ECOWAS: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in ECOWAS

In 2022, the ECOWAS petroleum bitumen market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, enjoyed measured growth. As a result, consumption reached the peak level of $X, and then reduced rapidly in the following year.

Petroleum Bitumen Production in ECOWAS

In value terms, petroleum bitumen production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports in ECOWAS

In 2022, shipments abroad of petroleum bitumen increased by X% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, petroleum bitumen exports surged to $X in 2022. Overall, exports, however, showed a pronounced downturn. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the largest exporter of petroleum bitumen, making up X% of total exports. Togo (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (X%).

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. By contrast, Togo (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by X and X percentage points, respectively.

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

In Cote d'Ivoire, petroleum bitumen exports declined by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable contraction. The growth pace was the most rapid in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Petroleum Bitumen Imports

Imports in ECOWAS

After two years of growth, overseas purchases of petroleum bitumen decreased by X% to X tons in 2022. Overall, imports, however, posted a noticeable increase. The pace of growth appeared the most rapid in 2013 when imports increased by X%. The volume of import peaked at X tons in 2021, and then reduced remarkably in the following year.

In value terms, petroleum bitumen imports fell to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the main importer of petroleum bitumen, generating X% of total imports. It was distantly followed by Togo (X tons), Senegal (X tons) and Ghana (X tons), together committing a X% share of total imports. The following importers - Benin (X tons), Niger (X tons) and Guinea (X tons) - 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, Niger (X%), Benin (X%), Togo (X%), Guinea (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Togo (X p.p.), Benin (X p.p.) and Niger (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported petroleum bitumen in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Togo ($X), with a X% share of total imports. It was followed by Senegal, with an X% share.

In Nigeria, petroleum bitumen imports declined by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, picking up by X% against the previous year. In general, the import price, however, saw a noticeable slump. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Niger ($X per ton), while Guinea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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