Nigeria: Steel Spring Market 2025

Steel Spring Market Size in Nigeria

The Nigerien steel spring market dropped to $X in 2021, which is down by -10.9% 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 saw a deep setback. Steel spring consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Steel Spring Exports

Exports from Nigeria

In 2021, shipments abroad of steel springs and leaves for springs increased by 5.4% to X tons, rising for the fifth consecutive year after four years of decline. In general, exports, however, continue to indicate a noticeable descent. The pace of growth was the most pronounced in 2020 when exports increased by 220% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, steel spring exports reduced to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 119%. As a result, the exports reached the peak of $X, and then declined in the following year.

Exports by Country

Benin (X tons) was the main destination for steel spring exports from Nigeria, accounting for a 92% share of total exports. It was followed by Niger (X kg), with a 2.5% share of total exports. The third position in this ranking was held by the United States (X kg), with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin stood at +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+102.5% per year) and the United States (+1.0% per year).

In value terms, Benin ($X) emerged as the key foreign market for steel springs and leaves for springs exports from Nigeria, comprising 70% of total exports. The second position in the ranking was held by the United States ($X), with a 2.4% share of total exports. It was followed by Angola, with a 0.3% share.

From 2012 to 2021, the average annual growth rate of value to Benin stood at +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1.0% per year) and Angola (-40.2% per year).

Export Prices by Country

The average steel spring export price stood at $X per ton in 2021, which is down by -14.8% against the previous year. Overall, the export price, however, recorded a noticeable expansion. The pace of growth appeared the most rapid in 2014 an increase of 180% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Congo (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Nigeria

In 2021, the amount of steel springs and leaves for springs imported into Nigeria fell modestly to X tons, which is down by -4% compared with the previous year's figure. In general, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 74%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, steel spring imports declined notably to $X in 2021. Overall, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2017 when imports increased by 28%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Antigua and Barbuda (X tons), China (X tons) and Barbados (X tons) were the main suppliers of steel spring imports to Nigeria, with a combined 59% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Barbados (with a CAGR of +16.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Germany ($X) and Singapore ($X) appeared to be the largest steel spring suppliers to Nigeria, together accounting for 28% of total imports. Barbados, Antigua and Barbuda, India, the United States, Turkey, Malaysia, Ghana, New Zealand and Morocco lagged somewhat behind, together accounting for a further 27%.

Barbados, with a CAGR of +13.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average steel spring import price amounted to $X per ton, waning by -18.6% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, steel spring import price decreased by -38.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 an increase of 51%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+34.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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