Western Africa: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Western Africa

In 2022, the West African lubricating oil additive market decreased by X% to $X, falling for the second consecutive year after two years of growth. The total consumption indicated notable 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, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Lubricating Oil Additive Production in Western Africa

In value terms, lubricating oil additive production totaled $X in 2022 estimated in export price. The total production indicated a perceptible 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 pace of growth was the most pronounced in 2019 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Lubricating Oil Additive Exports

Exports in Western Africa

Lubricating oil additive exports reduced to X tons in 2022, with a decrease of X% against 2021. Overall, exports recorded a noticeable contraction. The pace of growth was the most pronounced in 2021 with an increase of X%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, lubricating oil additive exports reduced rapidly to $X in 2022. In general, exports recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, amounting to X tons, which was near X% of total exports in 2022. It was distantly followed by Nigeria (X tons), mixing up a X% share of total exports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to lubricating oil additive exports from Senegal stood at X%. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

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

In Senegal, lubricating oil additive exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, declining by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 an increase of X%. The level of export peaked at $X per ton in 2021, and then fell 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 Western Africa

In 2022, purchases abroad of additives for lubricating oils decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports recorded a slight setback. The most prominent rate of growth was recorded in 2020 with an increase of 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 lower figure.

In value terms, lubricating oil additive imports declined notably to $X in 2022. Overall, imports saw a mild setback. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the main importer of additives for lubricating oils in Western Africa, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2022. 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) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. Senegal, Mali, Ghana and Cote d'Ivoire experienced a relatively flat trend pattern. While the share of Senegal (X p.p.), Togo (X p.p.), Guinea (X p.p.) and Ghana (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 ($X) constitutes the largest market for imported additives for lubricating oils in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Nigeria, lubricating oil additive imports declined 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 Western Africa amounted to $X per ton, increasing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X%. As a result, import price reached 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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