Western Africa: Insulating Fittings Market 2024

Insulating Fittings Market Size in Western Africa

For the fourth year in a row, the West African insulating fittings market recorded growth in sales value, which increased by 47% to $X in 2021. Over the period under review, consumption saw a significant increase. Over the period under review, the market reached the maximum level in 2021 and is likely to continue growth in the immediate term.

Insulating Fittings Production in Western Africa

In value terms, insulating fittings production expanded markedly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Insulating Fittings Exports

Exports in Western Africa

In 2021, approx. X tons of insulating fittings for electrical purposes were exported in Western Africa; dropping by -22.4% on 2020 figures. Overall, exports recorded a noticeable decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 362%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, insulating fittings exports surged to $X in 2021. Over the period under review, exports recorded a noticeable curtailment. The growth pace was the most rapid in 2015 when exports increased by 191% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Burkina Faso represented the major exporting country with an export of about X tons, which resulted at 66% of total exports. It was distantly followed by Senegal (X kg), generating a 24% share of total exports. The following exporters - Ghana (X kg) and Cote d'Ivoire (X kg) - each accounted for an 8% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to insulating fittings exports from Burkina Faso stood at +1.4%. At the same time, Senegal (+31.8%) and Ghana (+6.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +31.8% from 2012-2021. By contrast, Cote d'Ivoire (-18.4%) illustrated a downward trend over the same period. Burkina Faso (+25 p.p.), Senegal (+22 p.p.) and Ghana (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -12.7% from 2012 to 2021, respectively.

In value terms, Burkina Faso ($X) emerged as the largest insulating fittings supplier in Western Africa, comprising 83% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 6.9% share of total exports. It was followed by Senegal, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value in Burkina Faso stood at +8.0%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-12.6% per year) and Senegal (-1.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, picking up by 69% against the previous year. Overall, the export price posted a mild expansion. The pace of growth was the most pronounced in 2017 when the export price increased by 260% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, 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 Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Insulating Fittings Imports

Imports in Western Africa

In 2021, the amount of insulating fittings for electrical purposes imported in Western Africa surged to X tons, picking up by 48% compared with the year before. In general, imports saw a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 582% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the near future.

In value terms, insulating fittings imports skyrocketed to $X in 2021. Overall, imports showed a significant increase. The growth pace was the most rapid in 2020 with an increase of 316%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

The purchases of the one major importers of insulating fittings for electrical purposes, namely Nigeria, represented more than two-thirds of total import.

Nigeria was also the fastest-growing in terms of the insulating fittings for electrical purposes imports, with a CAGR of +46.8% from 2012 to 2021. While the share of Nigeria (+26 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported insulating fittings for electrical purposes in Western Africa.

In Nigeria, insulating fittings imports increased at an average annual rate of +40.1% over the period from 2012-2021.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, increasing by 17% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2015 when the import price increased by 51% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -4.6% per year.

Source: IndexBox Platform

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