ECOWAS: Steel Spring Market 2025

Steel Spring Market Size in ECOWAS

In 2021, the ECOWAS steel spring market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Steel Spring Production in ECOWAS

In value terms, steel spring production rose significantly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2015 when the production volume increased by 36%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports in ECOWAS

In 2021, approx. X tons of steel springs and leaves for springs were exported in ECOWAS; with a decrease of -65.6% compared with the previous year. Overall, exports recorded a precipitous decline. The pace of growth was the most pronounced in 2019 when exports increased by 139%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, steel spring exports fell dramatically to $X in 2021. Over the period under review, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 39%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria represented the major exporting country with an export of around X tons, which resulted at 50% of total exports. Ghana (X tons) took a 31% share (based on physical terms) of total exports, which put it in second place, followed by Niger (10%). Cote d'Ivoire (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +29.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) emerged as the largest steel spring supplier in ECOWAS, comprising 42% of total exports. The second position in the ranking was held by Ghana ($X), with a 20% share of total exports. It was followed by Niger, with an 11% share.

In Nigeria, steel spring exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-28.8% per year) and Niger (-4.1% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 91% against the previous year. In general, the export price continues to indicate resilient growth. The growth pace was the most rapid in 2018 an increase of 135% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.3%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in ECOWAS

In 2021, the amount of steel springs and leaves for springs imported in ECOWAS surged to X tons, growing by 51% compared with the year before. Overall, imports enjoyed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports skyrocketed to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +104.6% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Ghana was the main importer of steel springs and leaves for springs in ECOWAS, with the volume of imports recording X tons, which was approx. 43% of total imports in 2021. Guinea (X tons) took the second position in the ranking, followed by Senegal (X tons), Mali (X tons) and Nigeria (X tons). All these countries together held approx. 43% share of total imports. The following importers - Cote d'Ivoire (X tons) and Burkina Faso (X tons) - each finished at a 6.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to steel spring imports into Ghana stood at +8.1%. At the same time, Mali (+45.2%), Senegal (+22.9%), Guinea (+14.9%), Burkina Faso (+11.3%) and Cote d'Ivoire (+9.0%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +45.2% from 2012-2021. By contrast, Nigeria (-12.2%) illustrated a downward trend over the same period. Mali (+10 p.p.), Senegal (+8.5 p.p.), Ghana (+6.7 p.p.) and Guinea (+6.3 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -36.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported steel springs and leaves for springs in ECOWAS, comprising 33% of total imports. The second position in the ranking was held by Senegal ($X), with a 15% share of total imports. It was followed by Nigeria, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled +10.4%. In the other countries, the average annual rates were as follows: Senegal (+14.1% per year) and Nigeria (-10.3% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, which is down by -2.9% against the previous year. In general, the import price continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2015 an increase of 17% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Guinea ($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 (+2.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform