Western Africa: Market for Iron or Steel Flat Spiral or Discs Springs 2024

Market Size for Iron or Steel Flat Spiral or Discs Springs in Western Africa

In 2021, the West African market for iron or steel flat spiral or discs springs increased by 18% to $X for the first time since 2015, thus ending a five-year declining trend. Overall, consumption, however, showed a noticeable descent. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Iron or Steel Flat Spiral or Discs Springs in Western Africa

In value terms, metal spiral or discs spring production rose rapidly to $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 32%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Exports of Iron or Steel Flat Spiral or Discs Springs

Exports in Western Africa

Metal spiral or discs spring exports dropped significantly to X tons in 2021, with a decrease of -66.7% against the previous year's figure. In general, exports showed a deep setback. The growth pace was the most rapid in 2013 with an increase of 210% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, metal spiral or discs spring exports dropped markedly to $X in 2021. Overall, exports saw a abrupt descent. The growth pace was the most rapid in 2013 with an increase of 865%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Senegal (X kg), Saint Helena, Ascension and Tristan da Cunha (X kg), Burkina Faso (X kg), Ghana (X kg), Nigeria (X kg) and Sierra Leone (X kg) represented roughly 86% of total exports in 2021. Niger (X kg) took a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +26.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest metal spiral or discs spring supplying countries in Western Africa were Senegal ($X), Ghana ($X) and Nigeria ($X), with a combined 66% share of total exports. These countries were followed by Saint Helena, Ascension and Tristan da Cunha, Sierra Leone, Niger and Burkina Faso, which together accounted for a further 24%.

Saint Helena, Ascension and Tristan da Cunha, with a CAGR of +145.7%, recorded the highest growth rate of the value of exports, among the main exporting countries 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 2021, increasing by 31% against the previous year. Over the period under review, the export price posted a resilient expansion. The growth pace was the most rapid in 2013 when the export price increased by 211%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saint Helena, Ascension and Tristan da Cunha (+114.2%), while the other leaders experienced more modest paces of growth.

Imports of Iron or Steel Flat Spiral or Discs Springs

Imports in Western Africa

After two years of decline, overseas purchases of iron or steel flat spiral or discs springs increased by 108% to X tons in 2021. In general, imports saw strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, metal spiral or discs spring imports skyrocketed to $X in 2021. Overall, imports recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Ghana represented the major importer of iron or steel flat spiral or discs springs in Western Africa, with the volume of imports amounting to X tons, which was approx. 42% of total imports in 2021. Senegal (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Mali (16%), Nigeria (8.2%) and Guinea (5.1%). The following importers - Cote d'Ivoire (X tons) and Benin (X tons) - together made up 6.2% of total imports.

Imports into Ghana increased at an average annual rate of +12.1% from 2012 to 2021. At the same time, Mali (+59.0%), Benin (+16.4%), Senegal (+11.0%) and Guinea (+9.8%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +59.0% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Nigeria (-7.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mali, Ghana and Senegal increased by +15, +11 and +3.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal spiral or discs spring importing markets in Western Africa were Ghana ($X), Senegal ($X) and Nigeria ($X), together comprising 61% of total imports. Mali, Cote d'Ivoire, Guinea and Benin lagged somewhat behind, together accounting for a further 24%.

Mali, with a CAGR of +25.0%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Western Africa stood at $X per ton in 2021, which is down by -18.6% against the previous year. Overall, the import price saw a deep contraction. The pace of growth was the most pronounced in 2015 when the import price increased by 34%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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