ECOWAS: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in ECOWAS

The ECOWAS petroleum bitumen market surged to $X in 2023, picking up by X% against the previous year. Overall, consumption recorded a temperate expansion. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Petroleum Bitumen Production in ECOWAS

In value terms, petroleum bitumen production rose remarkably to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a mild descent. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Petroleum Bitumen Exports

Exports in ECOWAS

After two years of growth, shipments abroad of petroleum bitumen decreased by X% to X tons in 2023. In general, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, petroleum bitumen exports fell rapidly to $X in 2023. Overall, exports showed a abrupt descent. The growth pace was the most rapid in 2022 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Cote d'Ivoire (X tons) represented the major exporter of petroleum bitumen, committing X% of total exports. It was distantly followed by Togo (X tons) and Senegal (X tons), together achieving 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 ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Togo (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Togo (X p.p.) displayed negative dynamics.

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

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: Togo (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, 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 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the export price figures.

Petroleum Bitumen Imports

Imports in ECOWAS

In 2023, petroleum bitumen imports in ECOWAS soared to X tons, jumping by X% compared with 2022 figures. Over the period under review, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in the immediate term.

In value terms, petroleum bitumen imports expanded rapidly to $X in 2023. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the major importer of petroleum bitumen in ECOWAS, with the volume of imports finishing at X tons, which was near X% of total imports in 2023. It was distantly followed by Togo (X tons), making up a X% share of total imports. The following importers - Burkina Faso (X tons) and Ghana (X tons) - each accounted for a X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Burkina Faso (X%), Togo (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.) and Burkina Faso (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Ghana (X p.p.) and Togo (X p.p.) displayed negative dynamics.

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

In Nigeria, petroleum bitumen imports remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Togo (X% per year) and Burkina Faso (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. In general, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat 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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform