Western Africa: Ball Bearing Market 2024

Ball Bearing Market Size in Western Africa

The West African ball bearing market totaled $X in 2021, growing by 5.2% against the previous year. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +102.0% against 2014 indices. Over the period under review, the market attained the peak level in 2021 and is likely to see steady growth in the near future.

Ball Bearing Production in Western Africa

In value terms, ball bearing production dropped to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +7.6% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 21% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Ball Bearing Exports

Exports in Western Africa

In 2021, the amount of ball bearings exported in Western Africa reduced notably to X tons, waning by -45% on 2020. Over the period under review, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 114%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, ball bearing exports declined rapidly to $X in 2021. Overall, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 79% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons), Nigeria (X tons) and Sierra Leone (X tons) represented roughly 67% of total exports in 2021. Togo (X tons) took the next position in the ranking, followed by Niger (X kg), Benin (X kg) and Guinea (X kg). All these countries together took approx. 27% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +57.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest ball bearing supplying countries in Western Africa were Sierra Leone ($X), Cote d'Ivoire ($X) and Niger ($X), with a combined 63% share of total exports. Nigeria, Benin, Guinea and Togo lagged somewhat behind, together accounting for a further 26%.

Among the main exporting countries, Nigeria, with a CAGR of +49.7%, recorded 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 export price in Western Africa stood at $X per ton in 2021, rising by 14% against the previous year. Overall, the export price, however, continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2015 an increase of 22% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Niger ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+5.8%), while the other leaders experienced more modest paces of growth.

Ball Bearing Imports

Imports in Western Africa

In 2021, the amount of ball bearings imported in Western Africa surged to X tons, growing by 30% on 2020 figures. In general, imports enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when imports increased by 137% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, ball bearing imports expanded rapidly to $X in 2021. Over the period under review, imports continue to indicate buoyant growth. The growth pace was the most rapid in 2020 when imports increased by 40%. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons) represented the major importer of ball bearings, mixing up 65% of total imports. Ghana (X tons) ranks second in terms of the total imports with an 18% share, followed by Guinea (6.8%). Cote d'Ivoire (X tons) and Mali (X tons) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to ball bearing imports into Nigeria stood at +20.5%. At the same time, Guinea (+26.6%), Ghana (+18.3%), Mali (+12.4%) and Cote d'Ivoire (+9.8%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +26.6% from 2012-2021. While the share of Nigeria (+8.5 p.p.) and Guinea (+3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-3.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ball bearings in Western Africa, comprising 45% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Guinea, with a 5% share.

In Nigeria, ball bearing imports expanded at an average annual rate of +8.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+4.6% per year) and Guinea (+9.1% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, shrinking by -17.3% against the previous year. Over the period under review, the import price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the import price increased by 20% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+3.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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