ECOWAS: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in ECOWAS

In 2022, after two years of growth, there was decline in the ECOWAS asphalt or bitumen article market, when its value decreased by -1.8% to $X. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Asphalt or Bitumen Articles in ECOWAS

In value terms, asphalt or bitumen article production fell modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 28%. The level of production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Exports of Asphalt or Bitumen Articles

Exports in ECOWAS

In 2022, approx. X tons of asphalt or bitumen articles were exported in ECOWAS; surging by 11% on the previous year. Over the period under review, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2018 with an increase of 116%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, asphalt or bitumen article exports stood at $X in 2022. Overall, exports, however, faced a precipitous slump. The most prominent rate of growth was recorded in 2018 when exports increased by 67%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the major exporter of asphalt or bitumen articles, generating 79% of total exports. It was distantly followed by Senegal (X tons), comprising an 18% share of total exports. Ghana (X tons) took a relatively small share of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of -7.9% from 2012 to 2022. At the same time, Senegal (+18.1%) and Ghana (+1.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +18.1% from 2012-2022. While the share of Senegal (+16 p.p.) and Ghana (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-17 p.p.) displayed negative dynamics.

In value terms, the largest asphalt or bitumen article supplying countries in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X), with a combined 100% share of total exports.

Among the main exporting countries, Senegal, with a CAGR of +33.5%, 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 mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with a decrease of -6.8% against the previous year. In general, the export price showed a precipitous shrinkage. The growth pace was the most rapid in 2014 an increase of 17%. 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 Senegal ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+13.0%), while the other leaders experienced a decline in the export price figures.

Imports of Asphalt or Bitumen Articles

Imports in ECOWAS

In 2022, overseas purchases of asphalt or bitumen articles decreased by -9.4% to X tons, falling for the second year in a row after five years of growth. In general, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, asphalt or bitumen article imports declined modestly to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.2% against 2015 indices. The pace of growth appeared the most rapid in 2020 with an increase of 36%. Over the period under review, imports attained the maximum at $X in 2021, and then dropped modestly in the following year.

Imports by Country

Cote d'Ivoire (X tons) and Nigeria (X tons) represented roughly 52% of total imports in 2022. Senegal (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (8.7%) and Mali (6.9%). The following importers - Burkina Faso (X tons) and Benin (X tons) - each recorded an 8.5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +16.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest asphalt or bitumen article importing markets in ECOWAS were Cote d'Ivoire ($X), Nigeria ($X) and Ghana ($X), with a combined 67% share of total imports.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +13.5%, recorded the highest rates of growth with regard to 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, with an increase of 7.1% against the previous year. Over the period under review, the import price, however, recorded a slight setback. The growth pace was the most rapid in 2019 when the import price increased by 12% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 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 Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform