Nigeria: Market for Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips 2024

Market Size for Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips in Nigeria

After two years of growth, the Nigerien market for unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips decreased by -26.2% to $X in 2021. Over the period under review, consumption, however, posted a resilient increase. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Production of Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips in Nigeria

In value terms, production of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips dropped dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 110%. As a result, production reached the peak level of $X, and then fell rapidly in the following year.

Exports of Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips

Exports from Nigeria

In 2020, the amount of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips exported from Nigeria skyrocketed to X kg, picking up by 400% compared with 2019 figures. Over the period under review, exports, however, saw a pronounced shrinkage. The exports peaked at X kg in 2012; however, from 2013 to 2020, the exports remained at a lower figure.

In value terms, exports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips surged to $X in 2020. Overall, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 530% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2020, the exports failed to regain momentum.

Exports by Country

From 2012 to 2021, the average annual rate of growth in terms of volume to No country was relatively modest.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips exports from Nigeria, comprising 91% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 4.5% share of total exports. It was followed by Ghana, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire stood at -26.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-35.5% per year) and Ghana (-39.7% per year).

Export Prices by Country

In 2021, the average export price for unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips amounted to $X per ton, with an increase of 47% against the previous year. Over the period under review, the export price saw modest growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 190% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($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 Benin (+15.9%), while the prices for the other major destinations experienced a decline.

Imports of Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips

Imports into Nigeria

In 2021, supplies from abroad of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips decreased by -94.7% to X kg, falling for the second consecutive year after six years of growth. Over the period under review, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by 560%. Over the period under review, imports of reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, imports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips contracted significantly to $X in 2021. In general, imports, however, continue to indicate a measured increase. The most prominent rate of growth was recorded in 2014 with an increase of 1,587% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The UK (X kg), China (X kg) and Saudi Arabia (X kg) were the main suppliers of imports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips to Nigeria, together comprising 45% of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +33.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), China ($X) and Spain ($X) appeared to be the largest unmounted tool inserts, sticks or plates suppliers to Nigeria, together accounting for 62% of total imports.

The UK, with a CAGR of +27.6%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips amounted to $X per ton, jumping by 78% against the previous year. Overall, the import price saw a prominent expansion. The pace of growth appeared the most rapid in 2014 an increase of 156%. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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