Nigeria: Extruded Rod Market 2022

Extruded Rod Market Size in Nigeria

The Nigerien extruded rod market fell significantly to $X in 2021, dropping by -X% 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 continues to indicate a mild slump. Extruded rod consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Extruded Rod Exports

Exports from Nigeria

In 2021, overseas shipments of extruded rods and profile shapes of cellular vulcanised rubber decreased by -X% to X kg, falling for the fourth consecutive year after three years of growth. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. The exports peaked at X kg in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, extruded rod exports reduced to $X in 2021. Overall, exports, however, saw a significant increase. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then reduced in the following year.

Exports by Country

Ghana (X kg) was the main destination for extruded rod exports from Nigeria, accounting for a X% share of total exports. Moreover, extruded rod exports to Ghana exceeded the volume sent to the second major destination, Sao Tome and Principe (X kg), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ghana totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sao Tome and Principe (-X% per year) and Cote d'Ivoire (-X% per year).

In value terms, Ghana ($X), Sao Tome and Principe ($X) and Cote d'Ivoire ($X) were the largest markets for extruded rod exported from Nigeria worldwide.

Among the main countries of destination, Ghana, with a CAGR of +X%, recorded the highest growth rate of 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 2021, the average extruded rod export price amounted to $X per ton, picking up by X% against the previous year. Overall, the export price recorded significant growth. The pace of growth appeared the most rapid in 2016 an increase of X%. The export price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Sao Tome and Principe ($X per ton), while the average price for exports to Ghana ($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 Sao Tome and Principe (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Extruded Rod Imports

Imports into Nigeria

In 2021, purchases abroad of extruded rods and profile shapes of cellular vulcanised rubber decreased by -X% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, extruded rod imports dropped markedly to $X in 2021. In general, imports saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

South Africa (X tons), Turkey (X tons) and Switzerland (X tons) were the main suppliers of extruded rod imports to Nigeria, with a combined X% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest extruded rod suppliers to Nigeria were South Africa ($X), Turkey ($X) and Switzerland ($X), with a combined X% share of total imports.

In terms of the main suppliers, South Africa, with a CAGR of +X%, recorded 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 2021, the average extruded rod import price amounted to $X per ton, growing by X% against the previous year. In general, the import price, however, recorded a mild curtailment. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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