Western Africa: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Western Africa

In 2021, the West African needle roller bearing market increased by 21% to $X, rising for the fourth year in a row after two years of decline. The total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +80.1% against 2017 indices. The level of consumption peaked in 2021 and is likely to continue growth in the near future.

Needle Roller Bearing Production in Western Africa

In value terms, needle roller bearing production stood at $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 36%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Needle Roller Bearing Exports

Exports in Western Africa

In 2021, exports of needle roller bearings in Western Africa soared to X tons, jumping by 127% against 2020 figures. Overall, exports posted resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 483% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, needle roller bearing exports skyrocketed to $X in 2021. Over the period under review, exports showed strong growth. The pace of growth was the most pronounced in 2018 with an increase of 256% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Sierra Leone (X kg) was the main exporter of needle roller bearings, committing 66% of total exports. Mali (X kg) held the second position in the ranking, distantly followed by Guinea (X kg). All these countries together held near 25% share of total exports. Nigeria (X kg) and Niger (X kg) followed a long way behind the leaders.

Exports from Sierra Leone increased at an average annual rate of +20.9% from 2012 to 2021. At the same time, Guinea (+55.4%), Mali (+42.6%) and Niger (+8.0%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +55.4% from 2012-2021. By contrast, Nigeria (-4.9%) illustrated a downward trend over the same period. While the share of Sierra Leone (+21 p.p.), Mali (+15 p.p.) and Guinea (+8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Niger (-2.2 p.p.) and Nigeria (-22.2 p.p.) displayed negative dynamics.

In value terms, Sierra Leone ($X) remains the largest needle roller bearing supplier in Western Africa, comprising 69% of total exports. The second position in the ranking was taken by Mali ($X), with a 15% share of total exports. It was followed by Nigeria, with an 11% share.

In Sierra Leone, needle roller bearing exports expanded at an average annual rate of +10.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mali (+43.0% per year) and Nigeria (-0.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, picking up by 37% against the previous year. Over the period under review, the export price, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 an increase of 50%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+16.1%), while the other leaders experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports in Western Africa

Needle roller bearing imports soared to X tons in 2021, increasing by 309% compared with 2020. In general, imports recorded a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by 534%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, needle roller bearing imports soared to $X in 2021. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 317% against the previous year. 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 needle roller bearings, namely Nigeria, represented more than two-thirds of total import.

Nigeria was also the fastest-growing in terms of the needle roller bearings imports, with a CAGR of +48.1% from 2012 to 2021. While the share of Nigeria (+25 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 needle roller bearings in Western Africa.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +45.7%.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, dropping by -20.2% against the previous year. Overall, the import price saw a noticeable curtailment. The most prominent rate of growth was recorded in 2013 when the import price increased by 78% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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 -1.6% per year.

Source: IndexBox Platform

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