Western Africa: Market for Welded Link Chain Of Iron Or Steel 2024

Market Size for Welded Link Chain Of Iron Or Steel in Western Africa

The West African metal welded link chain market skyrocketed to $X in 2021, with an increase of 38% against the previous year. Overall, consumption enjoyed a resilient expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Production of Welded Link Chain Of Iron Or Steel in Western Africa

In value terms, metal welded link chain production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw resilient growth. The growth pace was the most rapid in 2018 with an increase of 33% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Welded Link Chain Of Iron Or Steel

Exports in Western Africa

In 2021, overseas shipments of welded link chain of iron or steel were finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, showed a dramatic setback. The pace of growth was the most pronounced in 2016 when exports increased by 410% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, metal welded link chain exports skyrocketed to $X in 2021. In general, exports, however, showed a sharp shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 194%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of about X kg, which resulted at 64% of total exports. It was distantly followed by Guinea (X kg), Sierra Leone (X kg) and Cote d'Ivoire (X kg), together committing a 36% share of total exports.

Exports from Nigeria decreased at an average annual rate of -21.6% from 2012 to 2021. At the same time, Sierra Leone (+46.9%) and Guinea (+24.5%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +46.9% from 2012-2021. By contrast, Cote d'Ivoire (-12.9%) illustrated a downward trend over the same period. While the share of Nigeria (+36 p.p.), Guinea (+21 p.p.), Sierra Leone (+10 p.p.) and Cote d'Ivoire (+4.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal welded link chain supplying countries in Western Africa were Guinea ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined 92% share of total exports. These countries were followed by Sierra Leone, which accounted for a further 7.5%.

In terms of the main exporting countries, Sierra Leone, with a CAGR of +67.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with an increase of 103% against the previous year. In general, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2014 an increase of 164% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+14.0%), while the other leaders experienced more modest paces of growth.

Imports of Welded Link Chain Of Iron Or Steel

Imports in Western Africa

Metal welded link chain imports soared to X tons in 2021, picking up by 118% compared with 2020. Overall, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 177% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, metal welded link chain imports soared to $X in 2021. Over the period under review, imports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 208%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X tons) and Senegal (X tons) represented the major importers of welded link chain of iron or steel in Western Africa, together generating 64% of total imports. Ghana (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Liberia (7.2%). Togo (X tons), Guinea-Bissau (X tons) and Guinea (X tons) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Liberia (with a CAGR of +67.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Liberia ($X) were the countries with the highest levels of imports in 2021, with a combined 66% share of total imports.

Liberia, with a CAGR of +63.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, dropping by -16.8% against the previous year. Overall, the import price continues to indicate a perceptible setback. The growth pace was the most rapid in 2014 an increase of 25% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a 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 Togo ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+3.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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