ECOWAS: Metal Link Chain Market 2024

Metal Link Chain Market Size in ECOWAS

The ECOWAS metal link chain market fell slightly to $X in 2021, remaining relatively unchanged against the previous year. In general, consumption saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of 9.4% against the previous year. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Metal Link Chain Production in ECOWAS

In value terms, metal link chain production expanded to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 9% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Metal Link Chain Exports

Exports in ECOWAS

In 2021, overseas shipments of iron or steel articulated link chain decreased by -41.7% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 250% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, metal link chain exports declined markedly to $X in 2021. In general, exports recorded a noticeable downturn. The growth pace was the most rapid in 2018 when exports increased by 245%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Guinea (X tons), Nigeria (X tons), Senegal (X tons), Cote d'Ivoire (X tons), Cabo Verde (X tons), Benin (X tons) and Ghana (X tons), together reaching 95% of total export. It was distantly followed by Niger (X kg), creating a 5% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +29.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest metal link chain supplying countries in ECOWAS were Senegal ($X), Cabo Verde ($X) and Nigeria ($X), together comprising 61% of total exports. These countries were followed by Niger, Ghana, Cote d'Ivoire, Benin and Guinea, which together accounted for a further 37%.

Among the main exporting countries, Niger, with a CAGR of +29.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, picking up by 18% against the previous year. Export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal link chain export price increased by +79.1% against 2018 indices. The growth pace was the most rapid in 2020 an increase of 43%. The level of export peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Niger ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cabo Verde (+22.9%), while the other leaders experienced more modest paces of growth.

Metal Link Chain Imports

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in supplies from abroad of iron or steel articulated link chain, when their volume decreased by -20% to X tons. Over the period under review, imports, however, recorded a prominent increase. The growth pace was the most rapid in 2017 when imports increased by 64% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then dropped markedly in the following year.

In value terms, metal link chain imports dropped rapidly to $X in 2021. Total imports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when imports increased by 52%. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Ghana represented the main importing country with an import of about X tons, which recorded 50% of total imports. It was distantly followed by Nigeria (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons), together constituting a 40% share of total imports. Senegal (X tons), Liberia (X tons) and Benin (X tons) followed a long way behind the leaders.

Imports into Ghana increased at an average annual rate of +26.0% from 2012 to 2021. At the same time, Burkina Faso (+35.4%), Liberia (+17.9%), Cote d'Ivoire (+13.0%) and Senegal (+2.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.4% from 2012-2021. By contrast, Benin (-1.8%) and Nigeria (-5.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Burkina Faso and Cote d'Ivoire increased by +39, +9.5 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal link chain importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined 77% share of total imports. Burkina Faso, Senegal, Benin and Liberia lagged somewhat behind, together accounting for a further 19%.

Liberia, with a CAGR of +19.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, falling by -6.1% against the previous year. Over the period under review, the import price saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2013 when the import price increased by 28% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Benin ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform