Nigeria: Ball Bearing Market 2024

Ball Bearing Market Size in Nigeria

The Nigerien ball bearing market skyrocketed to $X in 2022, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Ball Bearing Exports

Exports from Nigeria

In 2022, overseas shipments of ball bearings decreased by X% to X kg, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, ball bearing exports fell markedly to $X in 2022. In general, exports showed a abrupt decrease. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. The Nigeria exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China was the key exporter of ball bearings in the world, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Japan (X tons) took the second position in the ranking, followed by Germany (X tons) and Italy (X tons). All these countries together held near X% share of total exports. South Korea (X tons), France (X tons), the Netherlands (X tons), Poland (X tons), Thailand (X tons), Singapore (X tons), the United States (X tons) and Slovakia (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the ball bearings exports, with a CAGR of X% from 2012 to 2022. At the same time, Thailand (X%), the Netherlands (X%), Poland (X%), South Korea (X%) and Italy (X%) displayed positive paces of growth. Japan and Germany experienced a relatively flat trend pattern. By contrast, France (X%), Slovakia (X%), Singapore (X%) and the United States (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Slovakia (X p.p.), Italy (X p.p.), France (X p.p.), Germany (X p.p.), Singapore (X p.p.), the United States (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest ball bearing supplying countries from Nigeria were China ($X), Germany ($X) and Japan ($X), with a combined X% share of total exports. Italy, the United States, France, the Netherlands, Thailand, South Korea, Singapore, Poland and Slovakia lagged somewhat behind, together comprising a further X%.

Thailand, 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 Nigeria stood at $X per ton in 2022, surging by X% against the previous year. Overall, the export price recorded significant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the other leaders experienced more modest paces of growth.

Ball Bearing Imports

Imports into Nigeria

For the seventh year in a row, Nigeria recorded growth in overseas purchases of ball bearings, which increased by X% to X tons in 2022. Over the period under review, imports posted significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Nigeria imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, ball bearing imports surged to $X in 2022. In general, imports recorded a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of ball bearing imports in 2022 were Germany (X tons), the United States (X tons) and China (X tons), together recording X% of total import. The following importers - Italy (X tons), Mexico (X tons), the Netherlands (X tons), Brazil (X tons), France (X tons), Indonesia (X tons), Russia (X tons), Belgium (X tons), South Korea (X tons) and India (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Russia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), China ($X) and the United States ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Italy, Mexico, the Netherlands, India, France, South Korea, Brazil, Russia, Belgium and Indonesia lagged somewhat behind, together accounting for a further X%.

Russia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 Nigeria stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price saw a abrupt descent. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Nigeria import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a 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 China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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