Nigeria: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in Nigeria

The Nigerien metal solid fuel appliances market fell to $X in 2022, waning by -8.8% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Metal solid fuel appliances consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in Nigeria

In value terms, metal solid fuel appliances production declined to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 87% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports from Nigeria

In 2022, the amount of iron or steel solid fuel domestic appliances exported from Nigeria declined dramatically to X units, shrinking by -60% on 2021. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 150%. As a result, the exports attained the peak of X units, and then shrank markedly in the following year.

In value terms, metal solid fuel appliances exports declined modestly to $X in 2022. Overall, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2014 with an increase of 11,056%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Africa (X units) and Angola (X units) were the main destinations of metal solid fuel appliances exports from Nigeria.

From 2012 to 2022, the biggest increases were recorded for Angola (with a CAGR of 0.0%).

In value terms, the largest markets for metal solid fuel appliances exported from Nigeria were South Africa ($X) and Angola ($X).

South Africa, with a CAGR of +83.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

The average metal solid fuel appliances export price stood at $X per unit in 2022, picking up by 140% against the previous year. In general, the export price continues to indicate a significant expansion. The growth pace was the most rapid in 2014 an increase of 7,337%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per unit), while the average price for exports to Angola amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+83.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports into Nigeria

Metal solid fuel appliances imports into Nigeria soared to X units in 2022, surging by 180% compared with 2021. Overall, imports showed a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of 552% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, metal solid fuel appliances imports surged to $X in 2022. In general, imports posted a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 591%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Spain (X units), China (X units) and Belgium (X units) were the main suppliers of metal solid fuel appliances imports to Nigeria, together comprising 58% of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +65.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of iron or steel solid fuel domestic appliances to Nigeria, comprising 73% of total imports. The second position in the ranking was held by the UK ($X), with a 9.3% share of total imports. It was followed by Turkey, with a 2% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +30.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+9.2% per year) and Turkey (+43.8% per year).

Import Prices by Country

The average metal solid fuel appliances import price stood at $X per unit in 2022, with an increase of 66% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal solid fuel appliances import price increased by +72.5% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+52.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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