Nigeria: Metal Screw Hook Market 2024

Metal Screw Hook Market Size in Nigeria

The Nigerien metal screw hook market expanded rapidly to $X in 2022, picking up by 8.2% against the previous year. Over the period under review, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -8.9% against 2020 indices. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Metal Screw Hook Production in Nigeria

In value terms, metal screw hook production expanded markedly to $X in 2022 estimated in export price. Overall, production recorded moderate growth. The most prominent rate of growth was recorded in 2016 with an increase of 92%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Metal Screw Hook Exports

Exports from Nigeria

Metal screw hook exports from Nigeria shrank to X kg in 2022, waning by -4.7% on the previous year's figure. Over the period under review, exports saw a precipitous setback. The pace of growth was the most pronounced in 2019 with an increase of 62%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal screw hook exports skyrocketed to $X in 2022. In general, exports showed a abrupt slump. The pace of growth was the most pronounced in 2016 when exports increased by 196%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X kg), Niger (X kg) and Cote d'Ivoire (X kg) were the main destinations of metal screw hook exports from Nigeria.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of +16.2%), while the other leaders experienced a decline.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Niger ($X) were the largest markets for metal screw hook exported from Nigeria worldwide.

Among the main countries of destination, Cote d'Ivoire, with a CAGR of +45.7%, recorded the highest growth rate of 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 screw hook export price amounted to $X per ton, picking up by 43% against the previous year. Overall, the export price saw a significant increase. The pace of growth appeared the most rapid in 2013 an increase of 150% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+21.8%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Screw Hook Imports

Imports into Nigeria

In 2022, after two years of growth, there was significant decline in overseas purchases of iron or steel screw hooks and screw rings, when their volume decreased by -58.3% to X tons. Over the period under review, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 206% against the previous year. As a result, imports reached the peak of X tons, and then contracted remarkably in the following year.

In value terms, metal screw hook imports contracted notably to $X in 2022. Overall, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 279%. Over the period under review, imports hit record highs at $X in 2021, and then shrank rapidly in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest metal screw hook supplier to Nigeria, with a 64% share of total imports. Moreover, metal screw hook imports from Italy exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +155.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+16.7% per year) and the United States (+56.0% per year).

In value terms, Italy ($X) constituted the largest supplier of iron or steel screw hooks and screw rings to Nigeria, comprising 57% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by China, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +145.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+44.4% per year) and China (+4.4% per year).

Import Prices by Country

The average metal screw hook import price stood at $X per ton in 2022, shrinking by -55.1% against the previous year. Overall, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 36% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average 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 Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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