ECOWAS: Market for Liquefied Petroleum Gas (LPG) 2024

Market Size for Liquefied Petroleum Gas (LPG) in ECOWAS

In 2022, the ECOWAS liquefied petroleum gas (LPG) market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, enjoyed a prominent increase. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Production of Liquefied Petroleum Gas (LPG) in ECOWAS

In value terms, liquefied petroleum gas (LPG) production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Liquefied Petroleum Gas (LPG)

Exports in ECOWAS

In 2022, overseas shipments of liquefied petroleum gas (LPG) were finally on the rise to reach X tons after two years of decline. Overall, exports, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a deep contraction. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria prevails in exports structure, resulting at X tons, which was near X% of total exports in 2022. It was distantly followed by Togo (X tons), achieving an X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to liquefied petroleum gas (LPG) exports from Nigeria stood at X%. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Togo (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest liquefied petroleum gas (LPG) supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with an X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price, however, showed a deep contraction. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Togo ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%).

Imports of Liquefied Petroleum Gas (LPG)

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in supplies from abroad of liquefied petroleum gas (LPG), which increased by X% to X tons in 2022. Over the period under review, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, liquefied petroleum gas (LPG) imports rose sharply to $X in 2022. Overall, imports showed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Cote d'Ivoire represented the main importer of liquefied petroleum gas (LPG) in ECOWAS, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. Senegal (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Togo (X%), Burkina Faso (X%) and Nigeria (X%). Ghana (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the liquefied petroleum gas (LPG) imports, with a CAGR of X% from 2012 to 2022. At the same time, Togo (X%), Nigeria (X%), Burkina Faso (X%) and Senegal (X%) displayed positive paces of growth. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Togo (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Burkina Faso (X p.p.), Ghana (X p.p.) and Senegal (X p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X), Burkina Faso ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Among the main importing countries, Cote d'Ivoire, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by X% against the previous year. In general, the import price continues to indicate a pronounced descent. The pace of growth appeared the most rapid in 2017 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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