ECOWAS: Market for Machine-Tools For Working Any Material By Removal Of Material 2025

Market Size for Machine-Tools For Working Any Material By Removal Of Material in ECOWAS

The ECOWAS machine-tool for removing material market rose remarkably to $X in 2021, increasing by 6.7% against the previous year. Overall, consumption saw tangible growth. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Machine-Tools For Working Any Material By Removal Of Material in ECOWAS

In value terms, machine-tool for removing material production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production showed a temperate expansion. The growth pace was the most rapid in 2016 with an increase of 92% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports in ECOWAS

In 2021, shipments abroad of machine-tools for working any material by removal of material was finally on the rise to reach X units after two years of decline. Over the period under review, exports, however, saw a dramatic downturn. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, machine-tool for removing material exports skyrocketed to $X in 2021. Overall, exports, however, recorded a deep contraction. The growth pace was the most rapid in 2018 when exports increased by 39% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Nigeria (X units) was the major exporter of machine-tools for working any material by removal of material, generating 67% of total exports. It was distantly followed by Ghana (X units), making up a 33% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of -7.4%).

In value terms, Nigeria ($X) remains the largest machine-tool for removing material supplier in ECOWAS, comprising 59% of total exports. The second position in the ranking was held by Ghana ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to -19.6%.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, declining by -55.1% against the previous year. Over the period under review, the export price, however, recorded a measured expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 113%. The level of export peaked at $X per unit in 2015; however, from 2016 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 unit), while Ghana stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+5.4%).

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in overseas purchases of machine-tools for working any material by removal of material, which increased by 3% to X units in 2021. In general, imports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2015 when imports increased by 3,987%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, machine-tool for removing material imports rose remarkably to $X in 2021. Over the period under review, imports recorded a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 128% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Ghana (X units) and Mali (X units) represented the major importers of machine-tools for working any material by removal of material in 2021, recording approx. 27% and 18% of total imports, respectively. Senegal (X units) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Gambia (9.2%), Guinea (9.1%), Cote d'Ivoire (7.1%), Togo (6.2%) and Nigeria (5.9%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mali (with a CAGR of +55.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest machine-tool for removing material importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising 80% of total imports. These countries were followed by Mali, Senegal, Guinea, Togo and Gambia, which together accounted for a further 17%.

Among the main importing countries, Mali, with a CAGR of +80.9%, recorded 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

In 2021, the import price in ECOWAS amounted to $X per unit, increasing by 3.3% against the previous year. Over the period under review, the import price showed slight growth. The pace of growth was the most pronounced in 2016 an increase of 1,988% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a 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 ($X per unit), while Gambia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+16.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform