Western Africa: Market for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines 2024

Market Size for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in Western Africa

In 2021, the West African fuel or lubricating pump market increased by 20% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Production of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in Western Africa

In value terms, fuel or lubricating pump production declined significantly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 59%. As a result, production attained the peak level of $X, and then shrank rapidly in the following year.

Exports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Exports in Western Africa

In 2021, shipments abroad of fuel, lubricating or cooling-medium pumps for internal combustion engines decreased by -34.9% to X units, falling for the second consecutive year after four years of growth. In general, exports continue to indicate a perceptible setback. The pace of growth was the most pronounced in 2016 when exports increased by 121%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, fuel or lubricating pump exports reduced rapidly to $X in 2021. Overall, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2016 with an increase of 121% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, amounting to X units, which was near 77% of total exports in 2021. It was distantly followed by Senegal (X units), comprising a 9.9% share of total exports. The following exporters - Burkina Faso (X units), Cote d'Ivoire (X units) and Liberia (X units) - together made up 6.9% of total exports.

From 2012 to 2021, average annual rates of growth with regard to fuel or lubricating pump exports from Nigeria stood at +5.0%. At the same time, Liberia (+5.3%) and Senegal (+1.1%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +5.3% from 2012-2021. Burkina Faso experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-3.4%) illustrated a downward trend over the same period. Nigeria (+39 p.p.) and Senegal (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest fuel or lubricating pump supplier in Western Africa, comprising 58% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 7.3% share of total exports. It was followed by Senegal, with a 6.3% share.

In Nigeria, fuel or lubricating pump exports increased at an average annual rate of +3.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+3.5% per year) and Senegal (-3.9% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, surging by 26% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 47% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Burkina Faso ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Imports in Western Africa

In 2021, imports of fuel, lubricating or cooling-medium pumps for internal combustion engines in Western Africa skyrocketed to X units, growing by 62% compared with the previous year's figure. Over the period under review, imports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of 113% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, fuel or lubricating pump imports soared to $X in 2021. Overall, imports posted a slight expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 96%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X units) was the major importer of fuel, lubricating or cooling-medium pumps for internal combustion engines, creating 46% of total imports. Burkina Faso (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (15%). Senegal (X units), Guinea (X units), Mali (X units), Cote d'Ivoire (X units) and Niger (X units) took a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +4.2% from 2012 to 2021. At the same time, Guinea (+11.3%), Cote d'Ivoire (+6.8%), Burkina Faso (+5.6%), Senegal (+4.8%) and Mali (+2.1%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +11.3% from 2012-2021. By contrast, Niger (-7.6%) and Ghana (-17.7%) illustrated a downward trend over the same period. While the share of Nigeria (+24 p.p.), Burkina Faso (+9.7 p.p.), Guinea (+3.1 p.p.), Senegal (+2.4 p.p.) and Cote d'Ivoire (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-44.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fuel, lubricating or cooling-medium pumps for internal combustion engines in Western Africa, comprising 46% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with a 12% share of total imports. It was followed by Ghana, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +6.6%. In the other countries, the average annual rates were as follows: Burkina Faso (+5.7% per year) and Ghana (-15.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2021, picking up by 6.3% against the previous year. Import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fuel or lubricating pump import price increased by +29.5% against 2014 indices. The growth pace was the most rapid in 2014 an increase of 44%. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Mali ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :