ECOWAS: Market for Welded Link Chain Of Iron Or Steel 2024

Market Size for Welded Link Chain Of Iron Or Steel in ECOWAS

For the third year in a row, the ECOWAS metal welded link chain market recorded growth in sales value, which increased by X% to $X in 2023. Overall, consumption recorded a buoyant increase. Over the period under review, the market attained the maximum level in 2023 and is expected to retain growth in years to come.

Production of Welded Link Chain Of Iron Or Steel in ECOWAS

In value terms, metal welded link chain production rose to $X in 2023 estimated in export price. Over the period under review, production recorded a remarkable increase. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Exports of Welded Link Chain Of Iron Or Steel

Exports in ECOWAS

In 2023, metal welded link chain exports in ECOWAS surged to X tons, jumping by X% against the year before. Over the period under review, exports, however, faced a dramatic slump. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, metal welded link chain exports reached $X in 2023. Overall, exports, however, saw a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of around X tons, which accounted for X% of total exports. Nigeria (X kg) ranks second in terms of the total exports with a X% share, followed by Guinea (X%). The following exporters - Ghana (X kg) and Sierra Leone (X kg) - each accounted for an X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to metal welded link chain exports from Cote d'Ivoire stood at X%. At the same time, Sierra Leone (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) and Nigeria (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Guinea (X p.p.), Sierra Leone (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest metal welded link chain supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Guinea ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

In Cote d'Ivoire, metal welded link chain exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, falling by X% against the previous year. In general, the export price, however, recorded buoyant growth. The pace of growth was the most pronounced in 2018 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced more modest paces of growth.

Imports of Welded Link Chain Of Iron Or Steel

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in purchases abroad of welded link chain of iron or steel, which increased by X% to X tons in 2023. Overall, imports enjoyed prominent growth. The growth pace was the most rapid in 2018 with an increase of X%. The volume of import peaked in 2023 and is expected to retain growth in the near future.

In value terms, metal welded link chain imports rose significantly to $X in 2023. In general, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in years to come.

Imports by Country

Nigeria was the major importing country with an import of around X tons, which accounted for X% of total imports. Liberia (X tons) took the second position in the ranking, followed by Senegal (X tons). All these countries together took approx. X% share of total imports. The following importers - Ghana (X tons), Guinea (X tons), Guinea-Bissau (X tons) and Cote d'Ivoire (X tons) - together made up X% of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Liberia (X%), Senegal (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Guinea-Bissau (X%) and Guinea (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Liberia (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Ghana, Guinea-Bissau and Guinea saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively.

In value terms, the largest metal welded link chain importing markets in ECOWAS were Nigeria ($X), Liberia ($X) and Senegal ($X), together comprising X% of total imports.

Liberia, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 2023, with a decrease of X% against the previous year. Overall, the import price showed a pronounced decrease. The pace of growth appeared the most rapid in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform