Nigeria: Market for Stainless Steel Seamless Pipe For Oil And Gas 2024

Market Size for Stainless Steel Seamless Pipe For Oil And Gas in Nigeria

The Nigerien stainless steel seamless pipe market reduced dramatically to $X in 2022, which is down by X% 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 continues to indicate a abrupt curtailment. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Exports of Stainless Steel Seamless Pipe For Oil And Gas

Exports from Nigeria

Stainless steel seamless pipe exports from Nigeria shrank markedly to X tons in 2022, falling by X% against the year before. Overall, exports faced a deep setback. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, stainless steel seamless pipe exports plummeted to $X in 2022. In general, exports saw a sharp contraction. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Italy (X kg) was the main destination for stainless steel seamless pipe exports from Nigeria, with a X% share of total exports. Moreover, stainless steel seamless pipe exports to Italy exceeded the volume sent to the second major destination, Benin (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Italy amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and Cote d'Ivoire (X% per year).

In value terms, Italy ($X) remains the key foreign market for stainless steel seamless pipe for oil and gas exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Italy totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Benin (X% per year).

Export Prices by Country

In 2022, the average stainless steel seamless pipe export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price, however, continues to indicate a dramatic decrease. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($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 Cote d'Ivoire (X%), while the prices for the other major destinations experienced a decline.

Imports of Stainless Steel Seamless Pipe For Oil And Gas

Imports into Nigeria

In 2022, approx. X tons of stainless steel seamless pipe for oil and gas were imported into Nigeria; with a decrease of X% on 2021. Over the period under review, imports faced a dramatic setback. The pace of growth was the most pronounced in 2018 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, stainless steel seamless pipe imports contracted significantly to $X in 2022. In general, imports showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and South Korea (X tons) were the main suppliers of stainless steel seamless pipe imports to Nigeria, together accounting for X% of total imports.

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

In value terms, India ($X) constituted the largest supplier of stainless steel seamless pipe for oil and gas to Nigeria, comprising X% of total imports. The second position in the ranking was taken by China ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value from India stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the average stainless steel seamless pipe import price amounted to $X per ton, waning by X% against the previous year. Overall, the import price, however, posted strong growth. The growth pace was the most rapid in 2015 when the average import price increased by X% 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 remained at a somewhat lower figure.

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

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

Source: IndexBox Platform

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