ECOWAS: Market for Furnace Burners For Liquid Fuel 2024

Market Size for Furnace Burners For Liquid Fuel in ECOWAS

In 2022, the ECOWAS liquid fuel furnace burner market decreased by X% to $X, falling for the second consecutive year after three years of growth. In general, consumption, however, posted modest growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Furnace Burners For Liquid Fuel in ECOWAS

In value terms, liquid fuel furnace burner production declined to $X in 2022 estimated in export price. The total production indicated a mild 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, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Furnace Burners For Liquid Fuel

Exports in ECOWAS

In 2022, overseas shipments of furnace burners for liquid fuel decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X units, and then contracted sharply in the following year.

In value terms, liquid fuel furnace burner exports shrank markedly to $X in 2022. Over the period under review, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then plummeted in the following year.

Exports by Country

Togo was the largest exporting country with an export of around X units, which resulted at X% of total exports. It was distantly followed by Nigeria (X units), mixing up a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of X%).

In value terms, the largest liquid fuel furnace burner supplying countries in ECOWAS were Nigeria ($X) and Togo ($X).

Among the main exporting countries, Togo, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, rising by X% against the previous year. In general, the export price saw a prominent increase. The growth pace was the most rapid in 2014 an increase of X%. The level of export peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Togo stood at $X per unit.

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

Imports of Furnace Burners For Liquid Fuel

Imports in ECOWAS

In 2022, purchases abroad of furnace burners for liquid fuel decreased by X% to X units, falling for the second year in a row after three years of growth. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports attained the maximum at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, liquid fuel furnace burner imports reduced markedly to $X in 2022. Over the period under review, imports, however, continue to indicate tangible growth. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X units) was the largest importer of furnace burners for liquid fuel, comprising X% of total imports. Ghana (X units) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%), Benin (X%) and Cote d'Ivoire (X%). The following importers - Guinea (X units) and Niger (X units) - together made up X% of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%), Cote d'Ivoire (X%) and Niger (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Senegal (X%) and Guinea (X%) illustrated a downward trend over the same period. Benin (X p.p.), Cote d'Ivoire (X p.p.), Nigeria (X p.p.) and Niger (X p.p.) significantly strengthened its position in terms of the total imports, while Guinea and Senegal saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, picking up by X% against the previous year. In general, the import price recorded a perceptible increase. The growth pace was the most rapid in 2016 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per unit), while Niger ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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