ECOWAS: Steel Railway Material Market 2024

Steel Railway Material Market Size in ECOWAS

In 2022, the ECOWAS steel railway material market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, showed a slight curtailment. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Steel Railway Material Production in ECOWAS

In value terms, steel railway material production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production posted a prominent increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Steel Railway Material Exports

Exports in ECOWAS

In 2022, the amount of railway or tramway track construction material of iron or steel exported in ECOWAS surged to X tons, rising by X% against 2021. In general, exports saw a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, steel railway material exports soared to $X in 2022. Overall, exports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana was the largest exporting country with an export of about X tons, which finished at X% of total exports. Cote d'Ivoire (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (X%).

From 2012 to 2022, average annual rates of growth with regard to steel railway material exports from Ghana stood at X%. At the same time, Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire and Senegal increased by X and X percentage points, respectively.

In value terms, Senegal ($X) emerged as the largest steel railway material supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

In Senegal, steel railway material 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: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Overall, the export price continues to indicate a measured increase. The growth pace was the most rapid in 2017 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices remained 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 Senegal ($X per ton), while Cote d'Ivoire ($X per ton) 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 a decline in the export price figures.

Steel Railway Material Imports

Imports in ECOWAS

In 2022, overseas purchases of railway or tramway track construction material of iron or steel increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, continue to indicate a perceptible slump. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, steel railway material imports soared to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of railway or tramway track construction material of iron or steel, creating X% of total imports. It was distantly followed by Guinea (X tons) and Senegal (X tons), together making up a X% share of total imports. The following importers - Cote d'Ivoire (X tons) and Ghana (X tons) - each finished at a X% share of total imports.

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

In value terms, Nigeria ($X) constitutes the largest market for imported railway or tramway track construction material of iron or steel in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Guinea ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, steel railway material imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price 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, steel railway material import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Guinea ($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 import price figures.

Source: IndexBox Platform

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