ECOWAS: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in ECOWAS

In 2021, the ECOWAS needle roller bearing market increased by 21% to $X, rising for the fourth consecutive year after two years of decline. The total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +80.0% against 2017 indices. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in years to come.

Needle Roller Bearing Production in ECOWAS

In value terms, needle roller bearing production amounted to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 36%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Needle Roller Bearing Exports

Exports in ECOWAS

Needle roller bearing exports soared to X tons in 2021, jumping by 153% on 2020. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 483% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, needle roller bearing exports soared to $X in 2021. In general, exports saw a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 256% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Sierra Leone (X kg) was the largest exporter of needle roller bearings, generating 66% of total exports. Mali (X kg) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Guinea (8.1%) and Nigeria (4.5%). Niger (X kg) followed a long way behind the leaders.

Exports from Sierra Leone increased at an average annual rate of +20.9% from 2012 to 2021. At the same time, Guinea (+55.4%), Mali (+42.6%) and Niger (+8.0%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +55.4% from 2012-2021. By contrast, Nigeria (-4.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Sierra Leone, Mali and Guinea increased by +21, +15 and +8.1 percentage points, respectively.

In value terms, Sierra Leone ($X) remains the largest needle roller bearing supplier in ECOWAS, comprising 69% of total exports. The second position in the ranking was held by Mali ($X), with a 15% share of total exports. It was followed by Nigeria, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Sierra Leone stood at +10.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (+43.0% per year) and Nigeria (-0.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, rising by 27% against the previous year. In general, the export price, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when the export price increased by 50%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Nigeria ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+16.1%), while the other leaders experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports in ECOWAS

In 2021, purchases abroad of needle roller bearings increased by 311% to X tons, rising for the sixth year in a row after three years of decline. In general, imports showed significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 533%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, needle roller bearing imports surged to $X in 2021. Over the period under review, imports posted a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 315%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

Nigeria (X tons) represented roughly 99% of total imports in 2021.

Nigeria was also the fastest-growing in terms of the needle roller bearings imports, with a CAGR of +48.1% from 2012 to 2021. While the share of Nigeria (+25 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported needle roller bearings in ECOWAS.

In Nigeria, needle roller bearing imports increased at an average annual rate of +45.7% over the period from 2012-2021.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, which is down by -20% against the previous year. In general, the import price continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2013 an increase of 77% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -1.6% per year.

Source: IndexBox Platform