ECOWAS: Non-Rolled Bitumen Products Market 2024

Non-Rolled Bitumen Products Market Size in ECOWAS

In 2022, the ECOWAS non-rolled bitumen products market decreased by -3.5% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +5.5% against 2019 indices. Over the period under review, the market hit record highs at $X in 2021, and then dropped modestly in the following year.

Non-Rolled Bitumen Products Production in ECOWAS

In value terms, non-rolled bitumen products production reached $X in 2022 estimated in export price. Over the period under review, production, however, posted tangible growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 72% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Non-Rolled Bitumen Products Exports

Exports in ECOWAS

In 2022, approx. X tons of non-rolled bitumen products were exported in ECOWAS; waning by -15% on 2021 figures. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 15,810% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-rolled bitumen products exports dropped to $X in 2022. Overall, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 9,949% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal represented the largest exporter of non-rolled bitumen products in ECOWAS, with the volume of exports reaching X tons, which was near 82% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), generating a 17% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-rolled bitumen products exports from Senegal stood at +65.3%. At the same time, Cote d'Ivoire (+65.7%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +65.7% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest non-rolled bitumen products supplier in ECOWAS, comprising 94% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 3.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Senegal amounted to +75.0%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by 6.3% against the previous year. In general, the export price continues to indicate pronounced growth. The pace of growth appeared the most rapid in 2016 an increase of 134% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 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 totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.9%).

Non-Rolled Bitumen Products Imports

Imports in ECOWAS

In 2022, overseas purchases of non-rolled bitumen products decreased by -21% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a mild downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 58% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, non-rolled bitumen products imports dropped sharply to $X in 2022. Overall, imports showed a noticeable slump. The pace of growth was the most pronounced in 2020 with an increase of 38%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) represented the key importer of non-rolled bitumen products in ECOWAS, achieving 77% of total import. Togo (X tons) ranks next in terms of the total imports with a 7.1% share, followed by Liberia (5.9%). Burkina Faso (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +16.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, with a combined 60% share of total imports. Nigeria, Liberia, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 31%.

Togo, with a CAGR of +23.9%, saw 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

In 2022, the import price in ECOWAS amounted to $X per ton, approximately reflecting the previous year. In general, the import price saw a noticeable setback. The pace of growth was the most pronounced in 2014 when the import price increased by 8.7% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform