Western Africa: Coated Arc-Welding Electrode Market 2024

Coated Arc-Welding Electrode Market Size in Western Africa

In 2023, the West African coated arc-welding electrode market increased by X% to $X, rising for the sixth consecutive year after four years of decline. Over the period under review, consumption posted a perceptible expansion. Over the period under review, the market reached the maximum level in 2023 and is likely to see steady growth in years to come.

Coated Arc-Welding Electrode Production in Western Africa

In value terms, coated arc-welding electrode production stood at $X in 2023 estimated in export price. Overall, production showed a deep contraction. The growth pace was the most rapid in 2013 with an increase of X%. As a result, production reached the peak level of $X. From 2014 to 2023, production growth failed to regain momentum.

Coated Arc-Welding Electrode Exports

Exports in Western Africa

In 2023, coated arc-welding electrode exports in Western Africa declined to X tons, which is down by X% compared with the year before. In general, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2020 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, coated arc-welding electrode exports expanded notably to $X in 2023. Over the period under review, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports reached the peak of $X. From 2021 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of coated base metal electrodes for electric arc-welding, namely Ghana, Nigeria and Cote d'Ivoire, represented more than two-thirds of total export. It was distantly followed by Togo (X tons), making up a X% share of total exports. Senegal (X tons) took a relatively small share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nigeria (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest coated arc-welding electrode supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, with an increase of X% against the previous year. Over the period under review, the export price continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2013 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 2020; however, from 2021 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Coated Arc-Welding Electrode Imports

Imports in Western Africa

In 2023, overseas purchases of coated base metal electrodes for electric arc-welding were finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the near future.

In value terms, coated arc-welding electrode imports expanded slightly to $X in 2023. In general, imports saw a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. The level of import peaked in 2023 and is likely to see steady growth in the immediate term.

Imports by Country

Ghana represented the main importer of coated base metal electrodes for electric arc-welding in Western Africa, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. Nigeria (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Niger (X%), Guinea (X%), Senegal (X%), Mali (X%) and Cote d'Ivoire (X%).

From 2012 to 2023, average annual rates of growth with regard to coated arc-welding electrode imports into Ghana stood at X%. At the same time, Niger (X%), Mali (X%), Guinea (X%), Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Niger, Ghana, Guinea, Mali and Senegal increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported coated base metal electrodes for electric arc-welding in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Guinea, with an X% share.

In Ghana, coated arc-welding electrode imports 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: Nigeria (X% per year) and Guinea (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Niger ($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 mixed trends in the import price figures.

Source: IndexBox Platform