ECOWAS: Market for Furnace Burners For Liquid Fuel 2024

Market Size for Furnace Burners For Liquid Fuel in ECOWAS

After three years of growth, the ECOWAS liquid fuel furnace burner market decreased by -50.5% to $X in 2021. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then declined notably in the following year.

Production of Furnace Burners For Liquid Fuel in ECOWAS

In value terms, liquid fuel furnace burner production dropped dramatically to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 82%. As a result, production reached the peak level of $X, and then dropped sharply in the following year.

Exports of Furnace Burners For Liquid Fuel

Exports in ECOWAS

Liquid fuel furnace burner exports skyrocketed to X tons in 2021, rising by 1,625% against the year before. Over the period under review, exports continue to indicate a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, liquid fuel furnace burner exports skyrocketed to $X in 2021. In general, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Niger dominates exports structure, reaching X tons, which was near 89% of total exports in 2021. It was distantly followed by Togo (X tons), making up a 9.7% share of total exports.

Niger was also the fastest-growing in terms of the furnace burners for liquid fuel exports, with a CAGR of +118.1% from 2012 to 2021. At the same time, Togo (+43.1%) displayed positive paces of growth. Niger (+89 p.p.) and Togo (+4.3 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, Niger ($X) emerged as the largest liquid fuel furnace burner supplier in ECOWAS, comprising 73% of total exports. The second position in the ranking was held by Togo ($X), with a 26% share of total exports.

In Niger, liquid fuel furnace burner exports expanded at an average annual rate of +98.6% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, declining by -64.2% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 308%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Togo ($X per ton), while Niger amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+0.6%).

Imports of Furnace Burners For Liquid Fuel

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in overseas purchases of furnace burners for liquid fuel, when their volume decreased by -87.7% to X tons. Overall, imports, however, saw a notable expansion. The most prominent rate of growth was recorded in 2015 with an increase of 255% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then contracted dramatically in the following year.

In value terms, liquid fuel furnace burner imports dropped notably to $X in 2021. Over the period under review, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2015 when imports increased by 208% against the previous year. The level of import peaked at $X in 2020, and then shrank significantly in the following year.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 73% of total imports in 2021. Ghana (X tons) held a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (5.8%) and Niger (4.7%). The following importers - Togo (X tons), Mali (X tons) and Cote d'Ivoire (X tons) - each amounted to a 6.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to liquid fuel furnace burner imports into Nigeria stood at +5.8%. At the same time, Niger (+27.4%), Mali (+18.3%), Cote d'Ivoire (+10.5%) and Senegal (+5.8%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +27.4% from 2012-2021. By contrast, Ghana (-1.8%) and Togo (-13.1%) illustrated a downward trend over the same period. While the share of Nigeria (+15 p.p.) and Niger (+4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-3.7 p.p.) and Togo (-8.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported furnace burners for liquid fuel in ECOWAS, comprising 77% of total imports. The second position in the ranking was taken by Senegal ($X), with a 6.9% share of total imports. It was followed by Ghana, with a 5.9% share.

In Nigeria, liquid fuel furnace burner imports expanded at an average annual rate of +22.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+9.8% per year) and Ghana (+0.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, falling by -4.1% against the previous year. Overall, the import price, however, posted a strong increase. The pace of growth appeared the most rapid in 2016 when the import price increased by 61%. Over the period under review, import prices reached the maximum at $X per ton in 2020, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Senegal ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+16.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform