ECOWAS: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in ECOWAS

In 2022, the ECOWAS grinding and sharpening machine market decreased by X% to $X, falling for the second year in a row after five years of growth. Overall, consumption, however, enjoyed resilient growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in ECOWAS

In value terms, grinding and sharpening machine production amounted to $X in 2022 estimated in export price. In general, production recorded a strong increase. The pace of growth was the most pronounced in 2018 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports in ECOWAS

In 2022, the amount of grinding and sharpening metal finishing machines exported in ECOWAS soared to X units, growing by X% on 2021. In general, exports recorded a significant expansion. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, grinding and sharpening machine exports surged to $X in 2022. Overall, exports enjoyed a slight increase. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sierra Leone represented the key exporting country with an export of around X units, which reached X% of total exports. Ghana (X units) held the second position in the ranking, followed by Guinea (X units). All these countries together took approx. X% share of total exports. Senegal (X units), Burkina Faso (X units) and Cote d'Ivoire (X units) followed a long way behind the leaders.

Sierra Leone was also the fastest-growing in terms of the grinding and sharpening metal finishing machines exports, with a CAGR of X% from 2012 to 2022. At the same time, Guinea (X%), Ghana (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sierra Leone and Burkina Faso increased by X and X percentage points, respectively.

In value terms, Ghana ($X), Senegal ($X) and Guinea ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports. Burkina Faso, Sierra Leone and Cote d'Ivoire lagged somewhat behind, together accounting for a further X%.

Sierra Leone, with a CAGR of X%, recorded the highest growth rate of 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

The export price in ECOWAS stood at $X per unit in 2022, falling by X% against the previous year. Overall, the export price faced a deep reduction. The pace of growth appeared the most rapid in 2015 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports in ECOWAS

In 2022, purchases abroad of grinding and sharpening metal finishing machines decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw a significant increase. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The volume of import peaked at X units in 2021, and then contracted notably in the following year.

In value terms, grinding and sharpening machine imports shrank notably to $X in 2022. In general, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, accounting for X units, which was approx. X% of total imports in 2022. Togo (X units) ranks second in terms of the total imports with a X% share, followed by Ghana (X%). Senegal (X units) and Cote d'Ivoire (X units) took a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%), Senegal (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) and Togo (X p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported grinding and sharpening metal finishing machines in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Togo, with a X% share.

In Nigeria, grinding and sharpening machine imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Togo (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, jumping by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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