Africa: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in Africa

The African petroleum bitumen market was estimated at $X in 2023, leveling off at the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Petroleum Bitumen Production in Africa

In value terms, petroleum bitumen production rose sharply to $X in 2023 estimated in export price. Overall, production recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Petroleum Bitumen Exports

Exports in Africa

In 2023, the amount of petroleum bitumen exported in Africa reduced sharply to X tons, dropping by X% against 2022. Over the period under review, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2015 to 2023, the growth of the exports failed to regain momentum.

In value terms, petroleum bitumen exports declined dramatically to $X in 2023. Overall, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, the exports reached the peak of $X. From 2015 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire was the major exporter of petroleum bitumen in Africa, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by Togo (X tons), South Africa (X tons) and Senegal (X tons), together committing a X% share of total exports.

From 2012 to 2023, 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 Africa, with a CAGR of X% from 2012-2023. By contrast, Togo (X%) and South Africa (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of South Africa (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire amounted to X%. In the other countries, the average annual rates were as follows: South Africa (X% per year) and Togo (X% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the export price saw a slight setback. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the other leaders experienced a decline in the export price figures.

Petroleum Bitumen Imports

Imports in Africa

Petroleum bitumen imports declined slightly to X tons in 2023, flattening at 2022 figures. Total imports indicated a resilient expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, petroleum bitumen imports contracted to $X in 2023. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the four major importers of petroleum bitumen, namely Nigeria, Algeria, Morocco and South Africa, represented more than two-thirds of total import. It was distantly followed by Togo (X tons), creating a X% share of total imports. The following importers - Tunisia (X tons), Kenya (X tons), Egypt (X tons), Cameroon (X tons) and Tanzania (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Africa (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum bitumen importing markets in Africa were Algeria ($X), Nigeria ($X) and Morocco ($X), together accounting for X% of total imports. South Africa, Togo, Egypt, Tunisia, Kenya, Tanzania and Cameroon lagged somewhat behind, together comprising a further X%.

South Africa, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Africa amounted to $X per ton, dropping by X% against the previous year. Overall, the import price saw a perceptible reduction. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Tanzania ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform