Report Update: May 1, 2024

Nigeria - Insulating Fittings For Electrical Purposes - Market Analysis, Forecast, Size, Trends And Insights

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Insulating Fittings Price in Nigeria - 2022

Insulating Fittings Price in Nigeria (CIF) - 2022

The average insulating fittings import price stood at $1,686 per ton in June 2022, dropping by -8% against the previous month. Over the period under review, import price indicated notable growth from June 2021 to June 2022: its price increased at an average monthly rate of +3.6% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on June 2022 figures, insulating fittings import price decreased by -32.9% against January 2022 indices. The pace of growth was the most pronounced in September 2021 when the average import price increased by 43% m-o-m. Over the period under review, average import prices reached the maximum at $2,511 per ton in January 2022; however, from February 2022 to June 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From June 2021 to June 2022, the rate of growth in terms of prices for China amounted to +3.4% per month.

Insulating Fittings Price in Nigeria (FOB) - 2022

In 2022, the average insulating fittings export price amounted to $11,820 per ton, declining by -19.4% against the previous year. In general, the export price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2020 an increase of 185%. As a result, the export price attained the peak level of $17,630 per ton. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($30,011 per ton), while the average price for exports to Benin ($7,736 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+9.5%), while the prices for the other major destinations experienced a decline.

Insulating Fittings Imports in Nigeria

In 2022, overseas purchases of insulating fittings for electrical purposes decreased by -13.2% to 55K tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 631%.

In value terms, insulating fittings imports contracted notably to $95M in 2022. In general, imports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 525%.

Import of Insulating Fittings in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	5.2	44.0	70.2	60.5	126.6%
India	1.5	3.0	11.5	8.4	77.6%
Hong Kong SAR	N/A	0.9	11.3	8.2	201.8%
Germany	0.2	1.0	2.5	1.8	108.0%
Others	3.4	15.2	16.1	16.0	67.6%
Total	10.3	64.1	112	94.9	109.6%

Top Suppliers of Insulating Fittings to Nigeria in 2022:

China (40.9K tons)
India (5.1K tons)
Hong Kong SAR (4.1K tons)
Germany (1.1K tons)

Insulating Fittings Exports in Nigeria

In 2022, overseas shipments of insulating fittings for electrical purposes increased by 283% to 157 kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, saw a sharp setback.

In value terms, insulating fittings exports soared to $1.9K in 2022. In general, exports, however, continue to indicate a significant decline.

Export of Insulating Fittings in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Benin	1.4	1.4	0.3	1.0	-10.6%
Cote d'Ivoire	N/A	1.7	0.3	0.9	-27.2%
Mali	2.5	N/A	N/A	N/A	0%
Others	0.1	N/A	0.1	N/A	0.0%
Total	4.0	3.1	0.6	1.9	-22.0%

Top Export Markets for Insulating Fittings from Nigeria in 2022:

Benin (128.0 kg)
Cote d'Ivoire (29.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the insulating fittings market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 27901280 - Insulating fittings for electrical purposes, of materials other than ceramics or plastics, electrical conduit tubing and joints therefor, of base metal lined with insulating material

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023