ECOWAS: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in ECOWAS

The ECOWAS market for petroleum lubricating oil and grease was estimated at $X in 2022, growing by X% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Petroleum Lubricating Oil And Grease in ECOWAS

In value terms, petroleum lubricating oil and grease production expanded markedly to $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports in ECOWAS

Petroleum lubricating oil and grease exports shrank sharply to X tons in 2022, with a decrease of X% compared with 2021 figures. Over the period under review, exports, however, saw a mild expansion. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease exports fell rapidly to $X in 2022. In general, exports continue to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons) and Togo (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Senegal (X tons) and Sierra Leone (X tons), together mixing up a X% share of total exports. Nigeria (X kg) followed a long way behind the leaders.

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

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Togo ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising X% of total exports.

In terms of the main exporting countries, Togo, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the export price recorded a noticeable slump. The pace of growth appeared the most rapid in 2014 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Petroleum Lubricating Oil And Grease

Imports in ECOWAS

In 2022, overseas purchases of petroleum lubricating oil and grease decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports continue to indicate a pronounced curtailment. The growth pace was the most rapid in 2017 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports dropped to $X in 2022. Overall, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons), Benin (X tons), Niger (X tons), Guinea (X tons), Senegal (X tons) and Cote d'Ivoire (X tons) was the major importer of petroleum lubricating oil and grease in ECOWAS, committing X% of total import.

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

In value terms, Ghana ($X), Nigeria ($X) and Niger ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising X% of total imports. Cote d'Ivoire, Guinea, Benin and Senegal lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Guinea, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the import price in ECOWAS amounted to $X per ton, growing by X% against the previous year. Import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum lubricating oil and grease import price increased by X% against 2017 indices. The growth pace was the most rapid in 2013 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform