Western Africa: Concrete Reinforcing Bar Market 2024

Concrete Reinforcing Bar Market Size in Western Africa

The West African concrete reinforcing bar market expanded remarkably to $X in 2023, growing by X% against the previous year. The total consumption indicated temperate 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, 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 lower figure.

Concrete Reinforcing Bar Production in Western Africa

In value terms, concrete reinforcing bar production expanded markedly to $X in 2023 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2023: its value 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, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Concrete Reinforcing Bar Exports

Exports in Western Africa

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. Over the period under review, exports, however, showed a remarkable increase. 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 shrank remarkably in the following year.

In value terms, concrete reinforcing bar exports dropped dramatically to $X in 2023. In general, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2022, and then declined rapidly in the following year.

Exports by Country

Ghana was the key exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Benin (X tons), comprising a X% share of total exports. The following exporters - Senegal (X tons), Cote d'Ivoire (X tons) and Nigeria (X tons) - together made up X% of total exports.

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 Western Africa, 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 ($X) remains the largest concrete reinforcing bar supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Benin ($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 expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Benin (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, waning by X% against the previous year. Export price indicated notable growth 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 an increase of X%. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then contracted 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 Western Africa

Concrete reinforcing bar imports rose markedly to X tons in 2023, increasing by X% on 2022. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, concrete reinforcing bar imports reached $X in 2023. Total imports indicated a perceptible 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, imports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2021 with an increase of 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

The purchases of the ten major importers of concrete reinforcing bars, namely Guinea, Senegal, Mali, Sierra Leone, Gambia, Niger, Benin, Mauritania, Cabo Verde and Ghana, represented more than two-thirds 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 leading 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, the largest concrete reinforcing bar importing markets in Western Africa were Guinea ($X), Mali ($X) and Senegal ($X), with a combined X% share of total imports. Gambia, Sierra Leone, Cabo Verde, Mauritania, Niger, Benin, Ghana and Nigeria lagged somewhat behind, together comprising a further X%.

In terms of 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

The import price in Western Africa stood at $X per ton in 2023, which is down by X% against the previous year. In general, the import price, however, saw 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 dropped 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