Western Africa: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Western Africa

In 2022, after two years of growth, there was significant decline in the West African petroleum bitumen market, when its value decreased by X% to $X. In general, consumption, however, recorded a perceptible expansion. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Petroleum Bitumen Production in Western Africa

In value terms, petroleum bitumen production fell slightly to $X in 2022 estimated in export price. In general, production, however, showed a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Petroleum Bitumen Exports

Exports in Western Africa

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. Over the period under review, exports, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. 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, petroleum bitumen exports soared to $X in 2022. In general, exports, however, recorded a pronounced decline. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the largest exporting country with an export of about X tons, which amounted to 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%).

From 2012 to 2022, average annual rates of growth with regard to petroleum bitumen exports from Cote d'Ivoire stood at X%. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Togo (X%) illustrated a downward trend over the same period. Senegal (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Togo saw its share reduced by X% from 2012 to 2022, respectively.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire totaled X%. In the other countries, the average annual rates were as follows: Togo (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the export price, however, recorded a noticeable decrease. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the export prices hit record highs 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 Western Africa

In 2022, overseas purchases of petroleum bitumen decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, saw measured growth. The pace of growth was the most pronounced in 2013 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2021, and then reduced notably in the following year.

In value terms, petroleum bitumen imports dropped to $X in 2022. Over the period under review, imports, however, recorded a modest expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) was the largest importer of petroleum bitumen, making up X% of total imports. Togo (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%) and Ghana (X%). The following importers - Benin (X tons), Mauritania (X tons) and Niger (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to petroleum bitumen imports into Nigeria stood at X%. At the same time, Niger (X%), Benin (X%), Mauritania (X%), Togo (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Togo, Benin, Niger and Mauritania increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, petroleum bitumen imports plunged 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: Togo (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a perceptible reduction. The level of import peaked at $X per ton in 2012; however, from 2013 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 Niger ($X per ton), while Mauritania ($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

Frequently Asked Questions (FAQ) :