Nigeria: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Nigeria

The Nigerien market for tube or pipe fittings (of iron or steel) skyrocketed to $X in 2022, picking up by 73% 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 enjoyed a buoyant expansion. Iron or steel tube fitting consumption peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from Nigeria

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) were finally on the rise to reach X tons after two years of decline. In general, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2015 with an increase of 126%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, iron or steel tube fitting exports dropped to $X in 2022. Overall, exports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2013 when exports increased by 146%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Belgium (X tons) was the main destination for iron or steel tube fitting exports from Nigeria, accounting for a 34% share of total exports. Moreover, iron or steel tube fitting exports to Belgium exceeded the volume sent to the second major destination, Burkina Faso (X tons), twofold. The third position in this ranking was taken by Cameroon (X tons), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belgium stood at +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (+32.8% per year) and Cameroon (-14.2% per year).

In value terms, Angola ($X), the UK ($X) and Belgium ($X) appeared to be the largest markets for iron or steel tube fitting exported from Nigeria worldwide, together comprising 37% of total exports. Burkina Faso, Italy, Ghana, Cameroon, Benin, the United Arab Emirates and China lagged somewhat behind, together accounting for a further 16%.

Among the main countries of destination, Burkina Faso, with a CAGR of +26.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, which is down by -21.8% against the previous year. In general, the export price saw a deep slump. The pace of growth appeared the most rapid in 2013 when the average export price increased by 81% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Cameroon ($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 China (+39.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into Nigeria

In 2022, imports of tube or pipe fittings (of iron or steel) into Nigeria soared to X tons, increasing by 95% on the year before. Over the period under review, imports enjoyed a strong increase. The pace of growth appeared the most rapid in 2019 when imports increased by 101%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, iron or steel tube fitting imports surged to $X in 2022. Overall, imports saw a noticeable expansion. The pace of growth was the most pronounced in 2019 when imports increased by 216% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of iron or steel tube fitting to Nigeria, with a 63% share of total imports. Moreover, iron or steel tube fitting imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), tenfold. India (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+13.7% per year) and India (+23.3% per year).

In value terms, the largest iron or steel tube fitting suppliers to Nigeria were China ($X), France ($X) and Singapore ($X), with a combined 42% share of total imports. Italy, the UK, the United States, India, South Korea, Belgium, the United Arab Emirates and Australia lagged somewhat behind, together comprising a further 35%.

Australia, with a CAGR of +37.3%, recorded the highest growth rate of the value of imports, among 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 import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, dropping by -33.7% against the previous year. Over the period under review, the import price showed a abrupt descent. The growth pace was the most rapid in 2019 when the average import price increased by 58% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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