ECOWAS: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in ECOWAS

The ECOWAS natural bitumen and asphalt market rose slightly to $X in 2021, picking up by 3.5% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in ECOWAS

In value terms, natural bitumen and asphalt production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a slight curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 30% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports in ECOWAS

In 2021, shipments abroad of natural bitumen and asphalt increased by 74% to X tons, rising for the sixth year in a row after three years of decline. Overall, exports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2016 when exports increased by 145%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports soared to $X in 2021. In general, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 149%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of natural bitumen and asphalt, namely Cote d'Ivoire, represented more than two-thirds of total export.

Cote d'Ivoire was also the fastest-growing in terms of the natural bitumen and asphalt exports, with a CAGR of -6.5% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest natural bitumen and asphalt supplier in ECOWAS.

In Cote d'Ivoire, natural bitumen and asphalt exports declined by an average annual rate of -5.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 7.3% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, natural bitumen and asphalt export price increased by +31.3% against 2015 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 35% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2021, the rate of growth in terms of prices for Cote d'Ivoire amounted to +1.5% per year.

Imports of Natural Bitumen and Asphalt

Imports in ECOWAS

In 2021, supplies from abroad of natural bitumen and asphalt decreased by -3.9% to X tons, falling for the third consecutive year after five years of growth. Over the period under review, imports, however, continue to indicate a tangible increase. The most prominent rate of growth was recorded in 2018 when imports increased by 59% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, natural bitumen and asphalt imports expanded sharply to $X in 2021. In general, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 47% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

Niger was the largest importer of natural bitumen and asphalt in ECOWAS, with the volume of imports recording X tons, which was approx. 43% of total imports in 2021. Nigeria (X tons) held a 28% share (based on physical terms) of total imports, which put it in second place, followed by Gambia (12%) and Benin (11%). Burkina Faso (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Gambia (with a CAGR of +43.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Niger ($X) and Gambia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 92% share of total imports.

Gambia, with a CAGR of +41.9%, recorded the highest growth rate of 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 2021, rising by 11% against the previous year. Import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, natural bitumen and asphalt import price increased by +59.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 21% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+9.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform