ECOWAS: Radiator Market 2024

Radiator Market Size in ECOWAS

The ECOWAS radiator market declined slightly to $X in 2022, waning by -2.5% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Radiator Production in ECOWAS

In value terms, radiator production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 33% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Radiator Exports

Exports in ECOWAS

After three years of growth, overseas shipments of radiators for central heating (not electrically heated) decreased by -39.2% to X tons in 2022. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 202%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then reduced sharply in the following year.

In value terms, radiator exports contracted sharply to $X in 2022. Over the period under review, exports, however, showed a modest increase. The pace of growth appeared the most rapid in 2021 when exports increased by 1,647%. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

Ghana dominates exports structure, accounting for X tons, which was near 96% of total exports in 2022. Nigeria (X kg) took a relatively small share of total exports.

Ghana was also the fastest-growing in terms of the radiators for central heating (not electrically heated) exports, with a CAGR of +30.9% from 2012 to 2022. Nigeria (-1.9%) illustrated a downward trend over the same period. Ghana (+54 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -16.5% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest radiator supplier in ECOWAS, comprising 72% of total exports. The second position in the ranking was held by Nigeria ($X), with a 22% share of total exports.

In Ghana, radiator exports increased at an average annual rate of +8.6% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -90.8% against the previous year. Overall, the export price showed a abrupt decrease. The growth pace was the most rapid in 2021 when the export price increased by 1,574% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+12.3%).

Radiator Imports

Imports in ECOWAS

In 2022, purchases abroad of radiators for central heating (not electrically heated) was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 62% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, radiator imports surged to $X in 2022. In general, imports, however, faced a abrupt slump. The pace of growth appeared the most rapid in 2017 when imports increased by 54% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria was the key importer of radiators for central heating (not electrically heated) in ECOWAS, with the volume of imports accounting for X tons, which was near 46% of total imports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 16% share, followed by Ghana (16%), Burkina Faso (6.9%) and Gambia (6.4%). The following importers - Senegal (X tons) and Mali (X tons) - each amounted to a 6.5% share of total imports.

Imports into Nigeria decreased at an average annual rate of -20.9% from 2012 to 2022. At the same time, Gambia (+25.9%), Burkina Faso (+25.8%), Mali (+9.5%) and Cote d'Ivoire (+2.4%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.9% from 2012-2022. By contrast, Ghana (-14.9%) and Senegal (-20.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Burkina Faso, Gambia, Ghana and Mali increased by +14, +6.8, +6.3, +3.3 and +2.9 percentage points, respectively.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, together comprising 73% of total imports. Mali, Senegal, Burkina Faso and Gambia lagged somewhat behind, together accounting for a further 20%.

Burkina Faso, with a CAGR of +18.2%, saw 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

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -18.4% against the previous year. In general, the import price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 an increase of 92%. The level of import peaked at $X per ton in 2021, and then dropped significantly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+9.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform