Ghana - Natural Bitumen and Asphalt - Market Analysis, Forecast, Size, Trends and Insights
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View PricingGhana: Market for Natural Bitumen and Asphalt 2024
Market Size for Natural Bitumen and Asphalt in Ghana
In 2022, the Ghanian natural bitumen and asphalt market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, recorded a relatively flat trend pattern. Natural bitumen and asphalt consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.
Production of Natural Bitumen and Asphalt in Ghana
In value terms, natural bitumen and asphalt production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. Natural bitumen and asphalt production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.
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Exports of Natural Bitumen and Asphalt
Exports from Ghana
In 2022, shipments abroad of natural bitumen and asphalt was finally on the rise to reach X kg after five years of decline. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.
In value terms, natural bitumen and asphalt exports reduced to $X in 2022. Overall, total exports indicated noticeable 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, exports increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.
Exports by Country
The UK (X kg) was the main destination for natural bitumen and asphalt exports from Ghana, accounting for a X% share of total exports. Moreover, natural bitumen and asphalt exports to the UK exceeded the volume sent to the second major destination, Nigeria (X kg), more than tenfold.
From 2012 to 2022, the average annual growth rate of volume to the UK totaled X%.
In value terms, the UK ($X) remains the key foreign market for natural bitumen and asphalt exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports.
From 2012 to 2022, the average annual growth rate of value to the UK amounted to X%.
Export Prices by Country
The average natural bitumen and asphalt export price stood at $X per ton in 2022, waning by X% against the previous year. In general, the export price showed a abrupt downturn. The pace of growth appeared the most rapid in 2013 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to the UK totaled $X per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (X%).
Imports of Natural Bitumen and Asphalt
Imports into Ghana
In 2022, purchases abroad of natural bitumen and asphalt was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, showed a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.
In value terms, natural bitumen and asphalt imports soared to $X in 2022. Overall, imports, however, saw a deep downturn. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
Imports by Country
In 2022, Cote d'Ivoire (X tons) constituted the largest supplier of natural bitumen and asphalt to Ghana, with a X% share of total imports. Moreover, natural bitumen and asphalt imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold. Iran (X tons) ranked third in terms of total imports with a X% share.
From 2012 to 2022, the average annual growth rate of volume from Cote d'Ivoire totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Iran (X% per year).
In value terms, Cote d'Ivoire ($X) constituted the largest supplier of natural bitumen and asphalt to Ghana, comprising X% of total imports. The second position in the ranking was held by Spain ($X), with a X% share of total imports. It was followed by Iran, with a X% share.
From 2012 to 2022, the average annual growth rate of value from Cote d'Ivoire amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Iran (X% per year).
Import Prices by Country
The average natural bitumen and asphalt import price stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the import price saw a deep setback. The pace of growth was the most pronounced in 2016 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (X%), while the prices for the other major suppliers experienced more modest paces of growth.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the market for natural bitumen and asphalt in Ghana. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 08991000 - Natural bitumen and natural asphalt, asphaltites and asphaltic rocks
Country coverage:
- Ghana
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Ghana
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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