Report Update Nov 1, 2024

Nigeria - Needle Roller Bearings - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Nigeria

For the sixth year in a row, the Nigerien needle roller bearing market recorded growth in sales value, which increased by 315% to $X in 2021. Overall, consumption posted significant growth. Needle roller bearing consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Needle Roller Bearing Exports

Exports from Nigeria

For the third year in a row, Nigeria recorded decline in shipments abroad of needle roller bearings, which decreased by -68.7% to X kg in 2021. Overall, exports saw a noticeable downturn. The most prominent rate of growth was recorded in 2018 with an increase of 278%. As a result, the exports attained the peak of X kg. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, needle roller bearing exports expanded modestly to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 217%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Angola (X kg) was the main destination for needle roller bearing exports from Nigeria, with a 95% share of total exports. Moreover, needle roller bearing exports to Angola exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Angola stood at +18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-30.4% per year) and Croatia (0.0% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for needle roller bearing exports from Nigeria, comprising 98% of total exports. The second position in the ranking was held by Angola ($X), with a 2.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-0.2% per year) and Croatia (0.0% per year).

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, jumping by 227% against the previous year. In general, the export price continues to indicate a notable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, 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 (+45.6%).

Needle Roller Bearing Imports

Imports into Nigeria

For the sixth consecutive year, Nigeria recorded growth in overseas purchases of needle roller bearings, which increased by 343% to X tons in 2021. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 763% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, needle roller bearing imports soared to $X in 2021. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 443%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X tons) was the main supplier of needle roller bearing to Nigeria, accounting for a 95% share of total imports. It was followed by India (X tons), with a 2.7% share of total imports. The third position in this ranking was held by Germany (X tons), with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +87.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.2% per year) and Germany (+55.3% per year).

In value terms, China ($X) constituted the largest supplier of needle roller bearing to Nigeria, comprising 92% of total imports. The second position in the ranking was held by Germany ($X), with a 4.2% share of total imports. It was followed by India, with a 1.2% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +61.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+57.4% per year) and India (+15.9% per year).

Import Prices by Country

In 2021, the average needle roller bearing import price amounted to $X per ton, declining by -13.7% against the previous year. In general, the import price continues to indicate a mild slump. The most prominent rate of growth was recorded in 2014 when the average import price increased by 33% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 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, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+26.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for needle roller bearings in the world?

The countries with the highest volumes of in 2021 were China, the United States and Germany, together comprising 44% of global consumption. India, Mexico, Brazil, Japan, Russia, Canada, France, Vietnam, South Korea and the Philippines lagged somewhat behind, together comprising a further 34%.

What are the largest producers of needle roller bearings in the world?

The country with the largest volume of needle roller bearing production was China, comprising approx. 28% of total volume. Moreover, needle roller bearing production in China exceeded the figures recorded by the second-largest producer, Japan, twofold. The United States ranked third in terms of total production with an 8.4% share.

What are the leading suppliers of needle roller bearings to Nigeria?

In value terms, China constituted the largest supplier of needle roller bearing to Nigeria, comprising 75% of total imports. The second position in the ranking was occupied by India, with an 11% share of total imports.

What are the leading importers of needle roller bearings from Nigeria?

In value terms, the largest markets for needle roller bearing exported from Nigeria were Cote d'Ivoire, Ghana and Angola $103), with a combined 100% share of total exports.

What is the average export price for needle roller bearings in Nigeria?

In 2021, the average needle roller bearing export price amounted to $36,629 per ton, jumping by 42% against the previous year.

What is the average import price for needle roller bearings in Nigeria?

In 2021, the average needle roller bearing import price amounted to $43,922 per ton, dropping by -1.7% against the previous year.

This report provides an in-depth analysis of the needle roller bearing 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 28151070 - Needle roller bearings

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