Western Africa: Steel Spring Market 2025

Steel Spring Market Size in Western Africa

In 2021, the West African steel spring market was finally on the rise to reach $X after three years of decline. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Steel Spring Production in Western Africa

In value terms, steel spring production expanded markedly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable decline. The most prominent rate of growth was recorded in 2015 with an increase of 36% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Steel Spring Exports

Exports in Western Africa

In 2021, exports of steel springs and leaves for springs in Western Africa contracted markedly to X tons, which is down by -65.7% against the previous year. Overall, exports showed a significant decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 139%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports declined significantly to $X in 2021. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 39% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria was the largest exporter of steel springs and leaves for springs in Western Africa, with the volume of exports recording X tons, which was approx. 50% of total exports in 2021. Ghana (X tons) took the second position in the ranking, distantly followed by Niger (X tons). All these countries together held near 41% share of total exports. The following exporters - Cote d'Ivoire (X tons) and Guinea (X tons) - together made up 5.5% of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +29.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) emerged as the largest steel spring supplier in Western Africa, comprising 42% of total exports. The second position in the ranking was taken by Ghana ($X), with a 20% share of total exports. It was followed by Niger, with an 11% share.

In Nigeria, steel spring exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-28.8% per year) and Niger (-4.1% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, surging by 90% against the previous year. Over the period under review, the export price showed buoyant growth. The pace of growth appeared the most rapid in 2018 an increase of 136%. Over the period under review, the export prices reached the peak figure in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.3%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in Western Africa

In 2021, the amount of steel springs and leaves for springs imported in Western Africa surged to X tons, increasing by 52% against the previous year. In general, imports continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports surged to $X in 2021. Total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +108.6% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Ghana (X tons) was the largest importer of steel springs and leaves for springs, generating 41% of total imports. Guinea (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (11%), Mali (11%) and Nigeria (7.9%). The following importers - Cote d'Ivoire (X tons) and Mauritania (X tons) - each recorded a 6.5% share of total imports.

Imports into Ghana increased at an average annual rate of +8.1% from 2012 to 2021. At the same time, Mali (+45.2%), Senegal (+22.9%), Guinea (+14.9%), Mauritania (+9.8%) and Cote d'Ivoire (+9.0%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +45.2% from 2012-2021. By contrast, Nigeria (-12.2%) illustrated a downward trend over the same period. Mali (+10 p.p.), Senegal (+8.2 p.p.), Ghana (+6.1 p.p.) and Guinea (+6 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -35.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported steel springs and leaves for springs in Western Africa, comprising 32% of total imports. The second position in the ranking was held by Senegal ($X), with a 14% share of total imports. It was followed by Nigeria, with a 12% share.

In Ghana, steel spring imports increased at an average annual rate of +10.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+14.1% per year) and Nigeria (-10.3% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, waning by -2.3% against the previous year. Over the period under review, the import price continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2015 an increase of 17% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+2.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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