ECOWAS: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in ECOWAS

In 2021, the ECOWAS metal hot-worked helical spring market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Iron or Steel Hot-Worked Helical Springs in ECOWAS

In value terms, metal hot-worked helical spring production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports in ECOWAS

In 2021, approx. X tons of iron or steel hot-worked helical springs were exported in ECOWAS; picking up by 535% against the previous year's figure. Overall, exports posted a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, metal hot-worked helical spring exports skyrocketed to $X in 2021. Over the period under review, exports posted a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria was the major exporter of iron or steel hot-worked helical springs in ECOWAS, with the volume of exports finishing at X tons, which was near 82% of total exports in 2021. It was distantly followed by Ghana (X tons), making up a 14% share of total exports.

Nigeria was also the fastest-growing in terms of the iron or steel hot-worked helical springs exports, with a CAGR of +66.8% from 2012 to 2021. At the same time, Ghana (+13.1%) displayed positive paces of growth. While the share of Nigeria (+77 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-16.8 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest metal hot-worked helical spring supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was held by Ghana ($X), with a 4.3% share of total exports.

In Nigeria, metal hot-worked helical spring exports expanded at an average annual rate of +53.2% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, reducing by -63.1% against the previous year. Overall, the export price faced a drastic downturn. The most prominent rate of growth was recorded in 2015 when the export price increased by 17%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-8.1%).

Imports of Iron or Steel Hot-Worked Helical Springs

Imports in ECOWAS

In 2021, purchases abroad of iron or steel hot-worked helical springs increased by 39% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +58.5% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 97% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, metal hot-worked helical spring imports surged to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +41.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 77% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

Imports by Country

Ghana was the largest importer of iron or steel hot-worked helical springs in ECOWAS, with the volume of imports amounting to X tons, which was near 43% of total imports in 2021. Senegal (X tons) ranks second in terms of the total imports with a 19% share, followed by Nigeria (9.4%), Cote d'Ivoire (9.1%) and Benin (6.3%). The following importers - Mali (X tons) and Guinea (X tons) - each recorded a 6% share of total imports.

Ghana experienced a relatively flat trend pattern with regard to volume of imports of iron or steel hot-worked helical springs. At the same time, Benin (+44.5%), Mali (+41.8%), Cote d'Ivoire (+25.1%), Senegal (+19.7%) and Nigeria (+9.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +44.5% from 2012-2021. Guinea experienced a relatively flat trend pattern. Senegal (+13 p.p.), Cote d'Ivoire (+7.1 p.p.), Benin (+5.9 p.p.), Mali (+3.3 p.p.) and Nigeria (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -21.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal hot-worked helical spring importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Senegal ($X), with a combined 64% share of total imports. These countries were followed by Cote d'Ivoire, Guinea, Mali and Benin, which together accounted for a further 25%.

Benin, with a CAGR of +35.9%, 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

In 2021, the import price in ECOWAS amounted to $X per ton, which is down by -5.3% against the previous year. Import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal hot-worked helical spring import price decreased by -10.5% against 2019 indices. The pace of growth was the most pronounced in 2016 an increase of 41%. Over the period under review, import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform