Western Africa: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Western Africa

For the fourth consecutive year, the West African cranks and crankshafts market recorded growth in sales value, which increased by 13% to $X in 2022. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Cranks And Crankshafts Production in Western Africa

In value terms, cranks and crankshafts production shrank to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 9.9%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Cranks And Crankshafts Exports

Exports in Western Africa

In 2022, cranks and crankshafts exports in Western Africa shrank markedly to X tons, reducing by -15.7% against the previous year. Over the period under review, exports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2018 when exports increased by 239% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cranks and crankshafts exports contracted dramatically to $X in 2022. Overall, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 204% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria was the largest exporter of cranks and crankshafts in Western Africa, with the volume of exports resulting at X tons, which was approx. 57% of total exports in 2022. Ghana (X tons) ranks second in terms of the total exports with a 15% share, followed by Mauritania (11%) and Senegal (9.7%). The following exporters - Sierra Leone (X tons) and Liberia (X tons) - each amounted to a 4.3% share of total exports.

Exports from Nigeria increased at an average annual rate of +13.9% from 2012 to 2022. At the same time, Mauritania (+23.4%), Sierra Leone (+16.3%) and Liberia (+14.9%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +23.4% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-2.4%) illustrated a downward trend over the same period. Nigeria (+26 p.p.) and Mauritania (+8.5 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Ghana saw its share reduced by -8.8% and -22.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cranks and crankshafts supplying countries in Western Africa were Nigeria ($X), Ghana ($X) and Senegal ($X), with a combined 82% share of total exports. Sierra Leone, Mauritania and Liberia lagged somewhat behind, together comprising a further 9.7%.

Among the main exporting countries, Mauritania, with a CAGR of +26.5%, saw the highest rates of growth with regard to 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, dropping by -12.1% against the previous year. Export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cranks and crankshafts export price increased by +69.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 50% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Mauritania ($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 (+16.2%), while the other leaders experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports in Western Africa

In 2022, imports of cranks and crankshafts in Western Africa soared to X tons, rising by 48% against the previous year's figure. In general, imports showed a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of 107%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, cranks and crankshafts imports amounted to $X in 2022. Over the period under review, imports showed a temperate expansion. The most prominent rate of growth was recorded in 2014 with an increase of 44% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was near 88% of total imports in 2022. Ghana (X tons) and Burkina Faso (X tons) took a little share of total imports.

Imports into Nigeria increased at an average annual rate of +9.4% from 2012 to 2022. At the same time, Burkina Faso (+18.2%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +18.2% from 2012-2022. Nigeria (-3.8 p.p.) significantly weakened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported cranks and crankshafts in Western Africa, comprising 64% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.1% share of total imports.

In Nigeria, cranks and crankshafts imports increased at an average annual rate of +2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-1.9% per year) and Burkina Faso (+6.7% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by -27.8% against the previous year. Overall, the import price showed a abrupt decrease. The pace of growth was the most pronounced in 2014 when the import price increased by 131%. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-6.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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