ECOWAS: Market for Iron or Steel Leaf-Springs and Leaves 2025

Market Size for Iron or Steel Leaf-Springs and Leaves in ECOWAS

The ECOWAS iron or steel leaf-spring market reduced to $X in 2022, with a decrease of -6.3% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in ECOWAS

In value terms, iron or steel leaf-spring production reduced to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2017 with an increase of 96%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports in ECOWAS

Iron or steel leaf-spring exports shrank sharply to X tons in 2022, with a decrease of -86.8% against 2021 figures. In general, exports showed a sharp shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 376% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel leaf-spring exports reduced rapidly to $X in 2022. Over the period under review, exports continue to indicate a precipitous decline. The growth pace was the most rapid in 2017 with an increase of 268%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly 71% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), generating an 18% share of total exports. The following exporters - Togo (X kg), Gambia (X kg) and Liberia (X kg) - together made up 11% 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 Cote d'Ivoire (with a CAGR of +51.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel leaf-spring supplying countries in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 88% of total exports.

Cote d'Ivoire, with a CAGR of +82.3%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 321% against the previous year. Overall, the export price enjoyed a prominent expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+20.2%), while the other leaders experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports in ECOWAS

In 2022, supplies from abroad of iron or steel leaf-springs and leaves increased by 9.3% to X tons, rising for the seventh consecutive year after three years of decline. Over the period under review, imports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 53% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, iron or steel leaf-spring imports rose slightly to $X in 2022. In general, imports saw a measured increase. The pace of growth was the most pronounced in 2018 when imports increased by 30% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Ghana (X tons) and Nigeria (X tons) represented the key importers of iron or steel leaf-springs and leaves in ECOWAS, together constituting 64% of total imports. Guinea (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (8.5%) and Mali (6.6%). The following importers - Cote d'Ivoire (X tons) and Burkina Faso (X tons) - each accounted for a 4.3% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mali (with a CAGR of +32.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported iron or steel leaf-springs and leaves in ECOWAS, comprising 42% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 17% share of total imports. It was followed by Senegal, with an 11% share.

In Ghana, iron or steel leaf-spring imports increased at an average annual rate of +11.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (-7.8% per year) and Senegal (+15.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, dropping by -6.4% against the previous year. Over the period under review, the import price recorded a noticeable decline. The pace of growth was the most pronounced in 2014 when the import price increased by 29% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform