ECOWAS: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in ECOWAS

The ECOWAS metal solid fuel appliances market declined to $X in 2022, reducing by -7.5% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in ECOWAS

In value terms, metal solid fuel appliances production contracted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 66% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports in ECOWAS

In 2022, overseas shipments of iron or steel solid fuel domestic appliances decreased by -17.6% to X units, falling for the second year in a row after two years of growth. Overall, exports saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 300%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, metal solid fuel appliances exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 976%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X units) and Togo (X units) represented the key exporters of iron or steel solid fuel domestic appliances in 2022, amounting to near 29% and 29% of total exports, respectively. It was distantly followed by Cote d'Ivoire (X units), Nigeria (X units) and Senegal (X units), together achieving a 43% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +7.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Togo ($X), Nigeria ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2022, together comprising 96% of total exports.

Nigeria, with a CAGR of +59.2%, recorded the highest growth rate of 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

In 2022, the export price in ECOWAS amounted to $X per unit, rising by 121% against the previous year. Over the period under review, the export price recorded a prominent expansion. The pace of growth was the most pronounced in 2013 an increase of 822% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+59.2%), while the other leaders experienced more modest paces of growth.

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports in ECOWAS

In 2022, approx. X units of iron or steel solid fuel domestic appliances were imported in ECOWAS; increasing by 74% compared with the year before. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 552%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, metal solid fuel appliances imports skyrocketed to $X in 2022. Overall, imports recorded resilient growth. The growth pace was the most rapid in 2014 when imports increased by 214%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Nigeria (X units) and Senegal (X units) represented the major importers of iron or steel solid fuel domestic appliances in 2022, recording approx. 30% and 28% of total imports, respectively. Cabo Verde (X units) took the next position in the ranking, followed by Ghana (X units). All these countries together took near 19% share of total imports. Cote d'Ivoire (X units), Burkina Faso (X units), Mali (X units), Guinea (X units), Gambia (X units), Guinea-Bissau (X units), Niger (X units) and Togo (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of +30.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported iron or steel solid fuel domestic appliances in ECOWAS, comprising 56% of total imports. The second position in the ranking was taken by Cabo Verde ($X), with a 9.8% share of total imports. It was followed by Senegal, with a 6.7% share.

In Nigeria, metal solid fuel appliances imports expanded at an average annual rate of +16.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cabo Verde (+26.2% per year) and Senegal (+3.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, rising by 11% against the previous year. Import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal solid fuel appliances import price decreased by -4.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of 63% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat 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 Mali ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+20.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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