ECOWAS: Oxygen Market 2024

Oxygen Market Size in ECOWAS

The ECOWAS oxygen market was estimated at $X in 2022, picking up by 2.5% against the previous year. In general, consumption continues to indicate a strong increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Oxygen Production in ECOWAS

In value terms, oxygen production rose slightly 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 +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 27%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Oxygen Exports

Exports in ECOWAS

In 2022, approx. X cubic meters of oxygen were exported in ECOWAS; rising by 19% on 2021 figures. Over the period under review, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 159% against the previous year. Over the period under review, the exports hit record highs at X cubic meters in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, oxygen exports rose remarkably to $X in 2022. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 167%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire prevails in exports structure, resulting at X cubic meters, which was near 82% of total exports in 2022. It was distantly followed by Togo (X cubic meters), generating an 8.6% share of total exports. Ghana (X cubic meters), Nigeria (X cubic meters) and Senegal (X cubic meters) took a little share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the oxygen exports, with a CAGR of +54.1% from 2012 to 2022. At the same time, Togo (+12.5%), Senegal (+7.7%) and Ghana (+4.3%) displayed positive paces of growth. Nigeria experienced a relatively flat trend pattern. Cote d'Ivoire (+71 p.p.) significantly strengthened its position in terms of the total exports, while Senegal, Ghana, Togo and Nigeria saw its share reduced by -6.5%, -15.8%, -18.4% and -21.1% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest oxygen supplier in ECOWAS, comprising 69% of total exports. The second position in the ranking was taken by Togo ($X), with a 13% share of total exports. It was followed by Senegal, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +56.3%. In the other countries, the average annual rates were as follows: Togo (+11.6% per year) and Senegal (+10.7% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, waning by -10.8% against the previous year. Overall, the export price continues to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2016 when the export price increased by 21%. The level of export peaked at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 ($X per cubic meter), while Nigeria ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.3%), while the other leaders experienced more modest paces of growth.

Oxygen Imports

Imports in ECOWAS

In 2022, imports of oxygen in ECOWAS soared to X cubic meters, increasing by 22% compared with 2021. Overall, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 74%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, oxygen imports fell significantly to $X in 2022. In general, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2013 with an increase of 92%. Over the period under review, imports hit record highs at $X in 2021, and then declined markedly in the following year.

Imports by Country

The countries with the highest levels of oxygen imports in 2022 were Togo (X cubic meters), Ghana (X cubic meters), Niger (X cubic meters), Mali (X cubic meters), Benin (X cubic meters), Senegal (X cubic meters) and Burkina Faso (X cubic meters), together accounting for 91% of total import.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +269.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Benin ($X), Ghana ($X) and Mali ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 41% of total imports. These countries were followed by Burkina Faso, Niger, Senegal and Togo, which together accounted for a further 26%.

Among the main importing countries, Togo, with a CAGR of +127.8%, 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 cubic meter in 2022, waning by -39.4% against the previous year. Over the period under review, the import price continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2014 an increase of 55%. As a result, import price attained the peak level of $X per cubic meter. From 2015 to 2022, the 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 Benin ($X per cubic meter), while Togo ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform