Nigeria: Market for Iron Or Steel Parts Of Articulated Link Chain 2024

Market Size for Iron Or Steel Parts Of Articulated Link Chain in Nigeria

The Nigerien metal link chain parts market declined dramatically to $X in 2021, falling by -67.3% 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). Over the period under review, consumption recorded a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Exports of Iron Or Steel Parts Of Articulated Link Chain

Exports from Nigeria

In 2021, overseas shipments of iron or steel parts of articulated link chain decreased by -25.1% to X kg, falling for the second consecutive year after two years of growth. Overall, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 1,570% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, metal link chain parts exports dropped dramatically to $X in 2021. Over the period under review, exports, however, recorded prominent growth. The growth pace was the most rapid in 2019 when exports increased by 1,606% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then declined notably in the following year.

Exports by Country

Ghana (X kg) was the main destination for metal link chain parts exports from Nigeria, accounting for a 89% share of total exports. Moreover, metal link chain parts exports to Ghana exceeded the volume sent to the second major destination, Niger (X kg), more than tenfold. The third position in this ranking was taken by the UK (X kg), with a 2.7% share.

From 2012 to 2021, the average annual growth rate of volume to Ghana totaled +48.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-84.5% per year) and the UK (-15.9% per year).

In value terms, Niger ($X), the UK ($X) and the Netherlands ($X) constituted the largest markets for metal link chain parts exported from Nigeria worldwide, with a combined 80% share of total exports. These countries were followed by Ghana, which accounted for a further 12%.

In terms of the main countries of destination, Ghana, with a CAGR of +52.0%, recorded 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

In 2021, the average metal link chain parts export price amounted to $X per ton, falling by -61.7% against the previous year. Overall, the export price showed a deep reduction. The growth pace was the most rapid in 2020 when the average export price increased by 271%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+217.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron Or Steel Parts Of Articulated Link Chain

Imports into Nigeria

In 2021, the amount of iron or steel parts of articulated link chain imported into Nigeria declined remarkably to X tons, shrinking by -62.3% on the previous year. Over the period under review, imports faced a abrupt shrinkage. The growth pace was the most rapid in 2016 with an increase of 1,303%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, metal link chain parts imports shrank significantly to $X in 2021. Overall, imports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of 1,467% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest metal link chain parts supplier to Nigeria, accounting for a 26% share of total imports. Moreover, metal link chain parts imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -25.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.7% per year) and the United Arab Emirates (+33.1% per year).

In value terms, the United Arab Emirates ($X), Germany ($X) and South Korea ($X) constituted the largest metal link chain parts suppliers to Nigeria, with a combined 49% share of total imports.

The United Arab Emirates, with a CAGR of +28.1%, 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 link chain parts import price amounted to $X per ton, dropping by -27.2% against the previous year. Over the period under review, the import price, however, continues to indicate a tangible expansion. The most prominent rate of growth was recorded in 2014 an increase of 133%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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