Nigeria: Cylindrical Roller Bearing Market 2024

Cylindrical Roller Bearing Market Size in Nigeria

In 2022, the Nigerien cylindrical roller bearing market decreased by -23.9% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, recorded significant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Cylindrical Roller Bearing Exports

Exports from Nigeria

In 2022, the amount of cylindrical roller bearings exported from Nigeria rose notably to X tons, growing by 8.9% on the year before. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 1,350%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, cylindrical roller bearing exports declined significantly to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 1,067% against the previous year. The Nigeria exports peaked at $X in 2021, and then reduced sharply in the following year.

Exports by Country

The biggest shipments were from Germany (X tons), China (X tons) and Japan (X tons), together reaching 53% of total export. Romania (X tons) held the next position in the ranking, followed by Slovakia (X tons). All these countries together took near 13% share of total exports. Taiwan (Chinese) (X tons), Kazakhstan (X tons), Canada (X tons), Russia (X tons), Hong Kong SAR (X tons), Poland (X tons), France (X tons) and Italy (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +43.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest cylindrical roller bearing supplier from Nigeria, comprising 27% of global exports. The second position in the ranking was taken by Japan ($X), with an 11% share of global exports. It was followed by China, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Germany was relatively modest. In the other countries, the average annual rates were as follows: Japan (-0.3% per year) and China (+6.6% per year).

Export Prices by Country

In 2022, the export price in Nigeria amounted to $X per ton, waning by -49.4% against the previous year. In general, the export price showed a deep setback. The pace of growth was the most pronounced in 2018 when the export price increased by 314%. The Nigeria export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.3%), while the other leaders experienced more modest paces of growth.

Cylindrical Roller Bearing Imports

Imports into Nigeria

In 2022, overseas purchases of cylindrical roller bearings decreased by -17.1% to X tons, falling for the second year in a row after five years of growth. Overall, imports, however, showed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 523%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, cylindrical roller bearing imports shrank sharply to $X in 2022. Over the period under review, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 410% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of cylindrical roller bearing imports in 2022 were China (X tons), Russia (X tons) and Germany (X tons), together resulting at 42% of total import. It was distantly followed by the United States (X tons), constituting a 5.7% share of total imports. The following importers - Spain (X tons), Mexico (X tons), Italy (X tons), Brazil (X tons), Thailand (X tons), South Korea (X tons), Indonesia (X tons), Turkey (X tons) and the Czech Republic (X tons) - together made up 23% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Thailand (with a CAGR of +20.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cylindrical roller bearing importing markets into Nigeria were China ($X), Germany ($X) and the United States ($X), with a combined 43% share of total imports. Mexico, Italy, Brazil, Russia, South Korea, Spain, Indonesia, Turkey, the Czech Republic and Thailand lagged somewhat behind, together accounting for a further 23%.

Among the main importing countries, Spain, with a CAGR of +13.7%, saw the highest growth rate of 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

In 2022, the import price in Nigeria amounted to $X per ton, shrinking by -24.1% against the previous year. Overall, the import price saw a deep setback. The most prominent rate of growth was recorded in 2014 an increase of 35% against the previous year. Nigeria import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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