Western Africa: Concrete Reinforcing Bar Market 2024

Concrete Reinforcing Bar Market Size in Western Africa

The West African concrete reinforcing bar market reduced to $X in 2022, with a decrease of -7.3% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +0.4% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Concrete Reinforcing Bar Production in Western Africa

In value terms, concrete reinforcing bar production dropped to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.2% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 69% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Concrete Reinforcing Bar Exports

Exports in Western Africa

Concrete reinforcing bar exports declined markedly to X tons in 2022, reducing by -24.1% on 2021. Overall, exports showed a perceptible downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 44% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, concrete reinforcing bar exports contracted dramatically to $X in 2022. In general, exports showed a perceptible reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 33%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X tons) and Benin (X tons) dominates exports structure, together making up 83% of total exports. Senegal (X tons) took an 8.1% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (5.3%). Nigeria (X tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +45.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest concrete reinforcing bar supplying countries in Western Africa were Benin ($X), Ghana ($X) and Senegal ($X), together comprising 90% of total exports.

Among the main exporting countries, Benin, with a CAGR of +46.8%, 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

In 2022, the export price in Western Africa amounted to $X per ton, which is down by -12% against the previous year. Overall, the export price showed a slight downturn. The pace of growth appeared the most rapid in 2021 when the export price increased by 19% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Benin ($X per ton) and Burkina Faso ($X per ton), while Ghana ($X per ton) and Senegal ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.1%), while the other leaders experienced mixed trends in the export price figures.

Concrete Reinforcing Bar Imports

Imports in Western Africa

In 2022, concrete reinforcing bar imports in Western Africa fell rapidly to X tons, which is down by -46.2% on the year before. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 30% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell markedly in the following year.

In value terms, concrete reinforcing bar imports declined dramatically to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 48%. As a result, imports attained the peak of $X, and then declined rapidly in the following year.

Imports by Country

In 2022, Senegal (X tons), distantly followed by Guinea (X tons), Niger (X tons), Cabo Verde (X tons), Sierra Leone (X tons) and Benin (X tons) were the main importers of concrete reinforcing bars, together comprising 75% of total imports. Togo (X tons), Ghana (X tons), Mali (X tons), Nigeria (X tons), Mauritania (X tons), Gambia (X tons) and Cote d'Ivoire (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Niger (with a CAGR of +16.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Guinea ($X) and Cabo Verde ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 49% share of total imports. Niger, Sierra Leone, Benin, Togo, Ghana, Nigeria, Mali, Mauritania, Gambia and Cote d'Ivoire lagged somewhat behind, together accounting for a further 47%.

Niger, with a CAGR of +12.8%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with an increase of 9.2% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 28% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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