ECOWAS: Mill Rolling Roll Market 2024

Mill Rolling Roll Market Size in ECOWAS

The ECOWAS mill rolling roll market skyrocketed to $X in 2022, increasing by 19% against the previous year. Overall, consumption, however, saw a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Mill Rolling Roll Production in ECOWAS

In value terms, mill rolling roll production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 3.8%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Mill Rolling Roll Exports

Exports in ECOWAS

In 2022, the amount of rolls for rolling mills exported in ECOWAS dropped rapidly to X units, waning by -84.8% against 2021. Overall, exports saw a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 725% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, mill rolling roll exports shrank remarkably to $X in 2022. In general, exports saw a slight decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 613% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of rolls for rolling mills, namely Sierra Leone, represented more than two-thirds of total export.

Sierra Leone was also the fastest-growing in terms of the rolls for rolling mills exports, with a CAGR of -6.7% from 2012 to 2022. While the share of Sierra Leone (+9.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) also remains the largest mill rolling roll supplier in ECOWAS.

In Sierra Leone, mill rolling roll exports expanded at an average annual rate of +1.3% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, picking up by 302% against the previous year. In general, the export price showed a strong expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 364%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Sierra Leone.

From 2012 to 2022, the rate of growth in terms of prices for Sierra Leone amounted to +8.6% per year.

Mill Rolling Roll Imports

Imports in ECOWAS

In 2022, the amount of rolls for rolling mills imported in ECOWAS skyrocketed to X units, increasing by 31% compared with the previous year. In general, imports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of 174%. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, mill rolling roll imports rose remarkably to $X in 2022. Overall, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 118% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the largest importer of rolls for rolling mills in ECOWAS, with the volume of imports reaching X units, which was approx. 64% of total imports in 2022. Ghana (X units) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (6.4%) and Cote d'Ivoire (5.7%). The following importers - Mali (X units), Senegal (X units) and Burkina Faso (X units) - each recorded an 8.5% share of total imports.

Imports into Nigeria decreased at an average annual rate of -7.8% from 2012 to 2022. At the same time, Burkina Faso (+36.9%), Guinea (+36.7%), Mali (+15.4%) and Cote d'Ivoire (+5.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +36.9% from 2012-2022. By contrast, Senegal (-10.1%) and Ghana (-10.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Guinea, Cote d'Ivoire, Mali and Burkina Faso increased by +6.2, +4, +2.7 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported rolls for rolling mills in ECOWAS, comprising 51% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled -7.9%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-21.1% per year) and Cote d'Ivoire (-4.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, waning by -14.1% against the previous year. Overall, the import price showed a drastic downturn. The most prominent rate of growth was recorded in 2016 when the import price increased by 61%. Over the period under review, import prices reached the maximum at $X per unit in 2019; however, from 2020 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 ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform