Western Africa: Radiator Market 2024

Radiator Market Size in Western Africa

The West African radiator market reduced modestly to $X in 2022, waning by -2.5% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Radiator Production in Western Africa

In value terms, radiator production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 33% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Radiator Exports

Exports in Western Africa

In 2022, after three years of growth, there was significant decline in overseas shipments of radiators for central heating (not electrically heated), when their volume decreased by -39.2% to X tons. In general, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 202% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped dramatically in the following year.

In value terms, radiator exports shrank remarkably to $X in 2022. Over the period under review, exports, however, saw a modest expansion. The pace of growth was the most pronounced in 2021 with an increase of 1,647% against the previous year. As a result, the exports reached the peak of $X, and then declined notably in the following year.

Exports by Country

Ghana prevails in exports structure, resulting at X tons, which was approx. 96% of total exports in 2022. Nigeria (X kg) held a little share of total exports.

Ghana was also the fastest-growing in terms of the radiators for central heating (not electrically heated) exports, with a CAGR of +30.9% from 2012 to 2022. Nigeria (-1.9%) illustrated a downward trend over the same period. Ghana (+54 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -16.5% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest radiator supplier in Western Africa, comprising 72% of total exports. The second position in the ranking was held by Nigeria ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at +8.6%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, waning by -90.8% against the previous year. Overall, the export price faced a abrupt decrease. The most prominent rate of growth was recorded in 2021 when the export price increased by 1,574% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, 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 Nigeria ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+12.3%).

Radiator Imports

Imports in Western Africa

In 2022, overseas purchases of radiators for central heating (not electrically heated) increased by 47% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, continue to indicate a abrupt descent. The growth pace was the most rapid in 2014 with an increase of 62% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, radiator imports soared to $X in 2022. In general, imports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 56% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the largest importer of radiators for central heating (not electrically heated), comprising 45% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 15% share, followed by Ghana (15%), Burkina Faso (6.7%) and Gambia (6.2%). The following importers - Senegal (X tons) and Mali (X tons) - each accounted for a 6.3% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to radiator imports into Nigeria stood at -20.9%. At the same time, Gambia (+25.9%), Burkina Faso (+25.8%), Mali (+9.5%) and Cote d'Ivoire (+2.4%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +25.9% from 2012-2022. By contrast, Ghana (-14.9%) and Senegal (-20.2%) illustrated a downward trend over the same period. Cote d'Ivoire (+13 p.p.), Burkina Faso (+6.6 p.p.), Gambia (+6.1 p.p.), Ghana (+2.9 p.p.) and Mali (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Nigeria saw its share reduced by -1.8% and -31.2% from 2012 to 2022, respectively.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, with a combined 69% share of total imports. Mali, Senegal, Burkina Faso and Gambia lagged somewhat behind, together comprising a further 19%.

In terms of the main importing countries, Burkina Faso, with a CAGR of +18.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, reducing by -19.1% against the previous year. Over the period under review, the import price, however, showed a resilient increase. The pace of growth appeared the most rapid in 2015 when the import price increased by 92% against the previous year. The level of import peaked at $X per ton in 2021, and then reduced dramatically in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+9.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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