Report Update Nov 1, 2024

Nigeria - Interchangeable Tools for Hand Tools - Market Analysis, Forecast, Size, Trends and Insights

Single report

Sent by email within 24h (Mon-Fri)

$599 Basic Edition

$2095 Professional Edition

What's the difference?

Subscription

Online access and download

from $350/month

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

View Pricing

Nigeria: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Nigeria

After three years of growth, the Nigerien interchangeable tool market decreased by -6.8% to $X in 2021. Over the period under review, consumption showed a abrupt descent. Interchangeable tool consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Interchangeable Tool Exports

Exports from Nigeria

In 2021, the amount of interchangeable tools for hand tools exported from Nigeria fell to X tons, dropping by -13.7% against the year before. In general, exports recorded a significant decline. The growth pace was the most rapid in 2014 when exports increased by 7,027%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, interchangeable tool exports shrank to $X in 2021. Overall, exports saw a deep downturn. The pace of growth was the most pronounced in 2014 with an increase of 10,850% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for interchangeable tool exports from Nigeria, with a approx. 3,109% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Singapore totaled +102.6%.

In value terms, Singapore ($X) also remains the key foreign market for interchangeable tools for hand tools exports from Nigeria.

From 2012 to 2021, the average annual growth rate of value to Singapore stood at +110.6%.

Export Prices by Country

In 2021, the average interchangeable tool export price amounted to $X per ton, picking up by 2.5% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of 116%. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for the Netherlands amounted to +4.2% per year.

Interchangeable Tool Imports

Imports into Nigeria

After three years of growth, supplies from abroad of interchangeable tools for hand tools decreased by -6.2% to X tons in 2021. Overall, imports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 345% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, interchangeable tool imports fell rapidly to $X in 2021. Over the period under review, imports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 66% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest interchangeable tool supplier to Nigeria, accounting for a 10% share of total imports. Moreover, interchangeable tool imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (-11.0% per year) and the United States (-12.8% per year).

In value terms, the United States ($X), China ($X) and India ($X) were the largest interchangeable tool suppliers to Nigeria, together accounting for 46% of total imports. The UK, Germany, Italy, Singapore, Canada, the United Arab Emirates and Turkey lagged somewhat behind, together accounting for a further 31%.

Turkey, with a CAGR of +25.4%, recorded 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 a decline.

Import Prices by Country

The average interchangeable tool import price stood at $X per ton in 2021, dropping by -42.2% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 158% against the previous year. The import price peaked 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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+13.0%), 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 interchangeable tools for hand tools in the world?

The country with the largest volume of interchangeable tool consumption was China, accounting for 30% of total volume. Moreover, interchangeable tool consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. Germany ranked third in terms of total consumption with a 10% share.

What are the largest producers of interchangeable tools for hand tools in the world?

The country with the largest volume of interchangeable tool production was China, accounting for 43% of total volume. Moreover, interchangeable tool production in China exceeded the figures recorded by the second-largest producer, Germany, fourfold. The third position in this ranking was occupied by South Korea, with a 7.7% share.

What are the leading suppliers of interchangeable tools for hand tools to Nigeria?

In value terms, the United States, Spain and China appeared to be the largest interchangeable tool suppliers to Nigeria, with a combined 52% share of total imports.

What are the leading importers of interchangeable tools for hand tools from Nigeria?

In value terms, Mozambique emerged as the key foreign market for interchangeable tool exports from Nigeria, comprising 46% of total exports. The second position in the ranking was occupied by Denmark, with a 15% share of total exports. It was followed by Indonesia, with an 8.5% share.

What is the average export price for interchangeable tools for hand tools in Nigeria?

The average interchangeable tool export price stood at $32,510 per ton in 2020, waning by -37.6% against the previous year.

What is the average import price for interchangeable tools for hand tools in Nigeria?

The average interchangeable tool import price stood at $19,407 per ton in 2020, jumping by 53% against the previous year.

This report provides an in-depth analysis of the interchangeable tool market 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 25734014 - Tapping tools for working metal
Prodcom 25734016 - Threading tools for working metal
Prodcom 25734019 - Tapping or threading tools (excluding work and tool holders for machines or hand tools, for working metal)
Prodcom 25734023 - Drilling tools with working part of diamond or agglomerated diamond (excluding work and tool holders for machines or hand tools, for rock drilling)
Prodcom 25734025 - Masonry drills with working part of materials other than diamond or agglomerated diamond (excluding work and tool holders for machines or hand tools, for rock drilling)
Prodcom 25734027 - Drilling tools with working part of sintered metal carbide, for working metal excluding unmounted sintered metal carbide plates, sticks, tips and the like for tools
Prodcom 25734031 - Drilling tools with working part of high speed steel, for working metal excluding work and tool holders for machines or hand tools - for rock drilling
Prodcom 25734033 - Drilling tools with working part of materials other than diamond, agglomerated diamond or sintered metal carbide, f or working metal excluding with working part of high speed steel
Prodcom 25734035 - Drilling tools (excluding work and tool holders for machines or hand tools, with working part of diamond or agglomerated diamond, for rock drilling, masonry drills, for working metal)
Prodcom 25734037 - Boring or broaching tools with working part of diamond or agglomerated diamond (excluding work and tool holders for machines or hand tools, for earth boring)
Prodcom 25734044 - Boring tools for working metal, with working part of materials other than diamond or agglomerated diamond
Prodcom 25734045 - Boring or broaching tools (excluding work and tool holders for machines or hand tools, with diamond or agglomerated diamond working parts, for working metal, for earth boring)
Prodcom 25734048 - Broaching tools for working metal, with working part of materials other than diamond or agglomerated diamond
Prodcom 25734050 - Milling tools with working part of sintered metal carbide, for working metal excluding unmounted sintered metal carbide plates, sticks, tips and the like for tools
Prodcom 25734061 - Shank type milling tools for working metal (excluding with working part of sintered metal carbide)
Prodcom 25734065 -
Prodcom 25734067 -
Prodcom 25734069 - Milling tools (excluding for working metal)
Prodcom 25734071 - Turning tools with working part of sintered metal carbide, for working metal excluding unmounted sintered metal carbide plates, sticks, tips and the like for tools
Prodcom 25734074 - Turning tools for working metal, with working part of materials other than cermets
Prodcom 25734079 - Turning tools (excluding work and tool holders for machines or hand tools, for working metal)
Prodcom 25734081 - Other interchangeable tools of CN .82.07 with working part of diamond
Prodcom 25734083 - Screwdriver bits with working part of materials other than diamond or agglomerated diamond (excluding work and tool holders for machines or hand tools)
Prodcom 25734085 - Gear-cutting tools with working part of materials other than diamond or agglomerated diamond (excluding work and tool holders for machines or hand tools)
Prodcom 25734087 - Interchangeable hand tools with working part of sintered metal carbide excluding unmounted sintered metal carbide plates, sticks, tips and the like for tools
Prodcom 25734089 - Interchangeable tools in other materials
Prodcom 25736013 - Rock drilling or earth boring tools with working part of cermets
Prodcom 25736018 - Rock-drilling or earth-boring tools, interchangeable, and parts therefor, with working parts of materials other than sintered metal carbide or cermets
Prodcom 25736023 - Dies for drawing or extruding metal, with working part of diamond or agglomerated diamond (excluding work and tool holders for machines or hand tools)
Prodcom 25736024 - Dies for drawing or extruding metal (excluding unmounted plates, sticks, tips, rods, pellets, rings, etc. of sintered metal carbides or cermets)
Prodcom 25736033 - Pressing, stamping or punching tools for working metal (excluding work and tool holders for machines or hand tools)
Prodcom 25736039 - Pressing, stamping or punching tools (excluding work and tool holders for machines or hand tools, for working metal)

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