Ghana: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Ghana

The Ghanian natural bitumen and asphalt market totaled $X in 2021, rising by 3.7% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Natural bitumen and asphalt consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in Ghana

In value terms, natural bitumen and asphalt production expanded notably to $X in 2021 estimated in export price. In general, production showed a mild decrease. The most prominent rate of growth was recorded in 2019 when the production volume increased by 30%. Natural bitumen and asphalt production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports from Ghana

In 2021, overseas shipments of natural bitumen and asphalt decreased by -1.9% to X kg, falling for the fifth year in a row after three years of growth. In general, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2014 when exports increased by 133% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, natural bitumen and asphalt exports rose markedly to $X in 2021. Overall, total exports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +63.0% against 2017 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 39% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for natural bitumen and asphalt exports from Ghana, with a 1,890% share of total exports. Moreover, natural bitumen and asphalt exports to the UK exceeded the volume sent to the second major destination, Nigeria (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +21.3%.

In value terms, the UK ($X) remains the key foreign market for natural bitumen and asphalt exports from Ghana, comprising 93% of total exports. The second position in the ranking was held by Nigeria ($X), with a 7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK stood at +4.0%.

Export Prices by Country

The average natural bitumen and asphalt export price stood at $X per ton in 2021, with an increase of 15% against the previous year. Overall, the export price, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2013 when the average export price increased by 22% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to the UK stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (-10.7%).

Imports of Natural Bitumen and Asphalt

Imports into Ghana

For the third year in a row, Ghana recorded decline in purchases abroad of natural bitumen and asphalt, which decreased by -97.5% to X tons in 2021. Over the period under review, imports recorded a dramatic decrease. The pace of growth was the most pronounced in 2018 when imports increased by 1,280%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports reduced sharply to $X in 2021. In general, imports faced a significant curtailment. The pace of growth was the most pronounced in 2018 with an increase of 1,209%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Cote d'Ivoire (X tons) was the main supplier of natural bitumen and asphalt to Ghana, with a 95% share of total imports. It was followed by Spain (X kg), with a 2.2% share of total imports. Iran (X kg) ranked third in terms of total imports with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Cote d'Ivoire stood at +42.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-39.8% per year) and Iran (-38.3% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of natural bitumen and asphalt to Ghana, comprising 78% of total imports. The second position in the ranking was taken by Spain ($X), with a 9.5% share of total imports. It was followed by Iran, with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Cote d'Ivoire stood at +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-31.7% per year) and Iran (-29.3% per year).

Import Prices by Country

The average natural bitumen and asphalt import price stood at $X per ton in 2021, picking up by 25% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 125%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+27.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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