Nigeria: Aircraft Propeller Market 2024

Aircraft Propeller Market Size in Nigeria

In 2022, the Nigerien aircraft propeller market increased by 12% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, recorded a deep reduction. Aircraft propeller consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Aircraft Propeller Production in Nigeria

In value terms, aircraft propeller production amounted to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 254,062,800%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Aircraft Propeller Exports

Exports from Nigeria

In 2022, exports of propellers and rotors for civil non-powered aircraft, helicopters and aeroplanes from Nigeria contracted rapidly to X tons, waning by -53.1% against the previous year. Over the period under review, exports saw a mild decline. The growth pace was the most rapid in 2021 with an increase of 1,557%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, aircraft propeller exports reduced sharply to $X in 2022. In general, exports showed a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by 1,025% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The UK (X kg) was the main destination for aircraft propeller exports from Nigeria, with a 56% share of total exports. Moreover, aircraft propeller exports to the UK exceeded the volume sent to the second major destination, Belgium (X kg), twofold. The third position in this ranking was held by the United States (X kg), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+16.4% per year) and the United States (-12.9% per year).

In value terms, the largest markets for aircraft propeller exported from Nigeria were Belgium ($X), the United States ($X) and the UK ($X), together accounting for 75% of total exports.

Among the main countries of destination, Belgium, with a CAGR of +7.2%, recorded 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 aircraft propeller export price stood at $X per ton in 2022, growing by 16% against the previous year. In general, the export price, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2014 an increase of 112%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.0%), while the prices for the other major destinations experienced a decline.

Aircraft Propeller Imports

Imports into Nigeria

Aircraft propeller imports into Nigeria declined markedly to X tons in 2022, reducing by -27.9% against the year before. Overall, imports recorded a noticeable setback. The growth pace was the most rapid in 2019 when imports increased by 443%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, aircraft propeller imports shrank dramatically to $X in 2022. In general, imports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 275%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The UK (X kg), Germany (X kg) and Italy (X kg) were the main suppliers of aircraft propeller imports to Nigeria, with a combined 56% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +81.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest aircraft propeller suppliers to Nigeria were the United States ($X), Germany ($X) and the UK ($X), together comprising 65% of total imports. Italy, Canada, France and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 16%.

Among the main suppliers, Canada, with a CAGR of +90.9%, recorded the highest growth rate of 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 aircraft propeller import price stood at $X per ton in 2022, increasing by 1.6% against the previous year. Overall, the import price showed a perceptible increase. The most prominent rate of growth was recorded in 2017 an increase of 124% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 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 the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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