ECOWAS: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in ECOWAS

In 2022, the ECOWAS asphalt or bitumen article market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Asphalt or Bitumen Articles in ECOWAS

In value terms, asphalt or bitumen article production reduced to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced reduction. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Asphalt or Bitumen Articles

Exports in ECOWAS

Asphalt or bitumen article exports declined to X tons in 2022, which is down by X% against the year before. Over the period under review, exports recorded a pronounced contraction. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, asphalt or bitumen article exports soared to $X in 2022. Overall, exports showed a dramatic decrease. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by Senegal (X tons), committing a X% share of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest asphalt or bitumen article supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price, however, faced a dramatic downturn. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%).

Imports of Asphalt or Bitumen Articles

Imports in ECOWAS

In 2022, imports of asphalt or bitumen articles in ECOWAS amounted to X tons, increasing by X% on 2021. Over the period under review, imports posted a prominent expansion. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, asphalt or bitumen article imports expanded to $X in 2022. Total imports indicated tangible growth 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Cote d'Ivoire (X tons), Senegal (X tons) and Ghana (X tons) represented the major importers of asphalt or bitumen articles, together creating X% of total imports. The following importers - Mali (X tons), Togo (X tons), Benin (X tons), Burkina Faso (X tons), Guinea (X tons) and Guinea-Bissau (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Guinea-Bissau (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports. Senegal, Benin, Mali, Guinea, Togo, Burkina Faso and Guinea-Bissau lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Guinea-Bissau, 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

The import price in ECOWAS stood at $X per ton in 2022, approximately reflecting the previous year. In general, the import price saw a noticeable descent. The pace of growth was the most pronounced in 2021 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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