Africa: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Africa

The African hot-rolled bearing steel bar market declined slightly to $X in 2021, waning by -4.7% against the previous year. Over the period under review, consumption, however, recorded a tangible expansion. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Hot-Rolled Bars In Bearing Steels in Africa

In value terms, hot-rolled bearing steel bar production declined to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 38% against the previous year. As a result, production attained the peak level of $X, and then dropped in the following year.

Exports of Hot-Rolled Bars In Bearing Steels

Exports in Africa

Hot-rolled bearing steel bar exports surged to X tons in 2021, rising by 63% on the year before. Over the period under review, exports enjoyed a notable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 156% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports skyrocketed to $X in 2021. Overall, exports posted a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 93% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

Exports by Country

Egypt represented the largest exporting country with an export of around X tons, which recorded 77% of total exports. It was distantly followed by Namibia (X tons), achieving a 21% share of total exports.

Egypt was also the fastest-growing in terms of the hot-rolled bars in bearing steels exports, with a CAGR of +3.8% from 2012 to 2021. Namibia experienced a relatively flat trend pattern. Egypt (+8.7 p.p.) significantly strengthened its position in terms of the total exports, while Namibia saw its share reduced by -6.4% from 2012 to 2021, respectively.

In value terms, Egypt ($X) and Namibia ($X) appeared to be the countries with the highest levels of exports in 2021.

In terms of the main exporting countries, Namibia, with a CAGR of +22.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Africa stood at $X per ton in 2021, growing by 5.8% against the previous year. In general, the export price recorded a noticeable increase. The growth pace was the most rapid in 2020 when the export price increased by 158%. The level of export peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Namibia ($X per ton), while Egypt totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Namibia (+23.5%).

Imports of Hot-Rolled Bars In Bearing Steels

Imports in Africa

Hot-rolled bearing steel bar imports reduced slightly to X tons in 2021, waning by -1.6% against the previous year's figure. Over the period under review, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 792% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar imports rose significantly to $X in 2021. In general, imports, however, posted strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 85% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Zambia (X tons), distantly followed by Ethiopia (X tons), Ghana (X tons), Tunisia (X tons) and South Africa (X tons) represented the largest importers of hot-rolled bars in bearing steels, together achieving 75% of total imports. Egypt (X tons), Cameroon (X tons), Sierra Leone (X tons), Kenya (X tons), Morocco (X tons) and Nigeria (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were in Zambia (with a CAGR of +56.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled bearing steel bar importing markets in Africa were Zambia ($X), Ghana ($X) and Tunisia ($X), together accounting for 45% of total imports.

Among the main importing countries, Zambia, with a CAGR of +39.3%, recorded the highest growth rate of 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

The import price in Africa stood at $X per ton in 2021, with an increase of 15% against the previous year. Overall, the import price, however, saw a mild descent. The most prominent rate of growth was recorded in 2014 an increase of 340%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood 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 Nigeria ($X per ton), while Ethiopia ($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 (+9.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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