Western Africa: Steel Spring Market 2024

Steel Spring Market Size in Western Africa

The West African steel spring market shrank to $X in 2022, dropping by X% against the previous year. Overall, consumption, however, showed prominent growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Steel Spring Production in Western Africa

In value terms, steel spring production declined slightly to $X in 2022 estimated in export price. In general, production, however, posted a strong increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Steel Spring Exports

Exports in Western Africa

In 2022, exports of steel springs and leaves for springs in Western Africa dropped to X tons, reducing by X% compared with 2021. Over the period under review, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, steel spring exports expanded to $X in 2022. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana dominates exports structure, accounting for X tons, which was near X% of total exports in 2022. Togo (X tons) held a minor share of total exports.

Exports from Ghana decreased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. While the share of Togo (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest steel spring supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports.

In Ghana, steel spring exports contracted by an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, picking up by X% against the previous year. In general, the export price, however, continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, 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 Ghana ($X per ton), while Togo totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Steel Spring Imports

Imports in Western Africa

In 2022, steel spring imports in Western Africa dropped sharply to X tons, waning by X% compared with 2021. Over the period under review, imports, however, saw a tangible increase. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, steel spring imports fell markedly to $X in 2022. In general, imports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana was the largest importing country with an import of about X tons, which resulted at X% of total imports. Nigeria (X tons) held the second position in the ranking, distantly followed by Burkina Faso (X tons), Mali (X tons), Senegal (X tons) and Cote d'Ivoire (X tons). All these countries together held approx. X% share of total imports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steel spring imports into Ghana stood at X%. At the same time, Mali (X%), Burkina Faso (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Guinea (X%) and Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Burkina Faso, Mali and Cote d'Ivoire increased by X, X, X and X percentage points, respectively.

In value terms, the largest steel spring importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Mali, Guinea, Senegal and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Mali, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 2022, leveling off at the previous year. In general, the import price, however, showed a mild descent. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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