ECOWAS: Lubricant Additives Market 2024

Lubricant Additives Market Size in ECOWAS

The ECOWAS lubricant additives market contracted dramatically to $X in 2021, waning by -23% against the previous year. The total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +27.7% against 2017 indices. As a result, consumption reached the peak level of $X, and then fell rapidly in the following year.

Lubricant Additives Production in ECOWAS

In value terms, lubricant additives production contracted dramatically to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +36.6% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 49% against the previous year. As a result, production attained the peak level of $X, and then contracted dramatically in the following year.

Lubricant Additives Exports

Exports in ECOWAS

In 2021, lubricant additives exports in ECOWAS surged to X tons, jumping by 33% on the year before. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 132%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, lubricant additives exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 53% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal (X tons) represented roughly 97% of total exports in 2021.

Senegal was also the fastest-growing in terms of the prepared additives for mineral oils exports, with a CAGR of +4.0% from 2012 to 2021. While the share of Senegal (+32 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest lubricant additives supplier in ECOWAS.

From 2012 to 2021, the average annual growth rate of value in Senegal stood at +3.8%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, increasing by 2.6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2014 an increase of 77%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2021, the rate of growth in terms of prices for Senegal amounted to -0.2% per year.

Lubricant Additives Imports

Imports in ECOWAS

In 2021, purchases abroad of prepared additives for mineral oils decreased by -31.9% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 49% against the previous year. As a result, imports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, lubricant additives imports contracted significantly to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 49%. As a result, imports attained the peak of $X, and then fell significantly in the following year.

Imports by Country

In 2021, Nigeria (X tons) was the largest importer of prepared additives for mineral oils, comprising 61% of total imports. Senegal (X tons) ranks second in terms of the total imports with a 12% share, followed by Ghana (8.7%) and Cote d'Ivoire (8.5%). The following importers - Togo (X tons), Mali (X tons) and Guinea (X tons) - together made up 7.7% of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of prepared additives for mineral oils. At the same time, Togo (+18.9%), Cote d'Ivoire (+7.3%), Mali (+3.4%), Guinea (+2.8%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +18.9% from 2012-2021. By contrast, Ghana (-1.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cote d'Ivoire and Togo increased by +3.7 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported prepared additives for mineral oils in ECOWAS, comprising 55% of total imports. The second position in the ranking was held by Senegal ($X), with a 15% share of total imports. It was followed by Ghana, with a 9.4% share.

In Nigeria, lubricant additives imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+1.0% per year) and Ghana (-1.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 3.8% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 19% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Senegal ($X per ton) and Togo ($X per ton), while Nigeria ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+0.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform