ECOWAS: Market for Process Control, Gate, Globe and Other Valves 2024

Exports of Process Control, Gate, Globe and Other Valves

Exports in ECOWAS

In 2022, overseas shipments of process control, gate, globe and other valves were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a pronounced reduction. The growth pace was the most rapid in 2019 with an increase of 108% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of process control, gate, globe and other valves surged to $X in 2022. Overall, exports, however, continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by 59%. Over the period under review, the exports of hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria was the main exporting country with an export of around X tons, which amounted to 59% of total exports. Cote d'Ivoire (X tons) took the second position in the ranking, followed by Benin (X tons) and Ghana (X tons). All these countries together took approx. 27% share of total exports. Senegal (X tons), Sierra Leone (X tons) and Mali (X tons) took a minor share of total exports.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of process control, gate, globe and other valves. At the same time, Benin (+45.6%), Mali (+24.9%), Cote d'Ivoire (+10.8%), Senegal (+3.1%) and Sierra Leone (+1.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +45.6% from 2012-2022. By contrast, Ghana (-21.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Cote d'Ivoire, Benin, Mali and Senegal increased by +16, +10, +7.1, +2.5 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest process control, gate, globe and other valves supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was held by Ghana ($X), with a 17% share of total exports. It was followed by Cote d'Ivoire, with a 13% share.

In Nigeria, exports of process control, gate, globe and other valves remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-11.7% per year) and Cote d'Ivoire (+6.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by 21% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 57%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+12.0%), while the other leaders experienced more modest paces of growth.

Imports of Process Control, Gate, Globe and Other Valves

Imports in ECOWAS

In 2022, imports of process control, gate, globe and other valves in ECOWAS skyrocketed to X tons, with an increase of 19% compared with the previous year's figure. Over the period under review, imports continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 376% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, imports of process control, gate, globe and other valves skyrocketed to $X in 2022. Overall, imports showed a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 82%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Nigeria dominates valves structure, finishing at X tons, which was approx. 91% of total imports in 2022. The following importers - Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) - each recorded a 5.9% share of total imports.

Nigeria was also the fastest-growing in terms of the process control, gate, globe and other valves imports, with a CAGR of +18.9% from 2012 to 2022. At the same time, Cote d'Ivoire (+8.9%), Senegal (+8.2%) and Ghana (+3.0%) displayed positive paces of growth. Nigeria (+14 p.p.) significantly strengthened its position in terms of the total imports, while Senegal, Cote d'Ivoire and Ghana saw its share reduced by -1.9%, -2.1% and -5.7% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported process control, gate, globe and other valves in ECOWAS, comprising 72% of total imports. The second position in the ranking was taken by Ghana ($X), with a 7.1% share of total imports. It was followed by Cote d'Ivoire, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +11.6%. In the other countries, the average annual rates were as follows: Ghana (+0.8% per year) and Cote d'Ivoire (+12.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by 17% against the previous year. Over the period under review, the import price, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2014 an increase of 200% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, 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 Senegal (+5.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform