Western Africa: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Western Africa

The West African lubricating oil additive market shrank rapidly to $X in 2021, waning by -19.9% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then fell rapidly in the following year.

Lubricating Oil Additive Production in Western Africa

In value terms, lubricating oil additive production declined slightly to $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +5.1% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 46%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Lubricating Oil Additive Exports

Exports in Western Africa

In 2021, approx. X tons of additives for lubricating oils were exported in Western Africa; growing by 35% against the previous year's figure. Over the period under review, exports, however, showed a pronounced curtailment. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, lubricating oil additive exports surged to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X tons) represented the largest exporter of additives for lubricating oils in Western Africa, mixing up 97% of total export.

Senegal was also the fastest-growing in terms of the additives for lubricating oils exports, with a CAGR of +4.0% from 2012 to 2021. From 2012 to 2021, the share of Senegal increased by +48 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest lubricating oil additive supplier in Western Africa.

In Senegal, lubricating oil additive exports increased at an average annual rate of +3.8% over the period from 2012-2021.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2013 an increase of 18%. The level of export peaked in 2021 and is expected to retain growth in the near future.

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.

Lubricating Oil Additive Imports

Imports in Western Africa

After four years of growth, overseas purchases of additives for lubricating oils decreased by -31.9% to X tons in 2021. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +37.2% against 2016 indices. The growth pace was the most rapid in 2020 when imports increased by 60%. As a result, imports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, lubricating oil additive imports contracted remarkably to $X in 2021. Total imports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +24.6% against 2018 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 67% against the previous year. As a result, imports reached the peak of $X, and then declined sharply in the following year.

Imports by Country

In 2021, Nigeria (X tons) was the largest importer of additives for lubricating oils, mixing up 60% of total imports. Senegal (X tons) ranks second in terms of the total imports with a 14% share, followed by Cote d'Ivoire (8%) and Ghana (7.4%). Togo (X tons), Mali (X tons) and Guinea (X tons) took a little share of total imports.

Imports into Nigeria increased at an average annual rate of +3.6% from 2012 to 2021. At the same time, Togo (+16.5%), Cote d'Ivoire (+5.8%), Mali (+2.8%) and Guinea (+2.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +16.5% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-3.0%) illustrated a downward trend over the same period. While the share of Nigeria (+6.2 p.p.), Togo (+2.4 p.p.) and Cote d'Ivoire (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-1.7 p.p.) and Ghana (-4.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported additives for lubricating oils in Western Africa, comprising 56% of total imports. The second position in the ranking was held by Senegal ($X), with a 17% share of total imports. It was followed by Ghana, with an 8.4% share.

In Nigeria, lubricating oil additive imports expanded at an average annual rate of +1.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+1.1% per year) and Ghana (-2.5% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, picking up by 2% against the previous year. Over the period under review, the import price, however, showed a mild decline. The pace of growth appeared the most rapid in 2014 when the import price increased by 25%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+0.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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