Report Update Nov 1, 2024

Nigeria - Railway Material of Steel - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Steel Railway Material Market 2024

Steel Railway Material Market Size in Nigeria

In 2022, after three years of decline, there was significant growth in the Nigerien steel railway material market, when its value increased by 2,689% to $X. Over the period under review, consumption saw modest growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Steel Railway Material Exports

Exports from Nigeria

In 2022, approx. X tons of railway material of steel were exported from Nigeria; increasing by 26% against 2021 figures. In general, exports posted significant growth. The growth pace was the most rapid in 2021 when exports increased by 3,085% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, steel railway material exports expanded notably to $X in 2022. Overall, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 2,496% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Niger (X tons) was the main destination for steel railway material exports from Nigeria, accounting for a 75% share of total exports. Moreover, steel railway material exports to Niger exceeded the volume sent to the second major destination, Benin (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger stood at +22.7%.

In value terms, Niger ($X) remains the key foreign market for railway material of steel exports from Nigeria, comprising 82% of total exports. The second position in the ranking was held by Benin ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Niger totaled +25.7%.

Export Prices by Country

The average steel railway material export price stood at $X per ton in 2022, dropping by -11% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 111%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average 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 Niger ($X per ton), while the average price for exports to Benin totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+28.2%), while the prices for the other major destinations experienced mixed trend patterns.

Steel Railway Material Imports

Imports into Nigeria

In 2022, overseas purchases of railway material of steel were finally on the rise to reach X tons after three years of decline. Overall, imports enjoyed a measured expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel railway material imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of steel railway material to Nigeria, accounting for a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +3.6%.

In value terms, China ($X) constituted the largest supplier of railway material of steel to Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest.

Import Prices by Country

The average steel railway material import price stood at $X per ton in 2022, waning by -34% against the previous year. In general, the import price recorded a pronounced reduction. The pace of growth was the most pronounced in 2015 when the average import price increased by 52% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -3.1% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for railway material of steel in the world?

China constituted the country with the largest volume of steel railway material consumption, accounting for 29% of total volume. Moreover, steel railway material consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. The third position in this ranking was occupied by India, with a 9.9% share.

What are the largest producers of railway material of steel in the world?

The country with the largest volume of steel railway material production was China, accounting for 31% of total volume. Moreover, steel railway material production in China exceeded the figures recorded by the second-largest producer, the United States, threefold. India ranked third in terms of total production with a 9.6% share.

What are the leading suppliers of railway material of steel to Nigeria?

In value terms, China constituted the largest supplier of steel railway material to Nigeria, comprising 89% of total imports. The second position in the ranking was occupied by Germany, with a 3.5% share of total imports. It was followed by Italy, with a 2.9% share.

What are the leading importers of railway material of steel from Nigeria?

In value terms, Benin remains the key foreign market for steel railway material exports from Nigeria, comprising 81% of total exports. The second position in the ranking was occupied by Niger $237), with a 19% share of total exports.

What is the average export price for railway material of steel in Nigeria?

In 2021, the average steel railway material export price amounted to $2,061 per ton, with an increase of 47% against the previous year.

What is the average import price for railway material of steel in Nigeria?

In 2021, the average steel railway material import price amounted to $2,255 per ton, with an increase of 8.1% against the previous year.

This report provides an in-depth analysis of the steel railway material 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 24107500 - Railway material (of steel)
Prodcom 2410T252 - Railway material

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