Nigeria: Electro-Magnetic Coupling Market 2024

Electro-Magnetic Coupling Market Size in Nigeria

The Nigerien electro-magnetic coupling market surged to $X in 2022, picking up by 15% against the previous year. Overall, consumption showed a significant expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the near future.

Electro-Magnetic Coupling Production in Nigeria

In value terms, electro-magnetic coupling production skyrocketed to $X in 2022 estimated in export price. Overall, production posted a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 40%. Over the period under review, production reached the maximum level in 2022 and is likely to see steady growth in years to come.

Electro-Magnetic Coupling Exports

Exports from Nigeria

In 2022, after three years of decline, there was significant growth in shipments abroad of electro-magnetic couplings, clutches and brakes, when their volume increased by 8% to X kg. Over the period under review, exports, however, continue to indicate a deep slump. The pace of growth appeared the most rapid in 2013 with an increase of 370% against the previous year. The exports peaked at X kg in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, electro-magnetic coupling exports skyrocketed to $X in 2022. Overall, exports continue to indicate a modest increase. The pace of growth was the most pronounced in 2013 with an increase of 210%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X kg), Niger (X kg) and Benin (X kg) were the main destinations of electro-magnetic coupling exports from Nigeria, together accounting for 85% of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +24.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electro-magnetic coupling exported from Nigeria were Cote d'Ivoire ($X), the Netherlands ($X) and Ghana ($X), with a combined 93% share of total exports.

Among the main countries of destination, Ghana, with a CAGR of +38.4%, 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

In 2022, the average electro-magnetic coupling export price amounted to $X per ton, surging by 26% against the previous year. Overall, the export price showed a prominent expansion. The most prominent rate of growth was recorded in 2014 when the average export price increased by 54% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+38.4%), while the prices for the other major destinations experienced more modest paces of growth.

Electro-Magnetic Coupling Imports

Imports into Nigeria

Electro-magnetic coupling imports into Nigeria expanded markedly to X tons in 2022, increasing by 6.9% on the year before. Overall, imports saw a significant increase. The growth pace was the most rapid in 2021 when imports increased by 1,037%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, electro-magnetic coupling imports soared to $X in 2022. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2013 with an increase of 578% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Germany (X tons), China (X tons) and India (X tons) were the main suppliers of electro-magnetic coupling imports to Nigeria, together accounting for 70% of total imports. South Korea, the United Arab Emirates, the United States and Canada lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +164.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest electro-magnetic coupling suppliers to Nigeria were the United Arab Emirates ($X), Germany ($X) and South Korea ($X), with a combined 63% share of total imports.

The United Arab Emirates, with a CAGR of +128.5%, saw the highest rates of growth with regard to 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 2022, the average electro-magnetic coupling import price amounted to $X per ton, jumping by 275% against the previous year. Overall, the import price, however, showed a abrupt downturn. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-13.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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