Report Update Nov 1, 2024

Nigeria - Tankers - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Tanker Market 2024

Tanker Market Size in Nigeria

In 2021, after two years of decline, there was significant growth in the Nigerien tanker market, when its value increased by 13% to $X. Over the period under review, consumption saw a pronounced slump. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Tanker Production in Nigeria

In value terms, tanker production shrank sharply to $X in 2021 estimated in export price. Overall, production recorded a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 676,680,533%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Tanker Exports

Exports from Nigeria

In 2021, approx. less than X units of tankers were exported from Nigeria; stabilizing at 2020. Over the period under review, exports showed a relatively flat trend pattern.

In value terms, tanker exports surged to $X in 2021. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 89,983%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Tanker Imports

Imports into Nigeria

In 2021, the amount of tankers imported into Nigeria amounted to X units, remaining constant against the year before. In general, imports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2015 when imports increased by 43%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, tanker imports soared to $X in 2021. Overall, imports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2014 with an increase of 364% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Norway (X units), Japan (X units) and the United Arab Emirates (X units) were the main suppliers of tanker imports to Nigeria, together comprising 43% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of 0.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), China ($X) and Italy ($X) were the largest tanker suppliers to Nigeria, together comprising 50% of total imports. Norway, Singapore, South Korea, Japan and the United Arab Emirates lagged somewhat behind, together accounting for a further 23%.

In terms of the main suppliers, South Korea, with a CAGR of +17.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average tanker import price stood at $X per unit in 2021, picking up by 97% against the previous year. Over the period under review, the import price, however, showed a pronounced curtailment. The growth pace was the most rapid in 2014 an increase of 199% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a 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 Russia ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+15,882.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for tankers in the world?

The countries with the highest volumes of in 2021 were China, Germany and Indonesia, together accounting for 54% of global consumption. These countries were followed by Poland, Brazil, Belgium and France, which together accounted for a further 34%.

What are the largest producers of tankers in the world?

The countries with the highest volumes of in 2021 were China, Germany and South Korea, together comprising 90% of global production.

What are the leading suppliers of tankers to Nigeria?

In value terms, China constituted the largest supplier of tanker to Nigeria, comprising 26% of total imports. The second position in the ranking was occupied by Italy, with a 12% share of total imports. It was followed by Germany, with an 11% share.

What is the average export price for tankers in Nigeria?

The average tanker export price stood at $53,167 per unit in 2019, therefore, remained relatively stable against the previous year.

What is the average import price for tankers in Nigeria?

In 2021, the average tanker import price amounted to $221,623 per unit, surging by 18% against the previous year.

This report provides an in-depth analysis of the tanker market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 30112210 - Crude oil tankers
Prodcom 30112230 - Oil product tankers
Prodcom 30112250 - Chemical tankers
Prodcom 30112270 - Gas carriers

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023