ECOWAS: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in ECOWAS

The ECOWAS carbon dioxide market expanded markedly to $X in 2022, picking up by 6.7% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.8% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Carbon Dioxide Production in ECOWAS

In value terms, carbon dioxide production rose sharply to $X in 2022 estimated in export price. The total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.6% against 2019 indices. The growth pace was the most rapid in 2013 when the production volume increased by 23%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Carbon Dioxide Exports

Exports in ECOWAS

In 2022, shipments abroad of carbon dioxide increased by 13% to X tons, rising for the second year in a row after two years of decline. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 873%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, carbon dioxide exports contracted to $X in 2022. Overall, exports showed a measured increase. The most prominent rate of growth was recorded in 2021 with an increase of 111% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, resulting at X tons, which was approx. 92% of total exports in 2022. The following exporters - Senegal (X tons) and Burkina Faso (X tons) - together made up 5.3% of total exports.

Nigeria was also the fastest-growing in terms of the carbon dioxide exports, with a CAGR of +80.7% from 2012 to 2022. At the same time, Burkina Faso (+34.2%) and Senegal (+25.4%) displayed positive paces of growth. Nigeria (+92 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest carbon dioxide supplier in ECOWAS, comprising 60% of total exports. The second position in the ranking was held by Senegal ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +46.4%. In the other countries, the average annual rates were as follows: Senegal (+15.7% per year) and Burkina Faso (+34.6% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, falling by -19.8% against the previous year. In general, the export price faced a sharp curtailment. The most prominent rate of growth was recorded in 2016 an increase of 57%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.3%), while the other leaders experienced a decline in the export price figures.

Carbon Dioxide Imports

Imports in ECOWAS

In 2022, supplies from abroad of carbon dioxide decreased by -14% to X tons for the first time since 2014, thus ending a seven-year rising trend. In general, imports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2013 when imports increased by 50% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, carbon dioxide imports shrank to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +28.3% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 42% against the previous year. The level of import peaked at $X in 2021, and then declined in the following year.

Imports by Country

Ghana (X tons) and Guinea (X tons) represented roughly 54% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), Senegal (X tons) and Cabo Verde (X tons), together achieving a 31% share of total imports. Togo (X tons) and Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +71.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest carbon dioxide importing markets in ECOWAS were Ghana ($X), Guinea ($X) and Togo ($X), with a combined 53% share of total imports. Cabo Verde, Cote d'Ivoire, Senegal and Nigeria lagged somewhat behind, together accounting for a further 27%.

Cote d'Ivoire, with a CAGR of +37.1%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

The import price in ECOWAS stood at $X per ton in 2022, surging by 10% against the previous year. Overall, the import price, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2015 when the import price increased by 14% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 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 Togo ($X per ton), while Guinea ($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 (+4.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform