ECOWAS: Market for Railway Or Tramway Track Construction Material Of Iron Or Steel 2025

Market Size for Railway Or Tramway Track Construction Material Of Iron Or Steel in ECOWAS

The ECOWAS market for railway or tramway track construction material of iron or steel expanded rapidly to $X in 2021, surging by 7.2% against the previous year. The total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Railway Or Tramway Track Construction Material Of Iron Or Steel in ECOWAS

In value terms, production of railway or tramway track construction material of iron or steel expanded remarkably to $X in 2021 estimated in export price. The total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.6% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 47%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Railway Or Tramway Track Construction Material Of Iron Or Steel

Exports in ECOWAS

In 2021, overseas shipments of railway or tramway track construction material of iron or steel decreased by -6.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 375%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of railway or tramway track construction material of iron or steel declined markedly to $X in 2021. Overall, exports, however, continue to indicate measured growth. The most prominent rate of growth was recorded in 2013 with an increase of 255%. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Benin (X tons) represented the major exporter of railway or tramway track construction material of iron or steel, creating 65% of total exports. It was distantly followed by Ghana (X tons), constituting a 29% share of total exports. Niger (X tons) held a little share of total exports.

Benin was also the fastest-growing in terms of the railway or tramway track construction material of iron or steel exports, with a CAGR of +30.1% from 2012 to 2021. At the same time, Ghana (+24.5%) and Niger (+7.2%) displayed positive paces of growth. While the share of Benin (+53 p.p.) and Ghana (+21 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron and steel railway construction materials supplying countries in ECOWAS were Ghana ($X), Benin ($X) and Niger ($X), with a combined 94% share of total exports.

Among the main exporting countries, Benin, with a CAGR of +39.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, reducing by -41.1% against the previous year. Over the period under review, the export price showed a pronounced slump. The pace of growth was the most pronounced in 2017 an increase of 136%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+7.2%), while the other leaders experienced more modest paces of growth.

Imports of Railway Or Tramway Track Construction Material Of Iron Or Steel

Imports in ECOWAS

In 2021, supplies from abroad of railway or tramway track construction material of iron or steel decreased by -72.5% to X tons, falling for the third year in a row after two years of growth. Overall, imports saw a deep downturn. The pace of growth was the most pronounced in 2017 when imports increased by 184%. Over the period under review, imports of hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, imports of railway or tramway track construction material of iron or steel shrank dramatically to $X in 2021. In general, imports faced a abrupt slump. The most prominent rate of growth was recorded in 2017 when imports increased by 160%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Guinea (X tons) represented the major importer of railway or tramway track construction material of iron or steel, creating 41% of total imports. Nigeria (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (16%), Cote d'Ivoire (13%) and Gambia (4.7%). Senegal (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron and steel railway construction materials imports into Guinea stood at +23.5%. At the same time, Cote d'Ivoire (+65.8%) and Gambia (+38.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +65.8% from 2012-2021. By contrast, Ghana (-4.0%), Senegal (-14.6%) and Nigeria (-25.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Guinea, Cote d'Ivoire, Ghana and Gambia increased by +39, +13, +10 and +4.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) constitutes the largest market for imported railway or tramway track construction material of iron or steel in ECOWAS, comprising 41% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Guinea amounted to +25.1%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+61.6% per year) and Ghana (-13.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 46% against the previous year. In general, the import price, however, saw a noticeable slump. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform