Nigeria: Metal-Reinforced Rubber Hose Market 2024

Metal-Reinforced Rubber Hose Market Size in Nigeria

The Nigerien metal-reinforced rubber hose market reached $X in 2022, growing by 2.4% 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). In general, consumption recorded a buoyant increase. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Metal-Reinforced Rubber Hose Exports

Exports from Nigeria

For the third consecutive year, Nigeria recorded decline in overseas shipments of rubber hose reinforced with metal, which decreased by -14.5% to X tons in 2022. In general, exports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2013 when exports increased by 4,750%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, metal-reinforced rubber hose exports contracted significantly to $X in 2022. Overall, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 4,952% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X tons), Cote d'Ivoire (X kg) and Benin (X kg) were the main destinations of metal-reinforced rubber hose exports from Nigeria, together comprising 94% of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +97.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for rubber hose reinforced with metal exports from Nigeria, comprising 62% of total exports. The second position in the ranking was held by Ghana ($X), with a 15% share of total exports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire totaled +95.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+78.3% per year) and the Netherlands (-3.6% per year).

Export Prices by Country

The average metal-reinforced rubber hose export price stood at $X per ton in 2022, dropping by -8.8% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 129%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Benin ($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 Angola (+1,722.0%), while the prices for the other major destinations experienced more modest paces of growth.

Metal-Reinforced Rubber Hose Imports

Imports into Nigeria

For the third consecutive year, Nigeria recorded growth in supplies from abroad of rubber hose reinforced with metal, which increased by 30% to X tons in 2022. Over the period under review, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 426%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, metal-reinforced rubber hose imports shrank significantly to $X in 2022. In general, imports showed a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 303%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest metal-reinforced rubber hose supplier to Nigeria, accounting for a 54% share of total imports. Moreover, metal-reinforced rubber hose imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +28.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+43.9% per year) and Japan (+17.6% per year).

In value terms, the United Arab Emirates ($X), China ($X) and Poland ($X) appeared to be the largest metal-reinforced rubber hose suppliers to Nigeria, together comprising 44% of total imports.

The United Arab Emirates, with a CAGR of +41.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average metal-reinforced rubber hose import price amounted to $X per ton, shrinking by -43.9% against the previous year. Overall, the import price showed a abrupt contraction. The growth pace was the most rapid in 2015 when the average import price increased by 47% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average 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 Belgium ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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