ECOWAS: Electrical Fuse Market 2024

Electrical Fuse Market Size in ECOWAS

In 2021, the ECOWAS electrical fuse market decreased by -8.6% to $X for the first time since 2017, thus ending a three-year rising trend. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.4% against 2017 indices. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Electrical Fuse Production in ECOWAS

In value terms, electrical fuse production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 32%. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Electrical Fuse Exports

Exports in ECOWAS

In 2021, after two years of decline, there was significant growth in shipments abroad of electrical fuses, when their volume increased by 36% to X tons. In general, exports, however, faced a abrupt setback. The growth pace was the most rapid in 2014 when exports increased by 67% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, electrical fuse exports surged to $X in 2021. Overall, exports, however, continue to indicate a perceptible contraction. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Sierra Leone was the key exporting country with an export of about X tons, which finished at 55% of total exports. Cote d'Ivoire (X kg) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Togo (5.7%), Gambia (5.2%), Senegal (5%) and Guinea (4.7%). Nigeria (X kg) took a little share of total exports.

Exports from Sierra Leone increased at an average annual rate of +19.8% from 2012 to 2021. At the same time, Togo (+38.3%) and Cote d'Ivoire (+34.7%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +38.3% from 2012-2021. By contrast, Guinea (-2.2%), Senegal (-7.3%), Gambia (-16.5%) and Nigeria (-31.1%) illustrated a downward trend over the same period. Sierra Leone (+51 p.p.), Cote d'Ivoire (+16 p.p.), Togo (+5.6 p.p.) and Guinea (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while Gambia and Nigeria saw its share reduced by -5% and -40.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest electrical fuse supplier in ECOWAS, comprising 57% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.5% share of total exports. It was followed by Senegal, with an 8.3% share.

In Sierra Leone, electrical fuse exports increased at an average annual rate of +28.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+21.7% per year) and Senegal (+2.4% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, which is down by -8.7% against the previous year. In general, the export price, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2019 when the export price increased by 73%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+12.7%), while the other leaders experienced more modest paces of growth.

Electrical Fuse Imports

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in purchases abroad of electrical fuses, when their volume decreased by -9.8% to X tons. In general, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2020 with an increase of 282%. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, electrical fuse imports soared to $X in 2021. Over the period under review, imports, however, recorded strong growth. The growth pace was the most rapid in 2020 with an increase of 88% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near 91% of total imports in 2021. It was distantly followed by Ghana (X tons), creating a 4.9% share of total imports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the electrical fuses imports, with a CAGR of +12.7% from 2012 to 2021. At the same time, Cote d'Ivoire (+12.0%) and Ghana (+3.9%) displayed positive paces of growth. While the share of Nigeria (+9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-4.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported electrical fuses in ECOWAS, comprising 69% of total imports. The second position in the ranking was held by Ghana ($X), with a 12% share of total imports.

In Nigeria, electrical fuse imports expanded at an average annual rate of +10.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+1.1% per year) and Cote d'Ivoire (+11.7% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 29% against the previous year. In general, the import price, however, saw a pronounced slump. The pace of growth appeared the most rapid in 2015 an increase of 64% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, 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 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :