025

Market Size for Hot-Rolled Bars In Bearing Steels in ECOWAS

The ECOWAS hot-rolled bearing steel bar market fell to $X in 2022, approximately equating the previous year. Overall, consumption, however, showed a noticeable shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Hot-Rolled Bars In Bearing Steels in ECOWAS

In value terms, hot-rolled bearing steel bar production shrank modestly to $X in 2022 estimated in export price. In general, production recorded a deep reduction. The growth pace was the most rapid in 2021 when the production volume increased by 5.7% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports in ECOWAS

In 2022, exports of hot-rolled bars in bearing steels in ECOWAS surged to X tons, increasing by 79% on the previous year. Over the period under review, exports, however, recorded a sharp slump. The most prominent rate of growth was recorded in 2019 with an increase of 2,068% 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 remained at a lower figure.

In value terms, hot-rolled bearing steel bar exports shrank slightly to $X in 2022. Overall, exports, however, continue to indicate a precipitous curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 633% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria was the main exporting country with an export of about X tons, which finished at 63% of total exports. It was distantly followed by Sierra Leone (X tons), comprising a 37% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Sierra Leone (with a CAGR of -11.9%).

In value terms, Sierra Leone ($X) remains the largest hot-rolled bearing steel bar supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sierra Leone amounted to -15.1%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by -46.6% against the previous year. Overall, the export price, however, saw resilient growth. The growth pace was the most rapid in 2018 an increase of 341% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 Sierra Leone ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+0.0%).

Imports of Hot-Rolled Bars In Bearing Steels

Imports in ECOWAS

In 2022, supplies from abroad of hot-rolled bars in bearing steels increased by 15% to X tons, rising for the third year in a row after four years of decline. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 106% against the previous year. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar imports contracted to $X in 2022. Overall, imports enjoyed modest growth. The pace of growth appeared the most rapid in 2014 with an increase of 107% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana was the main importing country with an import of about X tons, which amounted to 59% of total imports. Guinea (X tons) ranks second in terms of the total imports with a 25% share, followed by Nigeria (9.1%). The following importers - Cote d'Ivoire (X tons) and Togo (X tons) - each accounted for a 4.1% share of total imports.

Ghana experienced a relatively flat trend pattern with regard to volume of imports of hot-rolled bars in bearing steels. At the same time, Guinea (+83.1%) and Cote d'Ivoire (+24.1%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +83.1% from 2012-2022. By contrast, Togo (-2.4%) and Nigeria (-7.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Guinea and Cote d'Ivoire increased by +25 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported hot-rolled bars in bearing steels in ECOWAS, comprising 60% of total imports. The second position in the ranking was held by Nigeria ($X), with a 21% share of total imports. It was followed by Guinea, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Ghana amounted to +1.5%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (-0.2% per year) and Guinea (+66.2% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, waning by -24.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 34%. As a result, import price reached the peak level of $X per ton, and then contracted markedly in the following year.

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 Nigeria ($X per ton), while Guinea ($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 (+8.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform