Western Africa: Ball Bearing Parts Market 2022

Ball Bearing Parts Market Size in Western Africa

The West African ball bearing parts market skyrocketed to $X in 2021, picking up by 18% against the previous year. In general, consumption enjoyed a strong expansion. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Ball Bearing Parts Production in Western Africa

In value terms, ball bearing parts production rose modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 34% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Ball Bearing Parts Exports

Exports in Western Africa

In 2021, the amount of parts of ball or roller bearings exported in Western Africa shrank to X tons, falling by -6.5% on 2020 figures. Overall, exports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 144%. As a result, the exports attained the peak of X tons, and then contracted in the following year.

In value terms, ball bearing parts exports shrank slightly to $X in 2021. Over the period under review, exports continue to indicate a perceptible slump. The pace of growth appeared the most rapid in 2018 when exports increased by 75%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, accounting for X tons, which was near 86% of total exports in 2021. Sierra Leone (X kg), Benin (X kg), Ghana (X kg), Togo (X kg) and Senegal (X kg) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to ball bearing parts exports from Nigeria stood at +20.7%. At the same time, Senegal (+31.7%), Sierra Leone (+25.6%) and Benin (+22.4%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +31.7% from 2012-2021. By contrast, Ghana (-15.4%) and Togo (-24.9%) illustrated a downward trend over the same period. While the share of Nigeria (+58 p.p.), Sierra Leone (+2.6 p.p.) and Benin (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-14 p.p.) and Togo (-38 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest ball bearing parts supplier in Western Africa, comprising 48% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 13% share of total exports. It was followed by Benin, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to -4.3%. In the other countries, the average annual rates were as follows: Sierra Leone (+17.7% per year) and Benin (+149.1% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, picking up by 2.5% against the previous year. In general, the export price, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2018 an increase of 54%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+103.6%), while the other leaders experienced more modest paces of growth.

Ball Bearing Parts Imports

Imports in Western Africa

In 2021, approx. X tons of parts of ball or roller bearings were imported in Western Africa; rising by 796% against the previous year. Over the period under review, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, ball bearing parts imports surged to $X in 2021. In general, imports recorded a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was approx. 91% of total imports in 2021. The following importers - Cote d'Ivoire (X tons), Ghana (X tons) and Senegal (X tons) - each finished at a 5.5% share of total imports.

Nigeria was also the fastest-growing in terms of the parts of ball or roller bearings imports, with a CAGR of +43.1% from 2012 to 2021. At the same time, Senegal (+21.7%) and Cote d'Ivoire (+6.7%) displayed positive paces of growth. By contrast, Ghana (-2.4%) illustrated a downward trend over the same period. While the share of Nigeria (+54 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-9.1 p.p.) and Ghana (-21.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported parts of ball or roller bearings in Western Africa, comprising 72% of total imports. The second position in the ranking was held by Ghana ($X), with a 5.3% share of total imports. It was followed by Cote d'Ivoire, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +20.3%. In the other countries, the average annual rates were as follows: Ghana (-9.9% per year) and Cote d'Ivoire (-8.9% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, with a decrease of -71.8% against the previous year. In general, the import price continues to indicate a abrupt slump. The growth pace was the most rapid in 2014 an increase of 29%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-7.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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