Nigeria - Steel Springs and Leaves for Springs - Market Analysis, Forecast, Size, Trends and Insights
Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.
View PricingNigeria: Steel Spring Market 2024
Steel Spring Market Size in Nigeria
In 2023, after two years of decline, there was significant growth in the Nigerien steel spring market, when its value increased by X% to $X. In general, consumption, however, saw a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.
Steel Spring Exports
Exports from Nigeria
In 2023, after four years of growth, there was significant decline in overseas shipments of steel springs and leaves for springs, when their volume decreased by X% to X tons. Over the period under review, exports continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports remained at a lower figure.
In value terms, steel spring exports surged to $X in 2023. Overall, exports, however, enjoyed resilient growth. The exports peaked at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.
Exports by Country
Benin (X tons) was the main destination for steel spring exports from Nigeria, with a X% share of total exports. Moreover, steel spring exports to Benin exceeded the volume sent to the second major destination, Ghana (X kg), ninefold.
From 2012 to 2023, the average annual rate of growth in terms of volume to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (X% per year) and Sao Tome and Principe (X% per year).
In value terms, Benin ($X) remains the key foreign market for steel springs and leaves for springs exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Sao Tome and Principe ($X), with a X% share of total exports.
From 2012 to 2023, the average annual growth rate of value to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sao Tome and Principe (X% per year) and Ghana (X% per year).
Export Prices by Country
In 2023, the average steel spring export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price continues to indicate strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Sao Tome and Principe ($X per ton), while the average price for exports to Ghana ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Sao Tome and Principe (X%), while the prices for the other major destinations experienced more modest paces of growth.
Steel Spring Imports
Imports into Nigeria
After two years of decline, overseas purchases of steel springs and leaves for springs increased by X% to X tons in 2023. In general, imports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.
In value terms, steel spring imports rose to $X in 2023. Overall, imports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.
Imports by Country
In 2023, China (X tons) constituted the largest supplier of steel spring to Nigeria, with a X% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. Austria (X tons) ranked third in terms of total imports with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Austria (X% per year).
In value terms, Germany ($X), China ($X) and Austria ($X) constituted the largest steel spring suppliers to Nigeria, together comprising X% of total imports.
Austria, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 2023, declining by X% against the previous year. Over the period under review, the import price, however, continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2023, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Austria ($X per ton), while the price for China ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
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.
-
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
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
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
-
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
-
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
-
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
-
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
-
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
Recommended reports
This report provides an in-depth analysis of the steel spring market in Asia.
This report provides an in-depth analysis of the steel spring market in the U.S..
This report provides an in-depth analysis of the steel spring market in China.
This report provides an in-depth analysis of the steel spring market in the EU.
This report provides an in-depth analysis of the global steel spring market.