Western Africa: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Western Africa

The West African iron or steel leaf-spring market contracted to $X in 2022, waning by -6.5% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in Western Africa

In value terms, iron or steel leaf-spring production contracted to $X in 2022 estimated in export price. In general, production recorded a slight slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 96%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports in Western Africa

In 2022, the amount of iron or steel leaf-springs and leaves exported in Western Africa contracted markedly to X tons, shrinking by -86.8% on 2021. Over the period under review, exports faced a dramatic setback. The pace of growth appeared the most rapid in 2021 with an increase of 376% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, iron or steel leaf-spring exports shrank sharply to $X in 2022. Overall, exports continue to indicate a precipitous shrinkage. The growth pace was the most rapid in 2017 when exports increased by 268% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Nigeria (X tons) and Ghana (X tons) represented the key exporters of iron or steel leaf-springs and leaves in Western Africa, together comprising 71% of total exports. It was distantly followed by Cote d'Ivoire (X tons), mixing up an 18% share of total exports. Togo (X kg), Gambia (X kg) and Liberia (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of +51.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel leaf-spring supplying countries in Western Africa were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), together comprising 88% of total exports.

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of +82.3%, 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, with an increase of 321% against the previous year. Overall, the export price showed a resilient expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+20.2%), while the other leaders experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports in Western Africa

In 2022, the amount of iron or steel leaf-springs and leaves imported in Western Africa rose notably to X tons, increasing by 7.8% on 2021. In general, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 50% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, iron or steel leaf-spring imports reached $X in 2022. Over the period under review, imports posted a noticeable increase. The pace of growth was the most pronounced in 2018 when imports increased by 32%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports by Country

Ghana (X tons) and Nigeria (X tons) represented roughly 62% of total imports in 2022. Guinea (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (8.3%) and Mali (6.4%). The following importers - Mauritania (X tons) and Cote d'Ivoire (X tons) - together made up 5.2% 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 Mali (with a CAGR of +32.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported iron or steel leaf-springs and leaves in Western Africa, comprising 40% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 16% share of total imports. It was followed by Senegal, with a 10% share.

In Ghana, iron or steel leaf-spring imports increased at an average annual rate of +11.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (-7.8% per year) and Senegal (+15.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, shrinking by -6.8% against the previous year. Over the period under review, the import price recorded a pronounced curtailment. The pace of growth was the most pronounced in 2014 an increase of 27% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mauritania ($X per ton), while Nigeria ($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 (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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