Ghana: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Ghana

The Ghanian asphalt or bitumen article market expanded significantly to $X in 2022, with an increase of 7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a relatively flat trend pattern. Asphalt or bitumen article consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Exports of Asphalt or Bitumen Articles

Exports from Ghana

In 2022, after two years of growth, there was significant decline in overseas shipments of asphalt or bitumen articles, when their volume decreased by -49.9% to X tons. Overall, exports, however, posted a modest increase. The pace of growth appeared the most rapid in 2020 with an increase of 3,362%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell sharply in the following year.

In value terms, asphalt or bitumen article exports shrank dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 3,998% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Niger (X tons) was the main destination for asphalt or bitumen article exports from Ghana, accounting for a 62% share of total exports. Moreover, asphalt or bitumen article exports to Niger exceeded the volume sent to the second major destination, the UK (X tons), threefold. The third position in this ranking was held by Togo (X tons), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume to Niger was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and Togo (-10.1% per year).

In value terms, the UK ($X) emerged as the key foreign market for asphalt or bitumen articles exports from Ghana, comprising 65% of total exports. The second position in the ranking was taken by Niger ($X), with a 19% share of total exports. It was followed by Togo, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to the UK was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (0.0% per year) and Togo (-4.4% per year).

Export Prices by Country

The average asphalt or bitumen article export price stood at $X per ton in 2022, with an increase of 26% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+6.3%).

Imports of Asphalt or Bitumen Articles

Imports into Ghana

In 2022, approx. X tons of asphalt or bitumen articles were imported into Ghana; increasing by 24% against the previous year's figure. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 65% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, asphalt or bitumen article imports reached $X in 2022. In general, imports continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2020 with an increase of 30%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest asphalt or bitumen article supplier to Ghana, with a 24% share of total imports. Moreover, asphalt or bitumen article imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. Spain (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+38.6% per year) and Spain (+20.1% per year).

In value terms, the largest asphalt or bitumen article suppliers to Ghana were China ($X), Italy ($X) and Spain ($X), with a combined 50% share of total imports. The United States, Cote d'Ivoire, Turkey, the UK, Canada, Egypt, Slovakia, Belgium and Finland lagged somewhat behind, together comprising a further 20%.

In terms of the main suppliers, Turkey, with a CAGR of +26.4%, 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 average asphalt or bitumen article import price amounted to $X per ton, with a decrease of -18.1% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 40%. As a result, import price attained the peak level of $X per ton, and then declined notably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :