Nigeria: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Nigeria

After two years of growth, the Nigerien grinding and sharpening machine market decreased by -34.8% to $X in 2022. Over the period under review, consumption, however, showed a significant increase. Over the period under review, the market attained the peak level at $X in 2021, and then plummeted in the following year.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Nigeria

In 2022, exports of grinding and sharpening metal finishing machines from Nigeria surged to X units, rising by 44% against the previous year. In general, exports, however, faced a precipitous slump. The growth pace was the most rapid in 2016 with an increase of 133% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, grinding and sharpening machine exports expanded modestly to $X in 2022. Over the period under review, exports, however, faced a dramatic shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 12,873%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X units), Benin (X units) and South Africa (X units) were the main destinations of grinding and sharpening machine exports from Nigeria, together comprising 77% of total exports. Sweden and Germany lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of 0.0%), while the other leaders experienced mixed trend patterns.

In value terms, Ghana ($X), Benin ($X) and Germany ($X) appeared to be the largest markets for grinding and sharpening machine exported from Nigeria worldwide, together accounting for 91% of total exports.

Among the main countries of destination, Benin, with a CAGR of +4.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, declining by -28.1% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 18,279%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+10.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Nigeria

In 2022, after two years of growth, there was significant decline in purchases abroad of grinding and sharpening metal finishing machines, when their volume decreased by -34.8% to X units. In general, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 833% against the previous year. Imports peaked at X units in 2021, and then dropped dramatically in the following year.

In value terms, grinding and sharpening machine imports fell sharply to $X in 2022. Over the period under review, imports, however, posted a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 134%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X units), China (X units) and South Korea (X units) were the main suppliers of grinding and sharpening machine imports to Nigeria, with a combined 70% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +70.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Nigeria, comprising 63% of total imports. The second position in the ranking was held by India ($X), with a 14% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +34.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+57.8% per year) and the United States (+30.4% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, with an increase of 23% against the previous year. Overall, the import price, however, showed a deep reduction. The growth pace was the most rapid in 2019 when the average import price increased by 185%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+185.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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