ECOWAS: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in ECOWAS

In 2022, after four years of growth, there was decline in the ECOWAS needle roller bearing market, when its value decreased by X% to $X. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2017 indices. The level of consumption peaked at $X in 2021, and then fell in the following year.

Needle Roller Bearing Production in ECOWAS

In value terms, needle roller bearing production stood at $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Needle Roller Bearing Exports

Exports in ECOWAS

In 2022, the amount of needle roller bearings exported in ECOWAS reduced dramatically to X kg, waning by X% compared with the previous year. In general, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, needle roller bearing exports fell markedly to $X in 2022. Overall, exports, however, posted pronounced growth. The pace of growth appeared the most rapid in 2018 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sierra Leone dominates exports structure, reaching X kg, which was approx. X% of total exports in 2022. Guinea (X kg) ranks second in terms of the total exports with a X% share, followed by Senegal (X%). Mali (X kg) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to needle roller bearing exports from Sierra Leone stood at X%. At the same time, Guinea (X%) and Mali (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Senegal (X%) illustrated a downward trend over the same period. While the share of Guinea (X p.p.), Sierra Leone (X p.p.) and Senegal (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest needle roller bearing supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Mali ($X), with a X% share of total exports. It was followed by Guinea, with a X% share.

In Sierra Leone, needle roller bearing exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (X% per year) and Guinea (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by X% against the previous year. Overall, the export price, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2020 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Mali ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Needle Roller Bearing Imports

Imports in ECOWAS

For the sixth consecutive year, ECOWAS recorded growth in overseas purchases of needle roller bearings, which increased by X% to X tons in 2022. In general, imports showed a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, needle roller bearing imports fell modestly to $X in 2022. Over the period under review, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then dropped modestly in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of needle roller bearings in ECOWAS, committing X% of total import.

Nigeria was also the fastest-growing in terms of the needle roller bearings imports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported needle roller bearings in ECOWAS.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. Overall, the import price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Source: IndexBox Platform

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