ECOWAS: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Market Size in ECOWAS

For the third year in a row, the ECOWAS spherical roller bearing market recorded growth in sales value, which increased by 48% to $X in 2021. Over the period under review, consumption, however, recorded a deep setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Spherical Roller Bearing Production in ECOWAS

In value terms, spherical roller bearing production totaled $X in 2021 estimated in export price. In general, production showed a resilient expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 78% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Spherical Roller Bearing Exports

Exports in ECOWAS

In 2021, approx. X tons of spherical roller bearings were exported in ECOWAS; with an increase of 44% compared with the previous year's figure. Over the period under review, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 162% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, spherical roller bearing exports soared to $X in 2021. In general, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 158% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Ghana (X kg) represented the main exporter of spherical roller bearings, creating 52% of total exports. Sierra Leone (X kg) held the second position in the ranking, distantly followed by Niger (X kg) and Nigeria (X kg). All these countries together held approx. 42% share of total exports. Burkina Faso (X kg) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Sierra Leone (with a CAGR of +64.8%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) emerged as the largest spherical roller bearing supplier in ECOWAS, comprising 44% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 21% share of total exports. It was followed by Nigeria, with a 19% share.

From 2012 to 2021, the average annual growth rate of value in Ghana amounted to +9.9%. In the other countries, the average annual rates were as follows: Sierra Leone (+64.7% per year) and Nigeria (+33.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, surging by 29% against the previous year. Over the period under review, the export price recorded moderate growth. The growth pace was the most rapid in 2016 an increase of 100% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+21.3%), while the other leaders experienced more modest paces of growth.

Spherical Roller Bearing Imports

Imports in ECOWAS

In 2021, spherical roller bearing imports in ECOWAS soared to X tons, with an increase of 173% against 2020. Over the period under review, imports, however, recorded a abrupt setback. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, spherical roller bearing imports soared to $X in 2021. In general, imports, however, recorded a deep downturn. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was approx. 84% of total imports in 2021. It was distantly followed by Ghana (X tons), mixing up a 4.7% share of total imports. Cote d'Ivoire (X tons), Senegal (X tons) and Burkina Faso (X tons) held a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -17.9% from 2012 to 2021. At the same time, Cote d'Ivoire (+8.9%), Burkina Faso (+6.5%) and Senegal (+2.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.9% from 2012-2021. Ghana experienced a relatively flat trend pattern. While the share of Cote d'Ivoire (+4 p.p.), Ghana (+3.9 p.p.) and Senegal (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-13.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported spherical roller bearings in ECOWAS, comprising 85% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 4.1% share of total imports. It was followed by Ghana, with a 3.6% share.

In Nigeria, spherical roller bearing imports declined by an average annual rate of -17.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+6.2% per year) and Ghana (+0.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, rising by 2.4% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 12% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Burkina Faso ($X per ton) and Nigeria ($X per ton), while Ghana ($X per ton) and Senegal ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform