Western Africa: Market for Toothed wheels, chain sprockets and other transmission elements 2024

Market Size for Toothed wheels, chain sprockets and other transmission elements in Western Africa

The West African market for toothed wheels, chain sprockets and other transmission elements was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, enjoyed a resilient expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Toothed wheels, chain sprockets and other transmission elements in Western Africa

In value terms, production of toothed wheels, chain sprockets and other transmission elements expanded significantly to $X in 2021 estimated in export price. In general, production showed resilient growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 81%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports in Western Africa

Exports of toothed wheels, chain sprockets and other transmission elements soared to X tons in 2021, increasing by 78% compared with 2020 figures. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 128% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements reduced to $X in 2021. Total exports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -6.1% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 87% against the previous year. The level of export peaked at $X in 2020, and then dropped in the following year.

Exports by Country

In 2021, Senegal (X tons) and Sierra Leone (X tons) represented the largest exporters of toothed wheels, chain sprockets and other transmission elements in Western Africa, together generating 71% of total exports. Ghana (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (6.9%). The following exporters - Nigeria (X tons), Niger (X tons) and Liberia (X tons) - together made up 7.6% of total exports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +28.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X), Senegal ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 69% share of total exports. These countries were followed by Niger, Ghana, Nigeria and Liberia, which together accounted for a further 18%.

Liberia, with a CAGR of +29.3%, recorded 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 more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, which is down by -48.3% against the previous year. Over the period under review, the export price, however, recorded a pronounced increase. The pace of growth was the most pronounced in 2018 an increase of 179% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports in Western Africa

In 2021, after two years of growth, there was significant decline in purchases abroad of toothed wheels, chain sprockets and other transmission elements, when their volume decreased by -45.6% to X tons. Overall, imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 445%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements declined modestly to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +37.7% against 2017 indices. The pace of growth was the most pronounced in 2014 with an increase of 45%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which amounted to 41% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 19% share, followed by Cote d'Ivoire (8.5%), Burkina Faso (7.3%), Guinea (5.6%), Senegal (5%) and Liberia (4.8%).

Imports into Nigeria increased at an average annual rate of +11.1% from 2012 to 2021. At the same time, Liberia (+43.3%), Guinea (+16.0%), Burkina Faso (+15.6%), Senegal (+14.9%), Cote d'Ivoire (+13.8%) and Ghana (+1.3%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +43.3% from 2012-2021. From 2012 to 2021, the share of Nigeria, Liberia, Burkina Faso, Cote d'Ivoire, Guinea and Senegal increased by +9.3, +4.5, +3.4, +3.2, +2.7 and +2.2 percentage points, respectively.

In value terms, Nigeria ($X), Ghana ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 55% share of total imports. These countries were followed by Cote d'Ivoire, Senegal, Guinea and Liberia, which together accounted for a further 29%.

In terms of the main importing countries, Liberia, with a CAGR of +35.4%, recorded 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 import price in Western Africa stood at $X per ton in 2021, rising by 75% against the previous year. Over the period under review, the import price, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 90% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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