Nigeria: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Nigeria

In 2021, after two years of growth, there was significant decline in the Nigerien conveyor or transmission belt market, when its value decreased by -20.3% to $X. Over the period under review, consumption recorded a noticeable setback. Conveyor or transmission belt consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Conveyor Or Transmission Belts Or Belting in Nigeria

In value terms, conveyor or transmission belt production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 56% against the previous year. Conveyor or transmission belt production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Nigeria

In 2021, after three years of decline, there was significant growth in overseas shipments of conveyor or transmission belts or belting, when their volume increased by 708% to X tons. Over the period under review, exports saw a buoyant increase. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, conveyor or transmission belt exports soared to $X in 2021. In general, exports saw a relatively flat trend pattern. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Angola (X tons), China (X tons) and Benin (X tons) were the main destinations of conveyor or transmission belt exports from Nigeria, with a combined 80% 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 Benin (with a CAGR of +84.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for conveyor or transmission belt exported from Nigeria were Cote d'Ivoire ($X), Benin ($X) and Angola ($X), with a combined 74% share of total exports.

Among the main countries of destination, Benin, with a CAGR of +84.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average conveyor or transmission belt export price stood at $X per ton in 2021, declining by -22.3% against the previous year. In general, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2019 when the average export price increased by 55% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, 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 Cote d'Ivoire (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Nigeria

Conveyor or transmission belt imports into Nigeria dropped dramatically to X tons in 2021, waning by -31.9% against 2020 figures. Overall, imports, however, posted pronounced growth. The most prominent rate of growth was recorded in 2018 when imports increased by 132% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then reduced notably in the following year.

In value terms, conveyor or transmission belt imports contracted dramatically to $X in 2021. Over the period under review, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 34%. As a result, imports reached the peak of $X, and then declined dramatically in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of conveyor or transmission belt to Nigeria, with a 66% share of total imports. Moreover, conveyor or transmission belt imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), sevenfold. South Africa (X tons) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.1% per year) and South Africa (+19.6% per year).

In value terms, China ($X) constituted the largest supplier of conveyor or transmission belts or belting to Nigeria, comprising 34% of total imports. The second position in the ranking was taken by India ($X), with a 10% share of total imports. It was followed by South Africa, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-1.2% per year) and South Africa (+22.0% per year).

Import Prices by Country

In 2021, the average conveyor or transmission belt import price amounted to $X per ton, remaining constant against the previous year. In general, the import price continues to indicate a mild reduction. The pace of growth was the most pronounced in 2014 when the average import price increased by 85% against the previous year. 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 the United States ($X per ton), while the price for China ($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 States (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :