ECOWAS: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in ECOWAS

In 2022, after three years of growth, there was decline in the ECOWAS natural bitumen and asphalt market, when its value decreased by X% to $X. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Natural Bitumen and Asphalt in ECOWAS

In value terms, natural bitumen and asphalt production reduced to $X in 2022 estimated in export price. In general, production, however, saw a slight downturn. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports in ECOWAS

In 2022, overseas shipments of natural bitumen and asphalt decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. In general, exports continue to indicate a sharp decrease. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural bitumen and asphalt exports contracted significantly to $X in 2022. Over the period under review, exports recorded a sharp slump. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X tons) and Cote d'Ivoire (X tons) dominates exports structure, together comprising X% of total exports. It was distantly followed by Burkina Faso (X tons), committing a X% share of total exports. The following exporters - Nigeria (X kg) and Ghana (X kg) - each resulted at a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising X% of total exports. Burkina Faso and Ghana lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by X% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price 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, natural bitumen and asphalt export price increased by X% against 2015 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in ECOWAS

In 2022, supplies from abroad of natural bitumen and asphalt decreased by X% to X tons, falling for the fourth year in a row after two years of growth. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports declined significantly to $X in 2022. Over the period under review, imports, however, posted perceptible growth. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then reduced notably in the following year.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was approx. X% of total imports in 2022. Niger (X tons) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Benin (X%) and Cabo Verde (X%). Senegal (X tons) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of X% from 2012 to 2022. At the same time, Benin (X%) and Niger (X%) displayed positive paces of growth. By contrast, Senegal (X%) and Cabo Verde (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Benin and Niger increased by X, X and X percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported natural bitumen and asphalt in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with an X% share of total imports. It was followed by Benin, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Benin (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Import price indicated noticeable growth from 2012 to 2022: its price 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, natural bitumen and asphalt import price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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