Report Update Nov 1, 2024

Nigeria - Forged Bars of Stainless Steel - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Market for Forged Bars Of Stainless Steel 2024

Market Size for Forged Bars Of Stainless Steel in Nigeria

In 2022, the Nigerien forged stainless steel bar market decreased by X% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption showed a precipitous shrinkage. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Imports of Forged Bars Of Stainless Steel

Imports into Nigeria

In 2022, overseas purchases of forged bars of stainless steel decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, imports faced a dramatic decline. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, forged stainless steel bar imports shrank rapidly to $X in 2022. Over the period under review, imports faced a precipitous slump. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest forged stainless steel bar supplier to Nigeria, with a X% share of total imports. Moreover, forged stainless steel bar imports from the United States exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Germany (X% per year).

In value terms, the United States ($X) constituted the largest supplier of forged bars of stainless steel to Nigeria, comprising X% of total imports. The second position in the ranking was held by Switzerland ($X), with a X% share of total imports. It was followed by Greece, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (X% per year) and Greece (X% per year).

Import Prices by Country

In 2022, the average forged stainless steel bar import price amounted to $X per ton, with an increase of X% against the previous year. In general, the import price saw a buoyant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for forged bars of stainless steel in the world?

China constituted the country with the largest volume of forged stainless steel bar consumption, accounting for 27% of total volume. Moreover, forged stainless steel bar consumption in China exceeded the figures recorded by the second-largest consumer, India, twofold. The third position in this ranking was occupied by the United States, with a 7.6% share.

What are the largest producers of forged bars of stainless steel in the world?

China remains the largest forged stainless steel bar producing country worldwide, comprising approx. 27% of total volume. Moreover, forged stainless steel bar production in China exceeded the figures recorded by the second-largest producer, India, twofold. The United States ranked third in terms of total production with a 7.6% share.

What are the leading suppliers of forged bars of stainless steel to Nigeria?

In value terms, the largest forged stainless steel bar suppliers to Nigeria were China, the United States and Germany, with a combined 32% share of total imports. The UK, India and Japan lagged somewhat behind, together accounting for a further 7.1%.

What are the leading importers of forged bars of stainless steel from Nigeria?

In value terms, Ghana remains the key foreign market for forged stainless steel bar exports from Nigeria, comprising 73% of total exports. The second position in the ranking was occupied by Benin $543), with a 27% share of total exports.

What is the average export price for forged bars of stainless steel in Nigeria?

The average forged stainless steel bar export price stood at $9,359 per ton in 2020, rising by 26% against the previous year.

What is the average import price for forged bars of stainless steel in Nigeria?

The average forged stainless steel bar import price stood at $6,053 per ton in 2020, increasing by 70% against the previous year.

This report provides an in-depth analysis of the market for forged stainless steel bar in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24106450 - Forged bars, of stainless steel

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023