Report Update Nov 1, 2024

Nigeria - Iron or Steel Hot-Worked Helical Springs - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Market for Iron or Steel Hot-Worked Helical Springs 2024

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

Frequently Asked Questions (FAQ) :

What are the largest markets for iron or steel hot-worked helical springs in the world?

China remains the largest metal hot-worked helical spring consuming country worldwide, accounting for 29% of total volume. Moreover, metal hot-worked helical spring consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. India ranked third in terms of total consumption with a 10% share.

What are the largest producers of iron or steel hot-worked helical springs in the world?

The country with the largest volume of metal hot-worked helical spring production was China, accounting for 30% of total volume. Moreover, metal hot-worked helical spring production in China exceeded the figures recorded by the second-largest producer, the United States, twofold. India ranked third in terms of total production with an 11% share.

What are the leading suppliers of iron or steel hot-worked helical springs to Nigeria?

In value terms, China, Germany and the United Arab Emirates were the largest metal hot-worked helical spring suppliers to Nigeria, with a combined 55% share of total imports.

What are the leading importers of iron or steel hot-worked helical springs from Nigeria?

In value terms, the largest markets for metal hot-worked helical spring exported from Nigeria were Cote d'Ivoire, Benin and Sudan, together comprising 88% of total exports.

What is the average export price for iron or steel hot-worked helical springs in Nigeria?

In 2020, the average metal hot-worked helical spring export price amounted to $8,388 per ton, dropping by -16.6% against the previous year.

What is the average import price for iron or steel hot-worked helical springs in Nigeria?

In 2020, the average metal hot-worked helical spring import price amounted to $3,266 per ton, waning by -22.4% against the previous year.

This report provides an in-depth analysis of the market for metal hot-worked helical spring 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 25931631 - Iron or steel hot-worked helical springs
Prodcom 25931633 - Iron or steel cold-formed helical coil compression springs
Prodcom 25931635 - Iron or steel cold-formed helical coil tension springs
Prodcom 25931637 - Iron or steel cold-formed helical springs (excluding helical coil compression springs, helical coil tension springs)

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