ECOWAS: Safety Valve Market 2024

Safety Valve Market Size in ECOWAS

In 2021, the ECOWAS safety valve market decreased by -20.1% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, saw a buoyant expansion. As a result, consumption attained the peak level of $X, and then contracted sharply in the following year.

Safety Valve Production in ECOWAS

In value terms, safety valve production dropped notably to $X in 2021 estimated in export price. In general, production, however, saw a prominent increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 256% against the previous year. As a result, production reached the peak level of $X, and then declined notably in the following year.

Safety Valve Exports

Exports in ECOWAS

In 2021, exports of safety or relief valves for pipes, boiler shells, tanks and vats in ECOWAS declined to X units, reducing by -7.5% on the previous year. Overall, exports faced a abrupt descent. The growth pace was the most rapid in 2015 with an increase of 175%. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, safety valve exports shrank significantly to $X in 2021. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 81% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X units) was the largest exporter of safety or relief valves for pipes, boiler shells, tanks and vats, constituting 54% of total exports. Mali (X units) ranks second in terms of the total exports with a 15% share, followed by Cabo Verde (8%) and Sierra Leone (7.3%). Cote d'Ivoire (X units), Nigeria (X units), Togo (X units) and Ghana (X units) followed a long way behind the leaders.

Exports from Senegal increased at an average annual rate of +8.8% from 2012 to 2021. At the same time, Mali (+63.3%), Cabo Verde (+34.0%) and Cote d'Ivoire (+6.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +63.3% from 2012-2021. By contrast, Togo (-12.1%), Sierra Leone (-19.9%), Ghana (-29.6%) and Nigeria (-37.1%) illustrated a downward trend over the same period. While the share of Senegal (+47 p.p.), Mali (+15 p.p.), Cabo Verde (+7.9 p.p.) and Cote d'Ivoire (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sierra Leone (-6.9 p.p.), Ghana (-10.2 p.p.) and Nigeria (-57.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest safety valve supplying countries in ECOWAS were Senegal ($X), Sierra Leone ($X) and Mali ($X), with a combined 81% share of total exports.

In terms of the main exporting countries, Mali, with a CAGR of +66.3%, saw 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 unit, which is down by -12.5% against the previous year. Over the period under review, the export price, however, saw a resilient expansion. The growth pace was the most rapid in 2019 when the export price increased by 73% against the previous year. The level of export peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Sierra Leone ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+38.8%), while the other leaders experienced more modest paces of growth.

Safety Valve Imports

Imports in ECOWAS

In 2021, supplies from abroad of safety or relief valves for pipes, boiler shells, tanks and vats increased by 43% to X units, rising for the third consecutive year after two years of decline. Over the period under review, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 57% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, safety valve imports surged to $X in 2021. In general, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by 58%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

Nigeria prevails in imports structure, finishing at X units, which was near 77% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X units), making up an 8.2% share of total imports. The following importers - Ghana (X units), Senegal (X units), Cabo Verde (X units) and Liberia (X units) - together made up 10% of total imports.

Imports into Nigeria increased at an average annual rate of +14.5% from 2012 to 2021. At the same time, Liberia (+34.7%), Cote d'Ivoire (+31.8%) and Senegal (+24.7%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.7% from 2012-2021. Cabo Verde experienced a relatively flat trend pattern. By contrast, Ghana (-7.6%) illustrated a downward trend over the same period. Nigeria (+12 p.p.), Cote d'Ivoire (+6.2 p.p.), Senegal (+1.7 p.p.) and Liberia (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Cabo Verde and Ghana saw its share reduced by -4.5% and -16.7% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported safety or relief valves for pipes, boiler shells, tanks and vats in ECOWAS, comprising 79% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 7.1% share of total imports. It was followed by Ghana, with a 3.7% share.

In Nigeria, safety valve imports increased at an average annual rate of +12.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+20.3% per year) and Ghana (-11.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, dropping by -5.8% against the previous year. Overall, the import price continues to indicate a noticeable downturn. The pace of growth was the most pronounced in 2014 when the import price increased by 31% against the previous year. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Senegal ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform