ECOWAS: Metal Washer Market 2024

Metal Washer Market Size in ECOWAS

The ECOWAS metal washer market skyrocketed to $X in 2021, jumping by 20% against the previous year. Over the period under review, consumption saw tangible growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Metal Washer Production in ECOWAS

In value terms, metal washer production skyrocketed to $X in 2021 estimated in export price. Overall, production saw a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 95%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Metal Washer Exports

Exports in ECOWAS

Metal washer exports fell markedly to X tons in 2021, which is down by -59.6% against 2020. Over the period under review, exports showed a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of 229%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, metal washer exports contracted markedly to $X in 2021. In general, exports showed a perceptible descent. The pace of growth appeared the most rapid in 2018 with an increase of 277% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Cabo Verde (X kg), Niger (X kg), Nigeria (X kg), Cote d'Ivoire (X kg) and Mali (X kg) represented roughly 82% of total exports in 2021. Ghana (X kg) took a 6.1% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (5.2%).

From 2012 to 2021, the biggest increases were recorded for Niger (with a CAGR of +47.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Cote d'Ivoire ($X) and Mali ($X) constituted the countries with the highest levels of exports in 2021, with a combined 59% share of total exports.

Niger, with a CAGR of +54.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, increasing by 33% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained 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 Niger ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.7%), while the other leaders experienced more modest paces of growth.

Metal Washer Imports

Imports in ECOWAS

In 2021, purchases abroad of iron or steel washers was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a perceptible reduction. The growth pace was the most rapid in 2013 with an increase of 239%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, metal washer imports surged to $X in 2021. Overall, imports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 84% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana (X tons) and Nigeria (X tons) represented roughly 53% of total imports in 2021. Mali (X tons) ranks next in terms of the total imports with an 8.5% share, followed by Cote d'Ivoire (8%), Guinea (7.4%), Burkina Faso (6.9%) and Senegal (6.5%).

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +11.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Burkina Faso ($X) were the countries with the highest levels of imports in 2021, together comprising 62% of total imports. These countries were followed by Mali, Cote d'Ivoire, Senegal and Guinea, which together accounted for a further 29%.

Senegal, with a CAGR of +8.9%, recorded the highest growth rate of the value of imports, among 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, rising by 17% against the previous year. Import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal washer import price increased by +42.5% against 2017 indices. The most prominent rate of growth was recorded in 2015 an increase of 93%. Over the period under review, import prices reached the maximum in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+4.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform