ECOWAS: Concrete Reinforcing Bar Market 2024

Concrete Reinforcing Bar Market Size in ECOWAS

The ECOWAS concrete reinforcing bar market reached $X in 2023, surging by X% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a somewhat lower figure.

Concrete Reinforcing Bar Production in ECOWAS

In value terms, concrete reinforcing bar production expanded notably to $X in 2023 estimated in export price. The total production indicated a notable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Concrete Reinforcing Bar Exports

Exports in ECOWAS

In 2023, after two years of growth, there was significant decline in shipments abroad of concrete reinforcing bars, when their volume decreased by X% to X tons. Overall, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2022, and then dropped markedly in the following year.

In value terms, concrete reinforcing bar exports shrank rapidly to $X in 2023. In general, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2022, and then fell markedly in the following year.

Exports by Country

In 2023, Ghana (X tons) was the key exporter of concrete reinforcing bars, committing X% of total exports. It was distantly followed by Benin (X tons), constituting a X% share of total exports. Senegal (X tons), Cote d'Ivoire (X tons) and Nigeria (X tons) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Nigeria (X%) and Benin (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Senegal experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana and Nigeria increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest concrete reinforcing bar supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Benin ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with a X% share.

In Ghana, concrete reinforcing bar exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, falling by X% against the previous year. Export price indicated a noticeable expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then fell in the following year.

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

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

Concrete Reinforcing Bar Imports

Imports in ECOWAS

In 2023, approx. X tons of concrete reinforcing bars were imported in ECOWAS; growing by X% against 2022 figures. Total imports indicated noticeable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, concrete reinforcing bar imports expanded slightly to $X in 2023. Total imports indicated noticeable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Guinea (X tons), Senegal (X tons), Mali (X tons), Sierra Leone (X tons), Gambia (X tons), Niger (X tons), Benin (X tons), Cabo Verde (X tons) and Ghana (X tons) represented the key importer of concrete reinforcing bars in ECOWAS, comprising X% of total import. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Gambia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X), Mali ($X) and Senegal ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Gambia, Sierra Leone, Cabo Verde, Niger, Benin, Ghana and Nigeria lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Gambia, with a CAGR of X%, saw the highest growth rate of 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, which is down by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of import peaked at $X per ton in 2022, and then contracted in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Cabo Verde ($X per ton) and Mali ($X per ton), while Niger ($X per ton) and Benin ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform