ECOWAS: Steel Spring Market 2024

Steel Spring Market Size in ECOWAS

The ECOWAS steel spring market amounted to $X in 2023, approximately equating the previous year. The total consumption indicated a moderate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2020 to 2023, the growth of the market remained at a somewhat lower figure.

Steel Spring Production in ECOWAS

In value terms, steel spring production stood at $X in 2023 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Steel Spring Exports

Exports in ECOWAS

In 2023, exports of steel springs and leaves for springs in ECOWAS shrank markedly to X tons, with a decrease of X% compared with the previous year's figure. Overall, exports, however, saw a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, steel spring exports reduced markedly to $X in 2023. In general, exports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Ghana prevails in exports structure, recording X tons, which was approx. X% of total exports in 2023. The following exporters - Nigeria (X tons), Niger (X tons) and Cote d'Ivoire (X tons) - together made up X% of total exports.

Ghana was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Niger (X%) displayed positive paces of growth. By contrast, Nigeria (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Niger (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Cote d'Ivoire, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among 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

In 2023, the export price in ECOWAS amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the export price, however, showed a deep downturn. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the export price figures.

Steel Spring Imports

Imports in ECOWAS

In 2023, the amount of steel springs and leaves for springs imported in ECOWAS rose slightly to X tons, picking up by X% compared with the previous year's figure. In general, imports, however, recorded a pronounced downturn. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, steel spring imports shrank modestly to $X in 2023. Total imports indicated a slight expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Ghana (X tons), distantly followed by Nigeria (X tons), Senegal (X tons), Togo (X tons), Guinea (X tons), Mali (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons) were the largest importers of steel springs and leaves for springs, together generating X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Mali (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steel spring importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising X% of total imports. Senegal, Guinea, Togo, Mali and Burkina Faso lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Mali, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Import price indicated a tangible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, steel spring import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform