Nigeria: Market for Bearing Housings Not Incorporating Ball Or Roller Bearings, Plain Shaft Bearings 2024

Market Size for Bearing Housings Not Incorporating Ball Or Roller Bearings, Plain Shaft Bearings in Nigeria

The Nigerien market for bearing housings not incorporating ball or roller bearings, plain shaft bearings rose notably to $X in 2021, growing by 9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted resilient growth. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Bearing Housings Not Incorporating Ball Or Roller Bearings, Plain Shaft Bearings

Exports from Nigeria

In 2021, shipments abroad of bearing housings not incorporating ball or roller bearings, plain shaft bearings decreased by -88.3% to X kg, falling for the fourth consecutive year after three years of growth. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2015 when exports increased by 480% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, bearing housing without ball bearing exports contracted markedly to $X in 2021. Overall, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 661%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X kg) was the main destination for bearing housing without ball bearing exports from Nigeria, accounting for a 71% share of total exports. Moreover, bearing housing without ball bearing exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Angola (X kg), fourfold. The United States (X kg) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire amounted to -8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-20.7% per year) and the United States (-17.6% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for bearing housings not incorporating ball or roller bearings, plain shaft bearings exports from Nigeria, comprising 62% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by Angola, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire totaled +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-13.5% per year) and Angola (-20.1% per year).

Export Prices by Country

In 2021, the average export price for bearing housings not incorporating ball or roller bearings, plain shaft bearings amounted to $X per ton, growing by 17% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bearing housing without ball bearing export price increased by +63.2% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 40%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Angola ($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 Cote d'Ivoire (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bearing Housings Not Incorporating Ball Or Roller Bearings, Plain Shaft Bearings

Imports into Nigeria

In 2021, purchases abroad of bearing housings not incorporating ball or roller bearings, plain shaft bearings increased by 23% to X tons, rising for the fourth year in a row after four years of decline. Over the period under review, imports recorded resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 138%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, bearing housing without ball bearing imports dropped to $X in 2021. Overall, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 76% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest bearing housing without ball bearing supplier to Nigeria, accounting for a 45% share of total imports. Moreover, bearing housing without ball bearing imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Antigua and Barbuda (X tons), with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+40.4% per year) and Antigua and Barbuda (+29.2% per year).

In value terms, the largest bearing housing without ball bearing suppliers to Nigeria were China ($X), Germany ($X) and Antigua and Barbuda ($X), with a combined 53% share of total imports. These countries were followed by Italy, Belgium, the United States, France and the United Arab Emirates, which together accounted for a further 29%.

In terms of the main suppliers, Italy, with a CAGR of +48.1%, recorded the highest rates of growth with regard to 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 import price for bearing housings not incorporating ball or roller bearings, plain shaft bearings stood at $X per ton in 2021, which is down by -27.2% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 115%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($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 United Arab Emirates (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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