Nigeria: Market for Machine-Tools For Working Stone, Ceramics, And Concrete 2024

Market Size for Machine-Tools For Working Stone, Ceramics, And Concrete in Nigeria

In 2022, the Nigerien market for machine-tools for working stone, ceramics, and concrete decreased by -37.1% to $X, falling for the third consecutive year after two years of growth. Overall, consumption, however, enjoyed a resilient increase. Machine tools for working stone consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Exports of Machine-Tools For Working Stone, Ceramics, And Concrete

Exports from Nigeria

In 2022, shipments abroad of machine-tools for working stone, ceramics, and concrete was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2013 with an increase of 909%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, machine tools for working stone exports amounted to $X in 2022. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2013 when exports increased by 1,507%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for machine tools for working stone exports from Nigeria, accounting for a 87% share of total exports. Moreover, machine tools for working stone exports to Cote d'Ivoire exceeded the volume sent to the second major destination, India (X units), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire amounted to +25.0%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for machine-tools for working stone, ceramics, and concrete exports from Nigeria, comprising 83% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire amounted to +14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-3.2% per year) and Niger (-13.6% per year).

Export Prices by Country

The average export price for machine-tools for working stone, ceramics, and concrete stood at $X per unit in 2022, approximately reflecting the previous year. In general, the export price, however, continues to indicate a resilient increase. The growth pace was the most rapid in 2018 an increase of 210% against the previous year. The export price peaked at $X per unit in 2021, and then declined slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+32.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machine-Tools For Working Stone, Ceramics, And Concrete

Imports into Nigeria

In 2022, overseas purchases of machine-tools for working stone, ceramics, and concrete decreased by -35% to X units, falling for the third consecutive year after two years of growth. Over the period under review, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 2,621%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, machine tools for working stone imports reduced rapidly to $X in 2022. Overall, imports, however, showed pronounced growth. The pace of growth appeared the most rapid in 2014 with an increase of 7,383% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

India (X units), Spain (X units) and Thailand (X units) were the main suppliers of machine tools for working stone imports to Nigeria, with a combined 72% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +136.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of machine-tools for working stone, ceramics, and concrete to Nigeria, comprising 53% of total imports. The second position in the ranking was taken by Sweden ($X), with a 10% share of total imports. It was followed by Japan, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +45.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+43.8% per year) and Japan (-2.7% per year).

Import Prices by Country

The average import price for machine-tools for working stone, ceramics, and concrete stood at $X per unit in 2022, which is down by -19.4% against the previous year. Over the period under review, the import price recorded a deep setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 175% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 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 Sweden ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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