ECOWAS: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in ECOWAS

In 2022, the ECOWAS lubricating oil additive market decreased by X% to $X, falling for the second year in a row after two years of growth. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Production in ECOWAS

In value terms, lubricating oil additive production stood at $X in 2022 estimated in export price. The total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Lubricating Oil Additive Exports

Exports in ECOWAS

In 2022, exports of additives for lubricating oils in ECOWAS shrank to X tons, with a decrease of X% against 2021. Over the period under review, exports continue to indicate a perceptible slump. 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 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, lubricating oil additive exports declined rapidly to $X in 2022. In general, exports saw a pronounced slump. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal prevails in exports structure, reaching X tons, which was approx. X% of total exports in 2022. It was distantly followed by Nigeria (X tons), making up a X% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Nigeria increased by X and X percentage points, respectively.

In value terms, Senegal ($X) remains the largest lubricating oil additive supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports.

In Senegal, lubricating oil additive exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. The level of export peaked at $X per ton in 2021, and then shrank slightly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the export price figures.

Lubricating Oil Additive Imports

Imports in ECOWAS

In 2022, overseas purchases of additives for lubricating oils decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a slight shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, lubricating oil additive imports declined sharply to $X in 2022. In general, imports continue to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2020 when imports increased by X%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) represented the main importer of additives for lubricating oils, committing X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%) and Cote d'Ivoire (X%). Guinea (X tons), Togo (X tons) and Mali (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to lubricating oil additive imports into Nigeria stood at X%. At the same time, Togo (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal, Mali, Ghana and Cote d'Ivoire experienced a relatively flat trend pattern. From 2012 to 2022, the share of Senegal, Togo, Guinea and Ghana increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported additives for lubricating oils in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Nigeria, lubricating oil additive imports shrank by an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Ghana ($X per ton) and Senegal ($X per ton), while Nigeria ($X per ton) and Togo ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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