Report Update Nov 1, 2024

Nigeria - Iron or Steel Spring Washers - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Metal Spring Washer Market 2024

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

Frequently Asked Questions (FAQ) :

What are the largest markets for iron or steel spring washers in the world?

China remains the largest metal spring washer consuming country worldwide, comprising approx. 24% of total volume. Moreover, metal spring washer consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. The third position in this ranking was occupied by India, with a 9.4% share.

What are the largest producers of iron or steel spring washers in the world?

The country with the largest volume of metal spring washer production was China, accounting for 32% of total volume. Moreover, metal spring washer production in China exceeded the figures recorded by the second-largest producer, the United States, threefold. The third position in this ranking was occupied by India, with a 10% share.

What are the leading suppliers of iron or steel spring washers to Nigeria?

In value terms, Italy, Sweden and Germany constituted the largest metal spring washer suppliers to Nigeria, together comprising 38% of total imports.

What are the leading importers of iron or steel spring washers from Nigeria?

In value terms, Cote d'Ivoire remains the key foreign market for metal spring washer exports from Nigeria, comprising 73% of total exports. The second position in the ranking was occupied by Ghana $414), with a 27% share of total exports.

What is the average export price for iron or steel spring washers in Nigeria?

The average metal spring washer export price stood at $18,436 per ton in 2021, growing by 47% against the previous year.

What is the average import price for iron or steel spring washers in Nigeria?

In 2021, the average metal spring washer import price amounted to $6,296 per ton, shrinking by -9.1% against the previous year.

This report provides an in-depth analysis of the metal spring washer market 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 25941210 - Iron or steel spring washers and other lock washers

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