Nigeria: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Nigeria

The Nigerien plastic furniture fittings market declined rapidly to $X in 2021, waning by -46.4% 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, however, recorded a resilient expansion. As a result, consumption attained the peak level of $X, and then contracted sharply in the following year.

Plastic Furniture Fittings Exports

Exports from Nigeria

In 2021, plastic furniture fittings exports from Nigeria dropped dramatically to X kg, reducing by -97.2% against the previous year. In general, exports saw a dramatic decrease. The growth pace was the most rapid in 2015 when exports increased by 2,325%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, plastic furniture fittings exports shrank dramatically to $X in 2021. Overall, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 623% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Ghana (X kg) was the main destination for plastic furniture fittings exports from Nigeria, with a 64% share of total exports. Moreover, plastic furniture fittings exports to Ghana exceeded the volume sent to the second major destination, Niger (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume to Ghana totaled -22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-21.1% per year) and Cote d'Ivoire (-16.4% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for plastic fittings for furniture exports from Nigeria, comprising 75% of total exports. The second position in the ranking was taken by Ghana ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire stood at -20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-21.2% per year) and Niger (-22.6% per year).

Export Prices by Country

The average plastic furniture fittings export price stood at $X per ton in 2021, with an increase of 4.9% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 331% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Niger ($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 Ghana (+1.5%), while the prices for the other major destinations experienced a decline.

Plastic Furniture Fittings Imports

Imports into Nigeria

In 2021, approx. X tons of plastic fittings for furniture were imported into Nigeria; declining by -46.4% compared with the year before. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 392% against the previous year. As a result, imports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, plastic furniture fittings imports contracted markedly to $X in 2021. In general, imports, however, posted a moderate expansion. The pace of growth was the most pronounced in 2020 when imports increased by 330%. As a result, imports attained the peak of $X, and then fell remarkably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of plastic furniture fittings to Nigeria, with a 75% share of total imports. Moreover, plastic furniture fittings imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. Turkey (X tons) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+25.9% per year) and Turkey (+4.3% per year).

In value terms, the largest plastic furniture fittings suppliers to Nigeria were China ($X), Germany ($X) and Turkey ($X), with a combined 65% share of total imports. These countries were followed by Belgium and Taiwan (Chinese), which together accounted for a further 5.5%.

Belgium, with a CAGR of +24.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic furniture fittings import price stood at $X per ton in 2021, approximately mirroring the previous year. Over the period under review, the import price showed a abrupt decrease. The pace of growth was the most pronounced in 2014 when the average import price increased by 32% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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