Nigeria: Market for Articles Of Non-Malleable Cast Iron 2024

Market Size for Articles Of Non-Malleable Cast Iron in Nigeria

In 2022, the Nigerien non-malleable cast iron articles market decreased by -73.8% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, posted a buoyant increase. Non-malleable cast iron articles consumption peaked at $X in 2021, and then declined notably in the following year.

Exports of Articles Of Non-Malleable Cast Iron

Exports from Nigeria

In 2022, approx. X tons of articles of non-malleable cast iron were exported from Nigeria; with a decrease of -49.4% against the year before. Over the period under review, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2021 when exports increased by 4,462% against the previous year. As a result, the exports attained the peak of X tons, and then declined notably in the following year.

In value terms, non-malleable cast iron articles exports shrank dramatically to $X in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 4,398% against the previous year. As a result, the exports reached the peak of $X, and then dropped markedly in the following year.

Exports by Country

Ghana (X tons) was the main destination for non-malleable cast iron articles exports from Nigeria, accounting for a 80% share of total exports. Moreover, non-malleable cast iron articles exports to Ghana exceeded the volume sent to the second major destination, Niger (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Ghana stood at +81.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+8.5% per year) and Sao Tome and Principe (+17.2% per year).

In value terms, the largest markets for non-malleable cast iron articles exported from Nigeria were Niger ($X), Ghana ($X) and Sao Tome and Principe ($X).

Ghana, with a CAGR of +60.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average non-malleable cast iron articles export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 1,580% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

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 Niger ($X per ton), while the average price for exports to Sao Tome and Principe ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+40.2%), while the prices for the other major destinations experienced a decline.

Imports of Articles Of Non-Malleable Cast Iron

Imports into Nigeria

In 2022, purchases abroad of articles of non-malleable cast iron decreased by -60.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a moderate increase. The most prominent rate of growth was recorded in 2013 with an increase of 210%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, non-malleable cast iron articles imports contracted notably to $X in 2022. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 384%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest non-malleable cast iron articles supplier to Nigeria, accounting for a 39% share of total imports. Moreover, non-malleable cast iron articles imports from India exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +54.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+111.8% per year) and Germany (-17.5% per year).

In value terms, India ($X), Turkey ($X) and Germany ($X) constituted the largest non-malleable cast iron articles suppliers to Nigeria, together comprising 51% of total imports.

Among the main suppliers, Turkey, with a CAGR of +126.7%, saw 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

The average non-malleable cast iron articles import price stood at $X per ton in 2022, declining by -36.6% against the previous year. In general, the import price, however, continues to indicate buoyant growth. The pace of growth was the most pronounced in 2020 an increase of 94%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then declined markedly in the following year.

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 China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+22.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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