ECOWAS: Metal Spring Washer Market 2025

Metal Spring Washer Market Size in ECOWAS

The ECOWAS metal spring washer market totaled $X in 2022, leveling off at the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Metal Spring Washer Production in ECOWAS

In value terms, metal spring washer production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 20%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Metal Spring Washer Exports

Exports in ECOWAS

In 2022, overseas shipments of iron or steel spring washers decreased by -8.2% to X kg, falling for the fourth year in a row after three years of growth. Over the period under review, exports saw a deep downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 172% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, metal spring washer exports fell slightly to $X in 2022. Overall, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 462% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Gambia (X kg), Burkina Faso (X kg) and Nigeria (X kg) was the main exporter of iron or steel spring washers in ECOWAS, achieving 57% of total export. It was distantly followed by Ghana (X kg), Cote d'Ivoire (X kg), Senegal (X kg) and Sierra Leone (X kg), together committing a 32% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of +31.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest metal spring washer supplying countries in ECOWAS were Cote d'Ivoire ($X), Burkina Faso ($X) and Gambia ($X), together comprising 60% of total exports.

Gambia, with a CAGR of +38.7%, recorded the highest growth rate of the value of exports, in terms of 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

The export price in ECOWAS stood at $X per ton in 2022, picking up by 7.1% against the previous year. In general, the export price enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2017 when the export price increased by 107%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

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 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 Burkina Faso (+26.5%), while the other leaders experienced more modest paces of growth.

Metal Spring Washer Imports

Imports in ECOWAS

In 2022, metal spring washer imports in ECOWAS soared to X tons, jumping by 59% on 2021. Overall, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 90% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, metal spring washer imports skyrocketed to $X in 2022. Over the period under review, imports posted a buoyant increase. The pace of growth was the most pronounced in 2014 when imports increased by 114%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) was the key importer of iron or steel spring washers, comprising 61% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with an 18% share, followed by Senegal (5.3%). The following importers - Ghana (X tons), Guinea (X tons) and Benin (X tons) - together made up 11% of total imports.

From 2012 to 2022, average annual rates of growth with regard to metal spring washer imports into Nigeria stood at +14.9%. At the same time, Cote d'Ivoire (+22.5%), Guinea (+17.7%), Benin (+11.9%) and Senegal (+7.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.5% from 2012-2022. By contrast, Ghana (-7.4%) illustrated a downward trend over the same period. Nigeria (+19 p.p.), Cote d'Ivoire (+11 p.p.) and Guinea (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Ghana saw its share reduced by -1.9% and -21.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported iron or steel spring washers in ECOWAS, comprising 55% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.4% share of total imports. It was followed by Ghana, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +10.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.5% per year) and Ghana (-3.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with a decrease of -26.1% against the previous year. Overall, the import price continues to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2014 when the import price increased by 52%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a 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 Ghana ($X per ton), while Cote d'Ivoire ($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 (+3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform