Nigeria: Market for Pneumatic Or Hydraulic Hand Tools 2024

Market Size for Pneumatic Or Hydraulic Hand Tools in Nigeria

The Nigerien market for pneumatic or hydraulic hand tools declined markedly to $X in 2021, falling by -38% against the previous year. Overall, consumption, however, enjoyed a slight expansion. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Pneumatic Or Hydraulic Hand Tools in Nigeria

In value terms, pneumatic or hydraulic hand tool production fell sharply to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 65% against the previous year. Pneumatic or hydraulic hand tool production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Pneumatic Or Hydraulic Hand Tools

Exports from Nigeria

After two years of decline, shipments abroad of pneumatic or hydraulic hand tools increased by 29% to X tons in 2021. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,633%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, pneumatic or hydraulic hand tool exports stood at $X in 2021. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2013 with an increase of 1,598%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X tons), Belgium (X kg) and Ghana (X kg) were the main destinations of pneumatic or hydraulic hand tool exports from Nigeria, together comprising 91% of total exports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +38.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pneumatic or hydraulic hand tool exported from Nigeria were South Korea ($X), Belgium ($X) and the UK ($X), with a combined 71% share of total exports. France, Ghana, Benin and Germany lagged somewhat behind, together comprising a further 8.3%.

France, with a CAGR of +132.1%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for pneumatic or hydraulic hand tools amounted to $X per ton, with a decrease of -22.1% against the previous year. Overall, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pneumatic or hydraulic hand tool export price increased by +25.1% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 84% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

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 UK ($X per ton), while the average price for exports to Germany ($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 Sweden (+34.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pneumatic Or Hydraulic Hand Tools

Imports into Nigeria

In 2021, purchases abroad of pneumatic or hydraulic hand tools decreased by -66.8% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2019 with an increase of 310% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, pneumatic or hydraulic hand tool imports dropped sharply to $X in 2021. Overall, imports, however, showed significant growth. The pace of growth was the most pronounced in 2015 with an increase of 297%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest pneumatic or hydraulic hand tool supplier to Nigeria, with a 67% share of total imports. Moreover, pneumatic or hydraulic hand tool imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), more than tenfold. Egypt (X tons) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+24.8% per year) and Egypt (+92.9% per year).

In value terms, China ($X) constituted the largest supplier of pneumatic or hydraulic hand tools to Nigeria, comprising 84% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 3% share of total imports. It was followed by the United Arab Emirates, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +39.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+27.4% per year) and the United Arab Emirates (+19.0% per year).

Import Prices by Country

In 2021, the average import price for pneumatic or hydraulic hand tools amounted to $X per ton, growing by 8% against the previous year. Overall, the import price showed a modest increase. The growth pace was the most rapid in 2014 an increase of 92%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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