Nigeria: Pressure-Reducing Iron Valve Market 2024

Pressure-Reducing Iron Valve Market Size in Nigeria

The Nigerien pressure-reducing iron valve market skyrocketed to $X in 2022, jumping by 38% 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). Overall, consumption showed significant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Pressure-Reducing Iron Valve Exports

Exports from Nigeria

In 2022, after three years of decline, there was significant growth in overseas shipments of pressure-reducing, control, check and safety valves, when their volume increased by 199% to X units. In general, exports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2015 when exports increased by 1,862% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, pressure-reducing iron valve exports surged to $X in 2022. Over the period under review, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 1,430%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Angola (X units), Italy (X units) and Mozambique (X units) were the main destinations of pressure-reducing iron valve exports from Nigeria, with a combined 64% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Angola (with a CAGR of +24.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the UK ($X) and Ghana ($X) were the largest markets for pressure-reducing iron valve exported from Nigeria worldwide, with a combined 75% share of total exports.

Ghana, with a CAGR of +17.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average pressure-reducing iron valve export price amounted to $X per unit, jumping by 49% against the previous year. In general, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2013 an increase of 191%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Angola ($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 Ghana (+20.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pressure-Reducing Iron Valve Imports

Imports into Nigeria

In 2022, imports of pressure-reducing, control, check and safety valves into Nigeria was estimated at X units, surging by 7% on the year before. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 138%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, pressure-reducing iron valve imports soared to $X in 2022. Over the period under review, imports saw a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Taiwan (Chinese) (X units) and Turkey (X units) were the main suppliers of pressure-reducing iron valve imports to Nigeria, with a combined 65% share of total imports. The United Arab Emirates, Congo, India and Italy lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Congo (with a CAGR of +155.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Congo ($X) constituted the largest supplier of pressure-reducing, control, check and safety valves to Nigeria, comprising 43% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 7.1% share of total imports. It was followed by China, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from Congo stood at +161.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+60.3% per year) and China (+43.3% per year).

Import Prices by Country

In 2022, the average pressure-reducing iron valve import price amounted to $X per unit, surging by 194% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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 Congo ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform