ECOWAS: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in ECOWAS

The ECOWAS market for tube or pipe fittings (of iron or steel) skyrocketed to $X in 2022, rising by X% against the previous year. The total consumption indicated a measured 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 2020 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Production of Tube Or Pipe Fittings (Of Iron Or Steel) in ECOWAS

In value terms, iron or steel tube fitting production fell to $X in 2022 estimated in export price. The total production indicated a tangible 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, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports in ECOWAS

In 2022, approx. X tons of tube or pipe fittings (of iron or steel) were exported in ECOWAS; jumping by X% on the year before. Overall, exports, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, iron or steel tube fitting exports contracted slightly to $X in 2022. In general, exports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Togo was the main exporter of tube or pipe fittings (of iron or steel) in ECOWAS, with the volume of exports amounting to X tons, which was near X% of total exports in 2022. Senegal (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (X%), Ghana (X%) and Niger (X%). The following exporters - Nigeria (X tons) and Sierra Leone (X tons) - each resulted at a X% share of total exports.

Exports from Togo increased at an average annual rate of X% from 2012 to 2022. At the same time, Niger (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Sierra Leone and Ghana experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (X%), Senegal (X%) and Nigeria (X%) illustrated a downward trend over the same period. Togo (X p.p.), Niger (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Nigeria 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, Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports. Togo, Sierra Leone, Niger and Nigeria lagged somewhat behind, together comprising a further X%.

Niger, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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 ton in 2022, falling by X% against the previous year. Over the period under review, the export price continues to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Cote d'Ivoire ($X per ton), while Togo ($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 more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports in ECOWAS

Iron or steel tube fitting imports skyrocketed to X tons in 2022, growing by X% against the year before. Over the period under review, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, iron or steel tube fitting imports declined slightly to $X in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was approx. X% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with an X% share, followed by Cote d'Ivoire (X%), Niger (X%) and Ghana (X%). The following importers - Burkina Faso (X tons), Guinea (X tons) and Mali (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to iron or steel tube fitting imports into Nigeria stood at X%. At the same time, Niger (X%), Cote d'Ivoire (X%), Senegal (X%), Mali (X%), Burkina Faso (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Ghana experienced a relatively flat trend pattern. While the share of Cote d'Ivoire (X p.p.), Senegal (X p.p.) and Niger (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported tube or pipe fittings (of iron or steel) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Niger, with an X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Niger (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the import price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :