Western Africa: Roller Bearing Market 2022

Roller Bearing Market Size in Western Africa

In 2021, the West African roller bearing market increased by 4% to $X, rising for the fourth year in a row after two years of decline. In general, consumption recorded a remarkable increase. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Roller Bearing Production in Western Africa

In value terms, roller bearing production fell to $X in 2021 estimated in export price. Overall, production continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 71%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Roller Bearing Exports

Exports in Western Africa

In 2021, the amount of roller bearings exported in Western Africa reduced to X tons, which is down by -2.7% compared with 2020 figures. Over the period under review, exports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of 108%. As a result, the exports reached the peak of X tons, and then contracted in the following year.

In value terms, roller bearing exports dropped significantly to $X in 2021. In general, exports, however, posted mild growth. The most prominent rate of growth was recorded in 2020 with an increase of 248%. As a result, the exports reached the peak of $X, and then reduced markedly in the following year.

Exports by Country

Nigeria was the key exporter of roller bearings in Western Africa, with the volume of exports reaching X tons, which was near 68% of total exports in 2021. It was distantly followed by Burkina Faso (X tons) and Cote d'Ivoire (X tons), together comprising a 23% share of total exports. Senegal (X tons) and Sierra Leone (X tons) followed a long way behind the leaders.

Exports from Nigeria increased at an average annual rate of +28.8% from 2012 to 2021. At the same time, Burkina Faso (+120.8%) and Cote d'Ivoire (+20.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +120.8% from 2012-2021. Sierra Leone experienced a relatively flat trend pattern. By contrast, Senegal (-9.9%) illustrated a downward trend over the same period. Nigeria (+49 p.p.), Burkina Faso (+13 p.p.) and Cote d'Ivoire (+5 p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone and Senegal saw its share reduced by -4.8% and -25.1% from 2012 to 2021, respectively.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 79% of total exports.

Burkina Faso, with a CAGR of +83.8%, recorded the highest growth rate of the value of exports, in terms of 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, with a decrease of -24.8% against the previous year. Overall, the export price recorded a deep setback. The pace of growth appeared the most rapid in 2020 an increase of 68% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.6%), while the other leaders experienced a decline in the export price figures.

Roller Bearing Imports

Imports in Western Africa

In 2021, overseas purchases of roller bearings increased by 79% to X tons, rising for the second year in a row after four years of decline. Over the period under review, imports showed a tangible expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, roller bearing imports soared to $X in 2021. Overall, imports showed a relatively flat trend pattern. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria was the main importer of roller bearings in Western Africa, with the volume of imports resulting at X tons, which was approx. 64% of total imports in 2021. Ghana (X tons) ranks second in terms of the total imports with a 14% share, followed by Burkina Faso (7.1%). The following importers - Cote d'Ivoire (X tons), Senegal (X tons) and Guinea (X tons) - together made up 10% of total imports.

Nigeria was also the fastest-growing in terms of the roller bearings imports, with a CAGR of +24.3% from 2012 to 2021. At the same time, Burkina Faso (+17.5%) and Senegal (+3.7%) displayed positive paces of growth. Guinea experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-5.0%) and Ghana (-10.3%) illustrated a downward trend over the same period. While the share of Nigeria (+51 p.p.) and Burkina Faso (+4.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-5.1 p.p.) and Ghana (-41 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported roller bearings in Western Africa, comprising 61% of total imports. The second position in the ranking was held by Burkina Faso ($X), with a 13% share of total imports. It was followed by Ghana, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +9.9%. The remaining importing countries recorded the following average annual rates of imports growth: Burkina Faso (+20.4% per year) and Ghana (-15.8% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, surging by 17% against the previous year. Over the period under review, the import price, however, recorded a noticeable downturn. The pace of growth appeared the most rapid in 2015 when the import price increased by 30%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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