Report Update Apr 1, 2024

ECOWAS - Iron and Steel - Market Analysis, Forecast, Size, Trends and Insights

Single report

Sent by email within 24h (Mon-Fri)

$599 Basic Edition

$2095 Professional Edition

What's the difference?

Subscription

Online access and download

from $350/month

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

View Pricing

ECOWAS: Iron And Steel Market 2024

Iron And Steel Exports

Exports in ECOWAS

In 2021, shipments abroad of iron and steel decreased by -76% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, exports recorded a precipitous decline. The most prominent rate of growth was recorded in 2013 with an increase of 74%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, iron and steel exports surged to $X in 2021. Over the period under review, exports faced a drastic downturn. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Togo (X tons) and Senegal (X tons) represented the largest exporters of iron and steel in 2021, accounting for near 41% and 38% of total exports, respectively. It was distantly followed by Burkina Faso (X tons), constituting a 21% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of -5.0%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Senegal ($X) remains the largest iron and steel supplier in ECOWAS, comprising 97% of total exports. The second position in the ranking was taken by Togo ($X), with a 2.3% share of total exports.

In Senegal, iron and steel exports increased at an average annual rate of +21.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Togo (-37.0% per year) and Burkina Faso (+1.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 1,760% against the previous year. Over the period under review, the export price enjoyed a remarkable increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+33.2%), while the other leaders experienced mixed trends in the export price figures.

Iron And Steel Imports

Imports in ECOWAS

In 2021, the amount of iron and steel imported in ECOWAS totaled X tons, approximately equating the year before. In general, imports saw perceptible growth. The pace of growth was the most pronounced in 2013 when imports increased by 150%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, iron and steel imports dropped significantly to $X in 2021. Overall, imports, however, showed a deep reduction. The pace of growth was the most pronounced in 2013 when imports increased by 127% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Togo prevails in imports structure, finishing at X tons, which was approx. 84% of total imports in 2021. It was distantly followed by Nigeria (X tons), mixing up a 7% share of total imports. The following importers - Gambia (X tons) and Mali (X tons) - together made up 5.6% of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron and steel imports into Togo stood at +5.6%. At the same time, Mali (+12.2%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +12.2% from 2012-2021. By contrast, Gambia (-2.1%) and Nigeria (-2.5%) illustrated a downward trend over the same period. Togo (+21 p.p.) significantly strengthened its position in terms of the total imports, while Gambia and Nigeria saw its share reduced by -1.9% and -3.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron and steel importing markets in ECOWAS were Togo ($X), Nigeria ($X) and Gambia ($X), with a combined 73% share of total imports. Mali lagged somewhat behind, comprising a further 6%.

In terms of the main importing countries, Mali, with a CAGR of +8.5%, 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 ECOWAS stood at $X per ton in 2021, declining by -78.9% against the previous year. In general, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 when the import price increased by 137% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mali ($X per ton), while Togo ($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 (+5.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for iron and steel in ECOWAS?

Togo constituted the country with the largest volume of iron and steel consumption, comprising approx. 84% of total volume. Moreover, iron and steel consumption in Togo exceeded the figures recorded by the second-largest consumer, Nigeria, more than tenfold. The third position in this ranking was held by Gambia, with a 4% share.

What are the leading exporters of iron and steel in ECOWAS?

In value terms, Senegal remains the largest iron and steel supplier in ECOWAS, comprising 97% of total exports. The second position in the ranking was held by Togo, with a 2.3% share of total exports.

What are the leading importers of iron and steel in ECOWAS?

In value terms, Togo, Nigeria and Gambia constituted the countries with the highest levels of imports in 2021, with a combined 73% share of total imports. Mali lagged somewhat behind, accounting for a further 6%.

What is the average export price for iron and steel in ECOWAS?

The export price in ECOWAS stood at $5,779 per ton in 2021, jumping by 1,760% against the previous year.

What is the average import price for iron and steel in ECOWAS?

The import price in ECOWAS stood at $290 per ton in 2021, with a decrease of -78.9% against the previous year.

This report provides an in-depth analysis of the iron and steel market in ECOWAS. 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:

Country coverage:

Benin
Burkina Faso
Cabo Verde
Cote d'Ivoire
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Niger
Nigeria
Senegal
Sierra Leone
Togo

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in ECOWAS, split by region and country
Trade (exports and imports) in ECOWAS
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. CONSUMPTION BY COUNTRY
3. 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
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
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
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023