Nigeria: Market for Iron or Steel Hot-Worked Helical Springs 2025

Market Size for Iron or Steel Hot-Worked Helical Springs in Nigeria

The Nigerien metal hot-worked helical spring market dropped remarkably to $X in 2021, waning by -24.2% 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, however, showed a noticeable increase. Metal hot-worked helical spring consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Nigeria

Metal hot-worked helical spring exports from Nigeria skyrocketed to X tons in 2021, increasing by 902% compared with the previous year. Overall, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, metal hot-worked helical spring exports surged to $X in 2021. In general, exports recorded a significant increase. The growth pace was the most rapid in 2014 when exports increased by 728% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Benin (X tons) was the main destination for metal hot-worked helical spring exports from Nigeria, accounting for a approx. 98% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Benin totaled +82.5%.

In value terms, Benin ($X) also remains the key foreign market for iron or steel hot-worked helical springs exports from Nigeria.

From 2012 to 2021, the average annual growth rate of value to Benin stood at +59.2%.

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2021, dropping by -67.4% against the previous year. Overall, the export price saw a deep slump. The most prominent rate of growth was recorded in 2015 when the average export price increased by 46%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 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 Benin.

From 2012 to 2021, the rate of growth in terms of prices for Benin amounted to -12.7% per year.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Nigeria

In 2021, purchases abroad of iron or steel hot-worked helical springs increased by 18% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 108% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, metal hot-worked helical spring imports contracted to $X in 2021. Over the period under review, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 129% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020, and then contracted in the following year.

Imports by Country

China (X tons), India (X tons) and Belgium (X tons) were the main suppliers of metal hot-worked helical spring imports to Nigeria, together comprising 45% of total imports. These countries were followed by Germany, Israel, the United States, Italy, Japan, Turkey, France, the Netherlands and the UK, which together accounted for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +60.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), China ($X) and India ($X) were the largest metal hot-worked helical spring suppliers to Nigeria, together accounting for 35% of total imports. These countries were followed by Italy, France, Belgium, the United States, Israel, Turkey, Japan, the UK and the Netherlands, which together accounted for a further 26%.

Italy, with a CAGR of +99.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 metal hot-worked helical spring import price amounted to $X per ton, which is down by -28% against the previous year. Overall, the import price, however, enjoyed a modest increase. The pace of growth appeared the most rapid in 2018 an increase of 110% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+26.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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