Nigeria: Market for Machine-Tools For Working Stone, Ceramics, And Concrete 2023

Market Size for Machine-Tools For Working Stone, Ceramics, And Concrete in Nigeria

In 2021, the Nigerien market for machine-tools for working stone, ceramics, and concrete decreased by -72.1% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, posted a significant expansion. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Exports of Machine-Tools For Working Stone, Ceramics, And Concrete

Exports from Nigeria

In 2021, exports of machine-tools for working stone, ceramics, and concrete from Nigeria rose markedly to X units, surging by 13% compared with 2020. In general, exports, however, saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 593% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, machine tools for working stone exports contracted modestly to $X in 2021. Over the period under review, exports, however, saw a dramatic downturn. The pace of growth was the most pronounced in 2013 when exports increased by 1,507%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for machine tools for working stone exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cote d'Ivoire amounted to +37.9%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for machine-tools for working stone, ceramics, and concrete exports from Nigeria, comprising 84% of total exports. The second position in the ranking was held by India ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire amounted to -19.7%.

Export Prices by Country

In 2021, the average export price for machine-tools for working stone, ceramics, and concrete amounted to $X per unit, which is down by -15.9% against the previous year. In general, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2013 an increase of 480%. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to Cote d'Ivoire stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+16.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machine-Tools For Working Stone, Ceramics, And Concrete

Imports into Nigeria

In 2021, overseas purchases of machine-tools for working stone, ceramics, and concrete decreased by -72.1% to X units, falling for the second year in a row after two years of growth. Overall, imports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2014 with an increase of 11,174% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, machine tools for working stone imports declined dramatically to $X in 2021. In general, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 7,383%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest machine tools for working stone supplier to Nigeria, accounting for a 69% share of total imports. Moreover, machine tools for working stone imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fivefold. The third position in this ranking was taken by Thailand (X units), with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +55.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+90.7% per year) and Thailand (+160.2% per year).

In value terms, the largest machine tools for working stone suppliers to Nigeria were China ($X), India ($X) and Japan ($X), with a combined 80% share of total imports. These countries were followed by Spain, Thailand, Italy and the United States, which together accounted for a further 5.1%.

In terms of the main suppliers, Thailand, with a CAGR of +93.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for machine-tools for working stone, ceramics, and concrete stood at $X per unit in 2021, approximately mirroring the previous year. Over the period under review, the import price, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2016 an increase of 115%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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