Report Update: Apr 1, 2024

Nigeria - Steel Springs And Leaves For Springs - Market Analysis, Forecast, Size, Trends and Insights

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Steel Spring Price in Nigeria - 2022

Steel Spring Price in Nigeria (CIF) - 2022

The average steel spring import price stood at $2,206 per ton in 2022, shrinking by -48.9% against the previous year. In general, the import price showed a perceptible contraction. The pace of growth was the most pronounced in 2015 an increase of 51%. As a result, import price reached the peak level of $7,070 per ton. From 2016 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($18,410 per ton), while the price for Morocco ($213 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+22.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Steel Spring Price in Nigeria (FOB) - 2022

In 2022, the average steel spring export price amounted to $4,891 per ton, increasing by 30% against the previous year. Over the period under review, the export price saw a buoyant expansion. The most prominent rate of growth was recorded in 2014 an increase of 180% against the previous year. The export price peaked at $14,755 per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($50,647 per ton), while the average price for exports to Niger ($640 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 China (+4.1%), while the prices for the other major destinations experienced a decline.

Steel Spring Imports in Nigeria

Steel spring imports into Nigeria soared to 1.4K tons in 2022, with an increase of 187% on the previous year. In general, imports recorded a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports skyrocketed to $3.1M in 2022. The total import value increased at an average annual rate of +3.9% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Steel Spring in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	377	529	231	626	18.4%
Antigua and Barbuda	49.1	115	126	456	110.2%
Germany	345	332	224	314	-3.1%
India	283	26.2	97.3	171	-15.5%
Barbados	119	133	136	71.0	-15.8%
United States	317	149	87.6	42.0	-49.0%
Morocco	5.0	4.5	4.3	21.4	62.4%
Ghana	12.3	13.3	9.9	21.3	20.1%
Bulgaria	2.9	1.7	3.8	15.1	73.3%
New Zealand	10.3	9.3	7.6	3.6	-29.6%
Others	1,225	1,375	1,173	1,339	3.0%
Total	2,747	2,689	2,101	3,080	3.9%

Top Suppliers of Steel Spring to Nigeria in 2022:

Antigua and Barbuda (604.0 tons)
China (397.3 tons)
Morocco (100.4 tons)
Ghana (37.2 tons)
Barbados (35.2 tons)
Germany (29.6 tons)
India (26.6 tons)
Bulgaria (23.5 tons)
New Zealand (23.4 tons)
United States (2.3 tons)

Steel Spring Exports in Nigeria

In 2022, shipments abroad of steel springs and leaves for springs decreased by -18.5% to 19 tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, saw a significant increase. The growth pace was the most rapid in 2020 when exports increased by 220%.

In value terms, steel spring exports expanded remarkably to $92K in 2022. In general, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 119% against the previous year. As a result, the exports reached the peak of $97K. From 2021 to 2022, the growth of the exports remained at a lower figure.

Export of Steel Spring in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Benin	21.5	9.2	61.3	41.3	24.3%
Cote d'Ivoire	7.6	31.7	12.7	21.1	40.5%
United States	4.8	18.8	2.1	10.8	31.0%
Sudan	4.7	4.2	4.3	2.8	-15.9%
Niger	N/A	0.1	0.2	1.6	300.0%
Angola	0.2	0.5	0.2	0.5	35.7%
Democratic Republic of the Congo	N/A	8.4	N/A	N/A	0%
Others	5.3	24.1	6.3	14.0	38.2%
Total	44.3	97.0	87.1	92.1	27.6%

Top Export Markets for Steel Spring from Nigeria in 2022:

Benin (13.4 tons)
Niger (2.6 tons)
United States (1.1 tons)
Angola (0.4 tons)
Cote d'Ivoire (0.4 tons)
Sudan (0.2 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the steel spring 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 25931613 - Iron or steel hot-worked laminated leaf-springs and leaves therefor
Prodcom 25931615 - Iron or steel hot-worked non-laminated leaf-springs and leaves therefor
Prodcom 25931617 - Iron or steel cold-formed leaf-springs and leaves therefor
Prodcom 25931631 - Iron or steel hot-worked helical springs
Prodcom 25931633 - Iron or steel cold-formed helical coil compression springs
Prodcom 25931635 - Iron or steel cold-formed helical coil tension springs
Prodcom 25931637 - Iron or steel cold-formed helical springs (excluding helical coil compression springs, helical coil tension springs)
Prodcom 25931653 - Iron or steel flat spiral springs
Prodcom 25931655 - Iron or steel discs springs
Prodcom 25931660 - Iron or steel springs (excluding leaf-springs and leaves therefor, helical springs, flat spiral springs, discs springs)

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