Western Africa: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Western Africa

The West African tapered roller bearing market stood at $X in 2021, surging by 11% against the previous year. Overall, consumption saw a strong expansion. The level of consumption peaked in 2021 and is likely to see gradual growth in the near future.

Tapered Roller Bearing Production in Western Africa

In value terms, tapered roller bearing production expanded rapidly to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -37.8% against 2016 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 106% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Tapered Roller Bearing Exports

Exports in Western Africa

Tapered roller bearing exports expanded markedly to X tons in 2021, growing by 9.3% against the previous year. Over the period under review, exports, however, saw a deep setback. The most prominent rate of growth was recorded in 2015 with an increase of 444% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, tapered roller bearing exports dropped to $X in 2021. Overall, exports continue to indicate noticeable growth. The pace of growth appeared the most rapid in 2015 with an increase of 260%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Sierra Leone (X tons) and Nigeria (X tons) were the major exporters of tapered roller bearings in Western Africa, together reaching near 68% of total exports. It was distantly followed by Burkina Faso (X kg) and Cote d'Ivoire (X kg), together mixing up a 15% share of total exports. The following exporters - Ghana (X kg), Mauritania (X kg) and Mali (X kg) - together made up 10% of total exports.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of +60.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) emerged as the largest tapered roller bearing supplier in Western Africa, comprising 41% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 16% share of total exports. It was followed by Nigeria, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Sierra Leone stood at +17.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+55.7% per year) and Nigeria (-15.7% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, falling by -19% against the previous year. In general, the export price, however, posted a resilient increase. The pace of growth was the most pronounced in 2014 an increase of 289%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+22.0%), while the other leaders experienced more modest paces of growth.

Tapered Roller Bearing Imports

Imports in Western Africa

Tapered roller bearing imports expanded markedly to X tons in 2021, surging by 10% compared with the previous year. Overall, imports recorded prominent growth. The growth pace was the most rapid in 2020 when imports increased by 360%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in years to come.

In value terms, tapered roller bearing imports rose to $X in 2021. Over the period under review, imports recorded a strong increase. The most prominent rate of growth was recorded in 2020 when imports increased by 243% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Nigeria represented the largest importing country with an import of around X tons, which recorded 65% of total imports. It was distantly followed by Ghana (X tons), achieving a 23% share of total imports. The following importers - Togo (X tons) and Liberia (X tons) - each reached a 6.2% share of total imports.

Imports into Nigeria increased at an average annual rate of +26.6% from 2012 to 2021. At the same time, Togo (+57.3%), Liberia (+35.0%) and Ghana (+14.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +57.3% from 2012-2021. Nigeria (+29 p.p.), Togo (+2.9 p.p.) and Liberia (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -8.1% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported tapered roller bearings in Western Africa, comprising 75% of total imports. The second position in the ranking was taken by Ghana ($X), with a 7.3% share of total imports. It was followed by Liberia, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +26.3%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-3.6% per year) and Liberia (+29.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, dropping by -5.9% against the previous year. Overall, the import price recorded a pronounced decrease. The growth pace was the most rapid in 2015 an increase of 24% against the previous year. As a result, import price attained 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, the country with the highest price was Liberia ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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