Western Africa: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in Western Africa

The West African hot-rolled bearing steel bar market expanded modestly to $X in 2023, surging by X% against the previous year. Overall, consumption, however, continues to indicate a noticeable downturn. As a result, consumption attained the peak level of $X. From 2015 to 2023, the growth of the market remained at a lower figure.

Production of Hot-Rolled Bars In Bearing Steels in Western Africa

In value terms, hot-rolled bearing steel bar production reached $X in 2023 estimated in export price. In general, production, however, recorded a abrupt setback. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

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Exports of Hot-Rolled Bars In Bearing Steels

Exports in Western Africa

Hot-rolled bearing steel bar exports rose rapidly to X tons in 2023, surging by X% compared with the previous year. Over the period under review, exports, however, faced a significant decrease. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, hot-rolled bearing steel bar exports soared to $X in 2023. Overall, exports, however, faced a drastic downturn. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Niger was the main exporter of hot-rolled bars in bearing steels in Western Africa, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. Nigeria (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (X%). Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to hot-rolled bearing steel bar exports from Niger stood at X%. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Sierra Leone (X%) and Nigeria (X%) illustrated a downward trend over the same period. Niger (X p.p.), Sierra Leone (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the largest hot-rolled bearing steel bar supplying countries in Western Africa were Sierra Leone ($X), Niger ($X) and Nigeria ($X), together comprising X% of total exports. Senegal lagged somewhat behind, comprising a further X%.

Senegal, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, surging by X% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. The pace of growth was the most pronounced in 2019 when the export price increased by X%. Over the period under review, the export prices reached the maximum in 2023 and is expected to retain growth in the near future.

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

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

Imports of Hot-Rolled Bars In Bearing Steels

Imports in Western Africa

Hot-rolled bearing steel bar imports expanded markedly to X tons in 2023, growing by X% compared with the year before. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X%. The volume of import peaked at X tons in 2015; however, from 2016 to 2023, imports remained at a lower figure.

In value terms, hot-rolled bearing steel bar imports expanded rapidly to $X in 2023. Over the period under review, imports continue to indicate temperate growth. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Ghana (X tons) represented the main importer of hot-rolled bars in bearing steels, generating X% of total imports. Guinea (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (X%). Benin (X tons), Cote d'Ivoire (X tons) and Togo (X tons) took a little share of total imports.

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

In value terms, Ghana ($X) constitutes the largest market for imported hot-rolled bars in bearing steels in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with an X% share of total imports. It was followed by Guinea, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Ghana amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: 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, increasing by X% against the previous year. Import price indicated a mild increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hot-rolled bearing steel bar import price decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 an increase of X%. The level of import peaked at $X per ton in 2021; however, from 2022 to 2023, import prices remained at a lower figure.

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 Nigeria ($X per ton), while Guinea ($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.

Source: IndexBox Platform