ECOWAS: Stainless Steel Angle Market 2024

Stainless Steel Angle Market Size in ECOWAS

In 2023, the ECOWAS stainless steel angle market decreased by X% to $X, falling for the second consecutive year after five years of growth. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Stainless Steel Angle Production in ECOWAS

In value terms, stainless steel angle production rose slightly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Stainless Steel Angle Exports

Exports in ECOWAS

In 2023, after two years of growth, there was significant decline in shipments abroad of angles, shapes and sections of stainless steel or other alloy steel, when their volume decreased by X% to X tons. In general, exports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2018 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2019 to 2023, the growth of the exports remained at a lower figure.

In value terms, stainless steel angle exports reduced markedly to $X in 2023. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Ghana (X tons) was the key exporter of angles, shapes and sections of stainless steel or other alloy steel, constituting X% of total exports. It was distantly followed by Cote d'Ivoire (X tons) and Niger (X tons), together comprising a X% share of total exports. Senegal (X kg) held a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to stainless steel angle exports from Ghana stood at X%. At the same time, Cote d'Ivoire (X%) and Niger (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Senegal (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Senegal (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Niger ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Cote d'Ivoire, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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 2023, the export price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price continues to indicate a noticeable slump. The growth pace was the most rapid in 2019 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then declined notably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Stainless Steel Angle Imports

Imports in ECOWAS

For the fourth year in a row, ECOWAS recorded decline in purchases abroad of angles, shapes and sections of stainless steel or other alloy steel, which decreased by X% to X tons in 2023. Over the period under review, imports recorded a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2023, the growth of imports failed to regain momentum.

In value terms, stainless steel angle imports shrank to $X in 2023. Overall, imports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Benin (X tons), distantly followed by Nigeria (X tons), Gambia (X tons), Ghana (X tons), Senegal (X tons), Burkina Faso (X tons) and Guinea (X tons) represented the major importers of angles, shapes and sections of stainless steel or other alloy steel, together comprising X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Burkina Faso (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Gambia ($X), Nigeria ($X) and Benin ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Among the main importing countries, Gambia, with a CAGR of X%, saw 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

In 2023, the import price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. In general, the import price showed a mild expansion. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The level of import peaked in 2023 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Gambia ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform