ECOWAS: Market for Welded And Cold-Formed Sections Of Steel 2025

Market Size for Welded And Cold-Formed Sections Of Steel in ECOWAS

After two years of decline, the ECOWAS market for welded and cold-formed sections of steel increased by 31% to $X in 2022. Overall, consumption posted pronounced growth. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Welded And Cold-Formed Sections Of Steel in ECOWAS

In value terms, welded and cold-formed steel sections production soared to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced expansion. The most prominent rate of growth was recorded in 2017 with an increase of 150%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Welded And Cold-Formed Sections Of Steel

Exports in ECOWAS

In 2022, overseas shipments of welded and cold-formed sections of steel decreased by -12.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 324%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, welded and cold-formed steel sections exports rose to $X in 2022. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 423%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal was the main exporter of welded and cold-formed sections of steel in ECOWAS, with the volume of exports recording X tons, which was near 83% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), committing a 15% share of total exports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to welded and cold-formed steel sections exports from Senegal stood at +21.7%. At the same time, Cote d'Ivoire (+44.8%) and Togo (+3.6%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +44.8% from 2012-2022. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by +64 and +14 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest welded and cold-formed steel sections supplier in ECOWAS, comprising 83% of total exports. The second position in the ranking was held by Senegal ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +65.3%. In the other countries, the average annual rates were as follows: Senegal (-3.4% per year) and Togo (+1.0% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 16% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 72%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+14.2%), while the other leaders experienced a decline in the export price figures.

Imports of Welded And Cold-Formed Sections Of Steel

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in overseas purchases of welded and cold-formed sections of steel, which increased by 198% to X tons in 2022. Overall, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 396%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, welded and cold-formed steel sections imports surged to $X in 2022. Over the period under review, imports continue to indicate measured growth. The growth pace was the most rapid in 2018 when imports increased by 393% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was approx. 90% of total imports in 2022. Cote d'Ivoire (X tons), Ghana (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the welded and cold-formed sections of steel imports, with a CAGR of +32.5% from 2012 to 2022. At the same time, Cote d'Ivoire (+28.8%) and Cabo Verde (+2.8%) displayed positive paces of growth. By contrast, Ghana (-16.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Cote d'Ivoire increased by +67 and +1.8 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported welded and cold-formed sections of steel in ECOWAS, comprising 62% of total imports. The second position in the ranking was held by Ghana ($X), with a 13% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

In Nigeria, welded and cold-formed steel sections imports increased at an average annual rate of +20.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-13.5% per year) and Cote d'Ivoire (+25.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, which is down by -33.3% against the previous year. Overall, the import price saw a abrupt decline. The growth pace was the most rapid in 2014 an increase of 38%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform