Nigeria: Market for Iron Or Steel Anchors, Grapnels 2024

Market Size for Iron Or Steel Anchors, Grapnels in Nigeria

The Nigerien metal anchors and grapnels market soared to $X in 2022, jumping by 17% 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 recorded a remarkable increase. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Iron Or Steel Anchors, Grapnels

Exports from Nigeria

After two years of decline, shipments abroad of iron or steel anchors, grapnels increased by 104% to X units in 2022. Overall, exports, however, faced a drastic downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 274%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal anchors and grapnels exports skyrocketed to $X in 2022. In general, exports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2018 when exports increased by 113% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Congo (X units) was the main destination for metal anchors and grapnels exports from Nigeria, with a 73% share of total exports. Moreover, metal anchors and grapnels exports to Congo exceeded the volume sent to the second major destination, the Netherlands (X units), threefold.

From 2012 to 2022, the average annual growth rate of volume to Congo totaled -20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-6.8% per year) and South Africa (0.0% per year).

In value terms, the largest markets for metal anchors and grapnels exported from Nigeria were the Netherlands ($X), Congo ($X) and South Africa ($X), together accounting for 87% of total exports.

In terms of the main countries of destination, South Africa, with a CAGR of 0.0%, 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 a decline.

Export Prices by Country

In 2022, the average metal anchors and grapnels export price amounted to $X per unit, reducing by -14.3% against the previous year. Over the period under review, the export price, however, posted prominent growth. The pace of growth appeared the most rapid in 2013 when the average export price increased by 157%. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Congo ($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 the Netherlands (+5.3%).

Imports of Iron Or Steel Anchors, Grapnels

Imports into Nigeria

In 2022, the amount of iron or steel anchors, grapnels imported into Nigeria soared to X units, rising by 16% compared with 2021 figures. Over the period under review, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,531% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, metal anchors and grapnels imports surged to $X in 2022. Overall, imports showed a resilient expansion. The growth pace was the most rapid in 2014 when imports increased by 2,687% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Singapore (X units), Spain (X units) and the United Arab Emirates (X units) were the main suppliers of metal anchors and grapnels imports to Nigeria, together comprising 68% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +66.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest metal anchors and grapnels suppliers to Nigeria were India ($X), Spain ($X) and Singapore ($X), with a combined 55% share of total imports.

In terms of the main suppliers, India, with a CAGR of +266.6%, saw 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 2022, the average metal anchors and grapnels import price amounted to $X per unit, picking up by 13% against the previous year. Over the period under review, the import price, however, saw a pronounced slump. The pace of growth was the most pronounced in 2014 an increase of 71%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 Germany ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+120.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :