Nigeria - Steel Springs and Leaves for Springs - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Steel Spring Market 2024
Steel Spring Market Size in Nigeria
After two years of decline, the Nigerien steel spring market increased by X% to $X in 2022. Over the period under review, consumption, however, showed a abrupt contraction. Steel spring consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.
Steel Spring Exports
Exports from Nigeria
Steel spring exports from Nigeria dropped notably to X tons in 2014, declining by X% against 2013. Overall, exports showed a precipitous setback. Over the period under review, the exports reached the peak figure at X tons in 2013, and then shrank rapidly in the following year.
In value terms, steel spring exports shrank markedly to $X in 2014. Over the period under review, exports recorded a sharp contraction. The exports peaked at $X in 2013, and then dropped significantly in the following year.
Exports by Country
Congo (X tons) was the main destination for steel spring exports from Nigeria, accounting for a X% share of total exports. Moreover, steel spring exports to Congo exceeded the volume sent to the second major destination, Sierra Leone (X kg), eightfold.
From 2013 to 2014, the average annual rate of growth in terms of volume to Congo totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sierra Leone (X% per year) and Angola (X% per year).
In value terms, the largest markets for steel spring exported from Nigeria were Sierra Leone ($X), Angola ($X) and Congo ($X), with a combined X% share of total exports.
Angola, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.
Export Prices by Country
The average steel spring export price stood at $X per ton in 2014, growing by X% against the previous year. Overall, the export price continues to indicate a significant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major external markets. In 2014, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while the average price for exports to Congo ($X per ton) was amongst the lowest.
From 2013 to 2014, the most notable rate of growth in terms of prices was recorded for supplies to Congo (X%).
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Steel Spring Imports
Imports into Nigeria
In 2022, the amount of steel springs and leaves for springs imported into Nigeria soared to X tons, rising by X% on the previous year's figure. In general, imports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2019 with an increase of X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.
In value terms, steel spring imports skyrocketed to $X in 2022. Overall, imports, however, recorded a drastic downturn. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.
Imports by Country
In 2022, China (X tons) constituted the largest steel spring supplier to Nigeria, with a X% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. The third position in this ranking was taken by India (X tons), with a X% share.
From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (X% per year) and India (X% per year).
In value terms, Germany ($X), China ($X) and India ($X) appeared to be the largest steel spring suppliers to Nigeria, together comprising X% of total imports. The United States, France, Turkey and Japan lagged somewhat behind, together comprising a further X%.
In terms of the main suppliers, Turkey, with a CAGR of X%, saw the highest growth rate of 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 steel spring import price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price recorded a mild curtailment. The pace of growth was the most pronounced in 2013 an increase of X%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the prices for the other major suppliers experienced mixed trend patterns.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the steel spring market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 25931613 - Iron or steel hot-worked laminated leaf-springs and leaves therefor
- Prodcom 25931615 - Iron or steel hot-worked non-laminated leaf-springs and leaves therefor
- Prodcom 25931617 - Iron or steel cold-formed leaf-springs and leaves therefor
- Prodcom 25931631 - Iron or steel hot-worked helical springs
- Prodcom 25931633 - Iron or steel cold-formed helical coil compression springs
- Prodcom 25931635 - Iron or steel cold-formed helical coil tension springs
- Prodcom 25931637 - Iron or steel cold-formed helical springs (excluding helical coil compression springs, helical coil tension springs)
- Prodcom 25931653 - Iron or steel flat spiral springs
- Prodcom 25931655 - Iron or steel discs springs
- Prodcom 25931660 - Iron or steel springs (excluding leaf-springs and leaves therefor, helical springs, flat spiral springs, discs springs)
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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