ECOWAS: Metal Skid Chain Market 2024

Metal Skid Chain Market Size in ECOWAS

After three years of decline, the ECOWAS metal skid chain market increased by 3.5% to $X in 2021. In general, consumption, however, saw a perceptible contraction. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Metal Skid Chain Production in ECOWAS

In value terms, metal skid chain production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a pronounced setback. The most prominent rate of growth was recorded in 2013 with an increase of 19%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Metal Skid Chain Exports

Exports in ECOWAS

After four years of growth, overseas shipments of iron or steel skid chain decreased by -20.5% to X tons in 2021. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 67% against the previous year. As a result, the exports reached the peak of X tons, and then contracted markedly in the following year.

In value terms, metal skid chain exports contracted to $X in 2021. Overall, exports saw a perceptible decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 29% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Nigeria (X tons) was the key exporter of iron or steel skid chain, creating 77% of total exports. It was distantly followed by Sierra Leone (X tons), constituting a 21% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to metal skid chain exports from Nigeria stood at +19.1%. At the same time, Sierra Leone (+60.5%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +60.5% from 2012-2021. While the share of Nigeria (+61 p.p.) and Sierra Leone (+21 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest metal skid chain supplier in ECOWAS, comprising 83% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 16% share of total exports.

In Nigeria, metal skid chain exports increased at an average annual rate of +8.8% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 19% against the previous year. In general, the export price, however, continues to indicate a perceptible downturn. The growth pace was the most rapid in 2016 when the export price increased by 48% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+0.5%).

Metal Skid Chain Imports

Imports in ECOWAS

For the fourth consecutive year, ECOWAS recorded decline in purchases abroad of iron or steel skid chain, which decreased by -32.4% to X tons in 2021. Overall, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 520%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, metal skid chain imports fell to $X in 2021. In general, imports showed a perceptible decline. The pace of growth appeared the most rapid in 2017 with an increase of 470%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Burkina Faso (X tons), distantly followed by Nigeria (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Mali (X tons) and Senegal (X tons) represented the major importers of iron or steel skid chain, together constituting 96% of total imports. Cabo Verde (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of +45.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X), Nigeria ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 68% of total imports.

Among the main importing countries, Burkina Faso, with a CAGR of +42.7%, saw the highest rates of growth with regard to the value of imports, 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, rising by 33% against the previous year. Import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +7.2% 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 skid chain import price increased by +67.0% against 2018 indices. The growth pace was the most rapid in 2013 when the import price increased by 73%. Over the period under review, import prices reached the maximum in 2021 and is likely to see gradual growth in the immediate term.

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 Senegal ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+14.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform