Western Africa: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Western Africa

The West African carbon dioxide market expanded significantly to $X in 2022, with an increase of 6.5% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.5% against 2019 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Carbon Dioxide Production in Western Africa

In value terms, carbon dioxide production rose sharply to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.3% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 23% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Carbon Dioxide Exports

Exports in Western Africa

In 2022, shipments abroad of carbon dioxide increased by 13% to X tons, rising for the second year in a row after two years of decline. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 873% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, carbon dioxide exports fell to $X in 2022. Over the period under review, exports saw a notable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 111% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria prevails in exports structure, accounting for X tons, which was approx. 92% of total exports in 2022. The following exporters - Senegal (X tons) and Burkina Faso (X tons) - together made up 5.3% of total exports.

Nigeria was also the fastest-growing in terms of the carbon dioxide exports, with a CAGR of +80.7% from 2012 to 2022. At the same time, Burkina Faso (+34.2%) and Senegal (+25.4%) displayed positive paces of growth. From 2012 to 2022, the share of Nigeria increased by +92 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest carbon dioxide supplier in Western Africa, comprising 60% of total exports. The second position in the ranking was taken by Senegal ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +46.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+15.7% per year) and Burkina Faso (+34.6% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, reducing by -19.7% against the previous year. Overall, the export price recorded a sharp descent. The most prominent rate of growth was recorded in 2016 an increase of 57% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.3%), while the other leaders experienced a decline in the export price figures.

Carbon Dioxide Imports

Imports in Western Africa

In 2022, overseas purchases of carbon dioxide decreased by -13.2% to X tons for the first time since 2014, thus ending a seven-year rising trend. In general, imports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 53%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, carbon dioxide imports shrank to $X in 2022. Overall, imports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2013 when imports increased by 45% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined modestly in the following year.

Imports by Country

In 2022, Ghana (X tons) and Guinea (X tons) were the largest importers of carbon dioxide in Western Africa, together reaching approx. 52% of total imports. Cote d'Ivoire (X tons) ranks next in terms of the total imports with a 12% share, followed by Senegal (11%) and Cabo Verde (6.9%). The following importers - Mauritania (X tons) and Togo (X tons) - each amounted to an 8.3% 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 Cote d'Ivoire (with a CAGR of +71.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest carbon dioxide importing markets in Western Africa were Ghana ($X), Guinea ($X) and Togo ($X), together comprising 48% of total imports. Mauritania, Cabo Verde, Cote d'Ivoire and Senegal lagged somewhat behind, together comprising a further 30%.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +37.1%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by 9.7% against the previous year. Overall, the import price, however, saw a deep downturn. The pace of growth was the most pronounced in 2015 an increase of 14% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 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 Togo ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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