ECOWAS: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in ECOWAS

The ECOWAS tapered roller bearing market amounted to $X in 2021, with an increase of 10% against the previous year. In general, consumption saw a buoyant increase. Over the period under review, the market reached the maximum level in 2021 and is likely to see gradual growth in the immediate term.

Tapered Roller Bearing Production in ECOWAS

In value terms, tapered roller bearing production expanded remarkably to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.8% 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 -37.8% against 2016 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 106%. The level of production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Tapered Roller Bearing Exports

Exports in ECOWAS

Tapered roller bearing exports amounted to X tons in 2021, picking up by 6.1% compared with the previous year. Over the period under review, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 454%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, tapered roller bearing exports fell to $X in 2021. Overall, exports recorded a modest expansion. The growth pace was the most rapid in 2015 when exports increased by 262% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Sierra Leone (X tons) and Nigeria (X tons) were the key exporters of tapered roller bearings in 2021, amounting to approx. 39% and 31% of total exports, respectively. Burkina Faso (X kg) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (4.8%). Ghana (X kg), Mali (X kg) and Senegal (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 leading exporting countries, was attained by Burkina Faso (with a CAGR of +60.8%), while the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) emerged as the largest tapered roller bearing supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 17% share of total exports. It was followed by Nigeria, with an 11% share.

In Sierra Leone, tapered roller bearing exports increased at an average annual rate of +17.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+55.7% per year) and Nigeria (-15.7% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, waning by -19% against the previous year. In general, the export price, however, continues to indicate a prominent increase. The growth pace was the most rapid in 2014 when the export price increased by 295%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+12.1%), while the other leaders experienced more modest paces of growth.

Tapered Roller Bearing Imports

Imports in ECOWAS

In 2021, the amount of tapered roller bearings imported in ECOWAS expanded notably to X tons, surging by 10% on the previous year. Over the period under review, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 368%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, tapered roller bearing imports amounted to $X in 2021. Overall, imports showed a strong expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 249% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the near future.

Imports by Country

Nigeria represented the key importer of tapered roller bearings in ECOWAS, with the volume of imports accounting for X tons, which was approx. 65% of total imports in 2021. It was distantly followed by Ghana (X tons), generating a 23% share of total imports. The following importers - Togo (X tons) and Liberia (X tons) - each reached a 6.2% share of total imports.

Imports into Nigeria increased at an average annual rate of +26.6% from 2012 to 2021. At the same time, Togo (+57.3%), Liberia (+35.0%) and Ghana (+14.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +57.3% from 2012-2021. Nigeria (+28 p.p.), Togo (+3 p.p.) and Liberia (+2 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -9.3% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported tapered roller bearings in ECOWAS, comprising 76% of total imports. The second position in the ranking was held by Ghana ($X), with a 7.4% share of total imports. It was followed by Liberia, with a 4.6% share.

In Nigeria, tapered roller bearing imports increased at an average annual rate of +26.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-3.6% per year) and Liberia (+29.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, shrinking by -6.4% against the previous year. Over the period under review, the import price showed a perceptible contraction. The pace of growth appeared the most rapid in 2015 when the import price increased by 24%. 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.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Liberia ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform