Nigeria: Market for Base Metal Flexible Tubing, Iron Or Steel 2024

Market Size for Base Metal Flexible Tubing, Iron Or Steel in Nigeria

In 2021, the Nigerien base metal flexible tubing market increased by 23% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a perceptible decrease. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Exports of Base Metal Flexible Tubing, Iron Or Steel

Exports from Nigeria

In 2021, approx. X kg of base metal flexible tubing, iron or steel were exported from Nigeria; dropping by -91.7% against the year before. In general, exports recorded a sharp curtailment. The growth pace was the most rapid in 2018 when exports increased by 519% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, base metal flexible tubing exports shrank significantly to $X in 2021. Overall, exports showed a dramatic setback. The pace of growth appeared the most rapid in 2018 when exports increased by 423% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X kg), Cote d'Ivoire (X kg) and Congo (X kg) were the main destinations of base metal flexible tubing exports from Nigeria, with a combined 90% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Senegal (with a CAGR of +18.5%), while the other leaders experienced mixed trend patterns.

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for base metal flexible tubing, iron or steel exports from Nigeria, comprising 78% of total exports. The second position in the ranking was held by Congo ($X), with an 8.1% share of total exports. It was followed by Senegal, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to -8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Congo (-44.5% per year) and Senegal (-7.0% per year).

Export Prices by Country

In 2021, the average base metal flexible tubing export price amounted to $X per ton, surging by 14% against the previous year. Overall, export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, base metal flexible tubing export price increased by +54.3% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Congo (+0.6%), while the prices for the other major destinations experienced a decline.

Imports of Base Metal Flexible Tubing, Iron Or Steel

Imports into Nigeria

In 2021, the amount of base metal flexible tubing, iron or steel imported into Nigeria declined to X tons, therefore, remained relatively stable against the year before. Over the period under review, imports recorded a deep downturn. The growth pace was the most rapid in 2017 when imports increased by 16,401% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, base metal flexible tubing imports soared to $X in 2021. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 15,658%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), the United States (X tons) and Spain (X tons) were the main suppliers of base metal flexible tubing imports to Nigeria, with a combined 69% share of total imports. Turkey, the United Arab Emirates, India, Germany, Brazil, Belgium, Sweden, the Netherlands and the UK lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +67.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of base metal flexible tubing, iron or steel to Nigeria, comprising 48% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports. It was followed by Spain, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.2% per year) and Spain (+31.1% per year).

Import Prices by Country

In 2021, the average base metal flexible tubing import price amounted to $X per ton, jumping by 86% against the previous year. Overall, the import price continues to indicate resilient growth. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+53.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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