ECOWAS: Market for Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers 2024

Market Size for Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers in ECOWAS

The ECOWAS market for iron, steel or aluminium reservoirs, tanks, vats and similar containers was finally on the rise to reach $X in 2020, after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2020; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked in 2020 and is expected to retain growth in years to come.

Production of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers in ECOWAS

In value terms, iron, steel or aluminium reservoir production soared to $X in 2020 estimated in export price. In general, production, however, showed a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of production peaked in 2020 and is likely to see gradual growth in the immediate term.

Exports of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

Exports in ECOWAS

In 2020, shipments abroad of iron, steel or aluminium reservoirs, tanks, vats and similar containers increased by X% to X units for the first time since 2017, thus ending a two-year declining trend. Over the period under review, exports, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports reached the peak of X units. From 2018 to 2020, the growth of the exports failed to regain momentum.

In value terms, iron, steel or aluminium reservoir exports skyrocketed to $X in 2020. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2020, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2020, Senegal (X units) was the major exporter of iron, steel or aluminium reservoirs, tanks, vats and similar containers, constituting X% of total exports. It was distantly followed by Ghana (X units), Benin (X units), Nigeria (X units), Liberia (X units) and Burkina Faso (X units), together constituting a X% share of total exports. Cote d'Ivoire (X units) followed a long way behind the leaders.

From 2012 to 2020, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Benin (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest iron, steel or aluminium reservoir supplying countries in ECOWAS were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), together accounting for X% of total exports. Nigeria, Benin, Liberia and Burkina Faso lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Benin, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the export price in ECOWAS amounted to $X per unit, picking up by X% against the previous year. Over the period from 2012 to 2020, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2020, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2020, 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 Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

Imports in ECOWAS

In 2020, approx. X units of iron, steel or aluminium reservoirs, tanks, vats and similar containers were imported in ECOWAS; increasing by X% against the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2020; 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.

In value terms, iron, steel or aluminium reservoir imports rose slightly to $X in 2020. The total import value increased at an average annual rate of X% over the period from 2012 to 2020; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by X%. The level of import peaked at $X in 2014; however, from 2015 to 2020, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the major importing country with an import of about X units, which resulted at X% of total imports. Cote d'Ivoire (X units) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (X%) and Senegal (X%). The following importers - Burkina Faso (X units), Benin (X units) and Mali (X units) - each resulted at an X% share of total imports.

From 2012 to 2020, average annual rates of growth with regard to iron, steel or aluminium reservoir imports into Nigeria stood at X%. At the same time, Cote d'Ivoire (X%), Senegal (X%), Benin (X%) and Mali (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2020. Burkina Faso experienced a relatively flat trend pattern. By contrast, Ghana (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Cote d'Ivoire (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso and Ghana saw its share reduced by X% and X% from 2012 to 2020, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported iron, steel or aluminium reservoirs, tanks, vats and similar containers in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an X% share of total imports. It was followed by Ghana, with a X% share.

In Nigeria, iron, steel or aluminium reservoir imports expanded at an average annual rate of X% over the period from 2012-2020. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2020, the import price in ECOWAS amounted to $X per unit, reducing by X% against the previous year. Overall, the import price recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per unit in 2018; however, from 2019 to 2020, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2020, major importing countries recorded the following prices: in Senegal ($X per unit) and Ghana ($X per unit), while Benin ($X per unit) and Mali ($X per unit) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :