Nigeria: Metal Spring Washer Market 2025

Metal Spring Washer Market Size in Nigeria

The Nigerien metal spring washer market soared to $X in 2022, growing by 33% 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 showed a buoyant increase. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Metal Spring Washer Exports

Exports from Nigeria

Metal spring washer exports from Nigeria skyrocketed to X kg in 2022, with an increase of 150% against the previous year's figure. Over the period under review, exports showed prominent growth. The growth pace was the most rapid in 2016 when exports increased by 348% against the previous year. Over the period under review, the exports reached the peak figure at X kg in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, metal spring washer exports surged to $X in 2022. Overall, exports saw buoyant growth. The growth pace was the most rapid in 2016 with an increase of 770% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X kg) was the main destination for metal spring washer exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire stood at +14.9%.

In value terms, Cote d'Ivoire ($X) also remains the key foreign market for iron or steel spring washers exports from Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to +10.9%.

Export Prices by Country

In 2022, the average metal spring washer export price amounted to $X per ton, shrinking by -10.1% against the previous year. Over the period under review, the export price recorded a mild contraction. The growth pace was the most rapid in 2021 when the average export price increased by 133% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Germany amounted to +341.5% per year.

Metal Spring Washer Imports

Imports into Nigeria

In 2022, imports of iron or steel spring washers into Nigeria surged to X tons, picking up by 67% compared with 2021 figures. In general, imports showed prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 284%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, metal spring washer imports reached $X in 2022. Over the period under review, imports saw resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 202% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of metal spring washer imports to Nigeria, together accounting for 54% of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +119.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and the Netherlands ($X) were the largest metal spring washer suppliers to Nigeria, together accounting for 49% of total imports. Italy, the UK, Sweden, China and India lagged somewhat behind, together comprising a further 32%.

Among the main suppliers, Italy, with a CAGR of +130.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average metal spring washer import price stood at $X per ton in 2022, dropping by -35.5% against the previous year. Over the period under review, the import price recorded a pronounced decline. The growth pace was the most rapid in 2014 an increase of 37% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+537.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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