Western Africa: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in Western Africa

The West African market for tube or pipe fittings (of iron or steel) surged to $X in 2022, jumping by 47% against the previous year. Overall, consumption enjoyed resilient growth. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in Western Africa

In value terms, iron or steel tube fitting production reached $X in 2022 estimated in export price. Overall, production, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 82%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports in Western Africa

In 2022, overseas shipments of tube or pipe fittings (of iron or steel) decreased by -0.6% to X tons, falling for the second consecutive year after two years of growth. Total exports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -16.2% against 2020 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 88% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, iron or steel tube fitting exports declined to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 62%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons), distantly followed by Benin (X tons), Senegal (X tons), Ghana (X tons) and Nigeria (X tons) represented the main exporters of tube or pipe fittings (of iron or steel), together creating 88% of total exports. The following exporters - Niger (X tons) and Burkina Faso (X tons) - together made up 7.6% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Benin (with a CAGR of +43.6%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest iron or steel tube fitting supplier in Western Africa, comprising 42% of total exports. The second position in the ranking was taken by Ghana ($X), with a 19% share of total exports. It was followed by Senegal, with a 12% share.

In Cote d'Ivoire, iron or steel tube fitting exports expanded at an average annual rate of +28.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-3.5% per year) and Senegal (+1.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -4.3% against the previous year. Over the period under review, the export price recorded a pronounced reduction. The pace of growth appeared the most rapid in 2021 when the export price increased by 38% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports in Western Africa

In 2022, the amount of tube or pipe fittings (of iron or steel) imported in Western Africa skyrocketed to X tons, rising by 61% against 2021. Overall, imports continue to indicate a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, iron or steel tube fitting imports soared to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.3% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 79% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was approx. 75% of total imports in 2022. It was distantly followed by Niger (X tons), making up a 5% share of total imports. Ghana (X tons), Cote d'Ivoire (X tons), Senegal (X tons), Guinea (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +11.0% from 2012 to 2022. At the same time, Niger (+20.1%), Cote d'Ivoire (+13.8%), Senegal (+9.4%) and Burkina Faso (+3.9%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +20.1% from 2012-2022. Guinea and Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+9 p.p.) and Niger (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Guinea (-2.2 p.p.) and Ghana (-6.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported tube or pipe fittings (of iron or steel) in Western Africa, comprising 61% of total imports. The second position in the ranking was taken by Niger ($X), with an 8.1% share of total imports. It was followed by Cote d'Ivoire, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +2.2%. The remaining importing countries recorded the following average annual rates of imports growth: Niger (+17.7% per year) and Cote d'Ivoire (+13.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, waning by -24.7% against the previous year. In general, the import price saw a abrupt slump. The pace of growth appeared the most rapid in 2019 when the import price increased by 48% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat lower figure.

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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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