Nigeria: Market for Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers 2021

Market Size for Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers in Nigeria

The Nigerien market for iron, steel or aluminium reservoirs, tanks, vats and similar containers skyrocketed to $X in 2020, surging by X% 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 enjoyed prominent growth. The most prominent rate of growth was recorded in 2012 when the market value increased by X% y-o-y. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2020, consumption stood at a somewhat lower figure.

Exports of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

Exports from Nigeria

Iron, steel or aluminium reservoir exports from Nigeria soared to X tons in 2020, with an increase of X% compared with 2019 figures. In general, exports posted resilient growth. The most prominent rate of growth was recorded in 2008 when exports increased by X% year-to-year. Exports peaked at X tons in 2012; however, from 2013 to 2020, exports failed to regain the momentum.

In value terms, iron, steel or aluminium reservoir exports soared to $X in 2020. Over the period under review, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. Exports peaked at $X in 2013; however, from 2014 to 2020, exports failed to regain the momentum.

Exports by Country

Hong Kong SAR (X tons) was the main destination for iron, steel or aluminium reservoir exports from Nigeria, accounting for a X% share of total exports. Moreover, iron, steel or aluminium reservoir exports to Hong Kong SAR exceeded the volume sent to the second major destination, India (X tons), threefold. The third position in this ranking was occupied by South Africa (X tons), with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+X% per year) and South Africa (+X% per year).

In value terms, India ($X), the UK ($X) and the Netherlands ($X) appeared to be the largest markets for iron, steel or aluminium reservoir exported from Nigeria worldwide, together accounting for X% of total exports. These countries were followed by South Africa, Italy and Hong Kong SAR, which together accounted for a further X the main countries of destination, South Africa saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the average export price for iron, steel or aluminium reservoirs, tanks, vats and similar containers amounted to $X per ton, falling by -X% against the previous year. Over the period under review, the export price saw a deep slump. The most prominent rate of growth was recorded in 2013 an increase of X% y-o-y. As a result, export price reached the peak level of $X per ton. from 2014 to 2020, the growth in terms of the average export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was the UK ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to South Africa, while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

Imports into Nigeria

In 2020, purchases abroad of iron, steel or aluminium reservoirs, tanks, vats and similar containers increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, imports saw strong growth. The growth pace was the most rapid in 2012 with an increase of X% y-o-y. Imports peaked in 2020 and are likely to continue growth in years to come.

In value terms, iron, steel or aluminium reservoir imports surged to $X in 2020. Over the period under review, imports posted resilient growth. The most prominent rate of growth was recorded in 2012 when imports increased by X% y-o-y. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, China (X tons) constituted the largest supplier of iron, steel or aluminium reservoir to Nigeria, with a X% share of total imports. Moreover, iron, steel or aluminium reservoir imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. The third position in this ranking was occupied by Turkey (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume from China totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+X% per year) and Turkey (+X% per year).

In value terms, the largest iron, steel or aluminium reservoir suppliers to Nigeria were China ($X), Vietnam ($X) and Turkey ($X), together accounting for X% of total imports.

Vietnam (+X% per year) recorded the highest growth rate of 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 2020, the average import price for iron, steel or aluminium reservoirs, tanks, vats and similar containers amounted to $X per ton, waning by -X% against the previous year. Over the period under review, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2016 an increase of X% y-o-y. Over the period under review, average import prices hit record highs at $X per ton in 2008; however, from 2009 to 2020, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Vietnam ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Vietnam, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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