Western Africa: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Western Africa

In 2022, the West African grinding and sharpening machine market decreased by -0.9% to $X, falling for the second consecutive year after three years of growth. In general, consumption, however, enjoyed a buoyant expansion. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Western Africa

In value terms, grinding and sharpening machine production rose notably to $X in 2022 estimated in export price. Overall, production saw strong growth. The growth pace was the most rapid in 2018 with an increase of 57%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports in Western Africa

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported in Western Africa; picking up by 82% on the year before. Over the period under review, exports, however, showed a deep slump. The pace of growth appeared the most rapid in 2019 with an increase of 207%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, grinding and sharpening machine exports dropped dramatically to $X in 2022. Overall, exports posted a modest increase. The growth pace was the most rapid in 2019 when exports increased by 2,224%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (X units) and Sierra Leone (X units) dominates exports structure, together committing 74% of total exports. Ghana (X units) took a 6.5% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (6.5%) and Senegal (6.5%). The following exporters - Guinea (X units) and Niger (X units) - each reached a 6.5% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sierra Leone (with a CAGR of +29.2%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest grinding and sharpening machine supplier in Western Africa, comprising 16% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 5.6% share of total exports. It was followed by Cote d'Ivoire, with a 5.1% share.

In Ghana, grinding and sharpening machine exports decreased by an average annual rate of -2.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (+60.0% per year) and Cote d'Ivoire (+8.9% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, dropping by -64% against the previous year. In general, the export price, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2019 an increase of 657% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the export prices failed to regain momentum.

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 ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+23.9%), while the other leaders experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports in Western Africa

In 2022, overseas purchases of grinding and sharpening metal finishing machines decreased by -27.1% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 261%. Over the period under review, imports attained the peak figure at X units in 2021, and then dropped remarkably in the following year.

In value terms, grinding and sharpening machine imports dropped significantly to $X in 2022. Over the period under review, imports, however, showed significant growth. The growth pace was the most rapid in 2018 when imports increased by 105%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, amounting to X units, which was near 81% of total imports in 2022. It was distantly followed by Gambia (X units), constituting a 5% share of total imports. The following importers - Ghana (X units) and Cote d'Ivoire (X units) - together made up 6.1% of total imports.

Nigeria was also the fastest-growing in terms of the grinding and sharpening metal finishing machines imports, with a CAGR of +41.1% from 2012 to 2022. At the same time, Gambia (+31.9%) and Cote d'Ivoire (+7.9%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+61 p.p.) and Gambia (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-5.7 p.p.) and Ghana (-25.3 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported grinding and sharpening metal finishing machines in Western Africa, comprising 94% of total imports. The second position in the ranking was taken by Ghana ($X), with a 2.9% share of total imports. It was followed by Cote d'Ivoire, with a 1.4% share.

In Nigeria, grinding and sharpening machine imports increased at an average annual rate of +26.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+4.2% per year) and Cote d'Ivoire (+10.2% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2022, rising by 11% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 130%. As a result, import price reached the peak level of $X per unit. From 2020 to 2022, the 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 Nigeria ($X per unit), while Gambia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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