ECOWAS: Rare Gases Market 2024

Rare Gases Market Size in ECOWAS

The ECOWAS rare gases market was estimated at $X in 2022, picking up by 2.3% against the previous year. Over the period under review, consumption, however, saw a resilient expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Rare Gases Production in ECOWAS

In value terms, rare gases production expanded remarkably to $X in 2022 estimated in export price. In general, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 82%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Rare Gases Exports

Exports in ECOWAS

In 2022, rare gases exports in ECOWAS soared to X cubic meters, with an increase of 71% on the year before. Overall, exports saw a prominent expansion. The growth pace was the most rapid in 2015 with an increase of 82% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, rare gases exports soared to $X in 2022. In general, exports recorded a mild increase. The pace of growth appeared the most rapid in 2014 when exports increased by 137% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The shipments of the three major exporters of rare gases (excluding argon), namely Benin, Nigeria and Ghana, represented more than two-thirds of total export. Burkina Faso (X cubic meters) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (9.5%).

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +50.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 72% share of total exports. These countries were followed by Benin and Burkina Faso, which together accounted for a further 22%.

Benin, with a CAGR of +31.2%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, which is down by -29.6% against the previous year. In general, the export price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2014 when the export price increased by 61%. As a result, the export price reached the peak level of $X per cubic meter. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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 ($X per cubic meter), while Benin ($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 Senegal (-0.3%), while the other leaders experienced a decline in the export price figures.

Rare Gases Imports

Imports in ECOWAS

In 2022, overseas purchases of rare gases (excluding argon) decreased by -43.5% to X cubic meters, falling for the second consecutive year after three years of growth. Over the period under review, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 194% against the previous year. As a result, imports reached the peak of X cubic meters. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, rare gases imports declined markedly to $X in 2022. In general, imports, however, recorded a modest expansion. The growth pace was the most rapid in 2015 with an increase of 136% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria (X cubic meters), Niger (X cubic meters) and Gambia (X cubic meters) represented roughly 78% of total imports in 2022. Ghana (X cubic meters) ranks next in terms of the total imports with a 7.6% share, followed by Cote d'Ivoire (5.8%). Senegal (X cubic meters) and Guinea (X cubic meters) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Niger (with a CAGR of +105.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rare gases importing markets in ECOWAS were Niger ($X), Ghana ($X) and Nigeria ($X), with a combined 56% share of total imports.

Among the main importing countries, Niger, with a CAGR of +61.7%, 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

In 2022, the import price in ECOWAS amounted to $X per cubic meter, with an increase of 26% against the previous year. Overall, the import price continues to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when the import price increased by 63% against the previous year. Over the period under review, import prices attained the maximum at $X per cubic meter in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per cubic meter), while Nigeria ($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 Guinea (+10.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform