Nigeria: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in Nigeria

In 2022, the Nigerien market for vacuum pumps and air or gas compressors decreased by -13.6% to $X, falling for the third year in a row after three years of growth. In general, consumption, however, recorded a perceptible expansion. Consumption of peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Nigeria

In 2022, shipments abroad of vacuum pumps and air or gas compressors increased by 43% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 when exports increased by 3,258%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of vacuum pumps and air or gas compressors dropped notably to $X in 2022. Overall, exports, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 199%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X units), Ghana (X units) and Benin (X units) were the main destinations of exports of vacuum pumps and air or gas compressors from Nigeria, together accounting for 49% of total exports. Burkina Faso, the United States, Angola, the UK, Turkey, the Netherlands, Gambia, Niger and South Africa lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +36.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for vacuum pump and air or gas compressor exported from Nigeria were the UK ($X), Cote d'Ivoire ($X) and Turkey ($X), with a combined 29% share of total exports. The Netherlands, the United States, Gambia, Benin, Niger, Angola, South Africa, Ghana and Burkina Faso lagged somewhat behind, together comprising a further 17%.

Among the main countries of destination, Gambia, with a CAGR of +95.3%, saw the highest rates of growth with regard to 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

The average export price for vacuum pumps and air or gas compressors stood at $X per unit in 2022, with a decrease of -45.6% against the previous year. Overall, the export price, however, recorded a strong increase. The most prominent rate of growth was recorded in 2015 an increase of 14,141%. Over the period under review, the average export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Gambia (+50.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Nigeria

Imports of vacuum pumps and air or gas compressors into Nigeria dropped rapidly to X units in 2022, reducing by -15% compared with the previous year's figure. In general, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 192% against the previous year. Over the period under review, imports of hit record highs at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of vacuum pumps and air or gas compressors shrank to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 161% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of vacuum pump and air or gas compressor to Nigeria, accounting for a 63% share of total imports. Moreover, imports of vacuum pumps and air or gas compressors from China exceeded the figures recorded by the second-largest supplier, France (X units), sevenfold. The third position in this ranking was held by the United Arab Emirates (X units), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+23.5% per year) and the United Arab Emirates (+39.3% per year).

In value terms, the largest vacuum pump and air or gas compressor suppliers to Nigeria were China ($X), the United States ($X) and India ($X), with a combined 62% share of total imports. The United Arab Emirates, the UK, Singapore, France and Japan lagged somewhat behind, together comprising a further 8.4%.

In terms of the main suppliers, Singapore, with a CAGR of +13.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for vacuum pumps and air or gas compressors amounted to $X per unit, picking up by 5.6% against the previous year. Overall, the import price, however, continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2016 an increase of 81% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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