Nigeria - Ball and Roller Bearings - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Bearing Market 2024
Bearing Market Size in Nigeria
In 2021, after four years of growth, there was significant decline in the Nigerien bearing market, when its value decreased by -10.2% to $X. In general, consumption, however, continues to indicate buoyant growth. Over the period under review, the market reached the peak level at $X in 2020, and then reduced in the following year.
Bearing Exports
Exports from Nigeria
After two years of growth, shipments abroad of ball and roller bearings decreased by -53.5% to X tons in 2021. Over the period under review, exports saw a slight setback. The pace of growth appeared the most rapid in 2015 when exports increased by 61% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.
In value terms, bearing exports dropped remarkably to $X in 2021. In general, exports, however, posted mild growth. The most prominent rate of growth was recorded in 2013 with an increase of 38% against the previous year. The exports peaked at $X in 2020, and then contracted notably in the following year.
Exports by Country
India (X tons) was the main destination for bearing exports from Nigeria, accounting for a 19% share of total exports. Moreover, bearing exports to India exceeded the volume sent to the second major destination, France (X kg), more than tenfold. The third position in this ranking was held by Kenya (X kg), with a 0.6% share.
From 2012 to 2020, the average annual growth rate of volume to India amounted to +206.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+73.6% per year) and Kenya (+33.7% per year).
In value terms, India ($X) emerged as the key foreign market for ball and roller bearings exports from Nigeria, comprising 27% of total exports. The second position in the ranking was taken by Kenya ($X), with a 10% share of total exports. It was followed by France, with a 9.1% share.
From 2012 to 2020, the average annual rate of growth in terms of value to India stood at +84.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (+35.8% per year) and France (+34.6% per year).
Export Prices by Country
In 2020, the average bearing export price amounted to $X per ton, rising by 11% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2020: its price increased at an average annual rate of +4.1% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, bearing export price increased by +89.6% against 2017 indices. The growth pace was the most rapid in 2014 an increase of 71%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2020, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Zimbabwe ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.
From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Sierra Leone (+38.1%), while the prices for the other major destinations experienced mixed trend patterns.
Bearing Imports
Imports into Nigeria
In 2021, after four years of growth, there was significant decline in purchases abroad of ball and roller bearings, when their volume decreased by -10.4% to X tons. In general, imports, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 778% against the previous year. Imports peaked at X tons in 2020, and then shrank in the following year.
In value terms, bearing imports rose significantly to $X in 2021. Overall, imports saw a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 181% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.
Imports by Country
In 2020, Bangladesh (X tons) constituted the largest bearing supplier to Nigeria, with a 0.1% share of total imports. Moreover, bearing imports from Bangladesh exceeded the figures recorded by the second-largest supplier, Ethiopia (X tons), threefold. The third position in this ranking was held by China (X tons), with less than 0.1% share.
From 2012 to 2020, the average annual rate of growth in terms of volume from Bangladesh was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Ethiopia (+2,846,600.0% per year) and China (+26.1% per year).
In value terms, China ($X) constituted the largest supplier of ball and roller bearings to Nigeria, comprising 72% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with an 8.2% share of total imports. It was followed by the United States, with a 6.2% share.
From 2012 to 2020, the average annual rate of growth in terms of value from China stood at +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+67.2% per year) and the United States (-31.6% per year).
Import Prices by Country
In 2020, the average bearing import price amounted to $X per ton, surging by 9% against the previous year. Over the period under review, the import price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 an increase of 587%. The import price peaked at $X per ton in 2015; however, from 2016 to 2020, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.
From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-7.0%), while the prices for the other major suppliers experienced a decline.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the bearing market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 28151030 - Ball bearings
- Prodcom 28151053 - Tapered roller bearings (including cone and tapered roller assemblies)
- Prodcom 28151055 - Spherical roller bearings
- Prodcom 28151057 - Cylindrical roller bearings (excluding roller bearings, needle roller bearings)
- Prodcom 28151070 - Needle roller bearings
- Prodcom 28151090 - Roller bearings (including combined ball/roller bearings) (excluding tapered roller bearings, spherical roller bearings, n eedle roller bearings)
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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