Nigeria: Market for Rubber-to-Metal and Moulded Articles 2024

Market Size for Rubber-to-Metal and Moulded Articles in Nigeria

In 2021, the Nigerien rubber-to-metal and moulded article market increased by 95% to $X, rising for the second consecutive year after six years of decline. In general, consumption, however, recorded a deep setback. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Exports of Rubber-to-Metal and Moulded Articles

Exports from Nigeria

In 2021, the amount of rubber-to-metal and moulded articles exported from Nigeria dropped sharply to X tons, with a decrease of -43.5% against 2020. Overall, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 390%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, rubber-to-metal and moulded article exports shrank markedly to $X in 2021. In general, exports showed a deep contraction. The growth pace was the most rapid in 2015 with an increase of 198%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Benin (X tons), Senegal (X tons) and Angola (X tons) were the main destinations of rubber-to-metal and moulded article exports from Nigeria, with a combined 92% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +18.8%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Cote d'Ivoire ($X), Benin ($X) and Senegal ($X) were the largest markets for rubber-to-metal and moulded article exported from Nigeria worldwide, with a combined 75% share of total exports.

Among the main countries of destination, Senegal, with a CAGR of +8.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average rubber-to-metal and moulded article export price stood at $X per ton in 2021, shrinking by -7.1% against the previous year. Overall, the export price showed a pronounced setback. The pace of growth was the most pronounced in 2014 when the average export price increased by 91% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+26.5%), while the prices for the other major destinations experienced a decline.

Imports of Rubber-to-Metal and Moulded Articles

Imports into Nigeria

In 2021, supplies from abroad of rubber-to-metal and moulded articles increased by 98% to X tons, rising for the fourth consecutive year after four years of decline. Over the period under review, imports, however, saw a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 120% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, rubber-to-metal and moulded article imports surged to $X in 2021. Overall, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 143% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest supplier of rubber-to-metal and moulded article to Nigeria, with a 31% share of total imports. Moreover, rubber-to-metal and moulded article imports from New Zealand exceeded the figures recorded by the second-largest supplier, Antigua and Barbuda (X tons), twofold. China (X tons) ranked third in terms of total imports with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume from New Zealand totaled +47.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Antigua and Barbuda (+20.6% per year) and China (-26.2% per year).

In value terms, the largest rubber-to-metal and moulded article suppliers to Nigeria were Antigua and Barbuda ($X), New Zealand ($X) and France ($X), together accounting for 60% of total imports. These countries were followed by the United States, China, Ireland, Denmark and Thailand, which together accounted for a further 15%.

In terms of the main suppliers, Ireland, with a CAGR of +86.9%, recorded the highest rates of growth with regard to 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 rubber-to-metal and moulded article import price stood at $X per ton in 2021, waning by -6.5% against the previous year. In general, the import price, however, saw a notable expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by 89%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Antigua and Barbuda ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+22.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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