Western Africa: Metal Castor Mounting Market 2024

Metal Castor Mounting Market Size in Western Africa

The West African metal castor mounting market reached $X in 2022, picking up by 14% against the previous year. The total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -10.4% against 2020 indices. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Metal Castor Mounting Production in Western Africa

In value terms, metal castor mounting production totaled $X in 2022 estimated in export price. In general, production enjoyed a modest expansion. The pace of growth appeared the most rapid in 2020 with an increase of 83% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Metal Castor Mounting Exports

Exports in Western Africa

In 2022, exports of castors with mountings of base metal in Western Africa dropped notably to X tons, shrinking by -15.9% on 2021 figures. Overall, exports faced a deep setback. The pace of growth was the most pronounced in 2018 when exports increased by 468%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, metal castor mounting exports shrank sharply to $X in 2022. In general, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 373% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of about X kg, which accounted for 51% of total exports. Ghana (X kg) ranks second in terms of the total exports with a 25% share, followed by Togo (15%). The following exporters - Liberia (X kg) and Sierra Leone (X kg) - each amounted to a 7.8% share of total exports.

Nigeria was also the fastest-growing in terms of the castors with mountings of base metal exports, with a CAGR of +21.6% from 2012 to 2022. At the same time, Ghana (+7.6%) and Sierra Leone (+5.7%) displayed positive paces of growth. By contrast, Liberia (-8.7%) and Togo (-10.3%) illustrated a downward trend over the same period. While the share of Nigeria (+48 p.p.), Ghana (+21 p.p.), Liberia (+4 p.p.) and Sierra Leone (+3.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Togo ($X) and Sierra Leone ($X) were the countries with the highest levels of exports in 2022, with a combined 82% share of total exports.

Among the main exporting countries, Nigeria, with a CAGR of +18.6%, 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 2022, waning by -1.7% against the previous year. Overall, the export price showed a perceptible slump. The pace of growth was the most pronounced in 2017 an increase of 66%. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Metal Castor Mounting Imports

Imports in Western Africa

In 2022, imports of castors with mountings of base metal in Western Africa soared to X tons, growing by 29% against the year before. In general, imports, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 64% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, metal castor mounting imports amounted to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.5% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 74% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Senegal (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons) represented the key importers of castors with mountings of base metal, together generating 89% of total imports. Burkina Faso (X tons) and Mauritania (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cabo Verde (with a CAGR of +36.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported castors with mountings of base metal in Western Africa, comprising 38% of total imports. The second position in the ranking was held by Senegal ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with a 16% share.

In Ghana, metal castor mounting imports increased at an average annual rate of +19.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+31.6% per year) and Cote d'Ivoire (+14.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, which is down by -21.6% against the previous year. In general, the import price, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2014 when the import price increased by 55% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2021, and then shrank sharply in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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