Western Africa: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Western Africa

For the third year in a row, the West African natural bitumen and asphalt market recorded growth in sales value, which increased by 3.4% to $X in 2021. In general, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Natural Bitumen and Asphalt in Western Africa

In value terms, natural bitumen and asphalt production rose markedly to $X in 2021 estimated in export price. Overall, production showed a mild descent. The growth pace was the most rapid in 2019 when the production volume increased by 30% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Natural Bitumen and Asphalt

Exports in Western Africa

In 2021, shipments abroad of natural bitumen and asphalt increased by 74% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 145%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports soared to $X in 2021. Overall, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2016 when exports increased by 148%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of natural bitumen and asphalt, namely Cote d'Ivoire, represented more than two-thirds of total export.

Cote d'Ivoire was also the fastest-growing in terms of the natural bitumen and asphalt exports, with a CAGR of -6.5% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest natural bitumen and asphalt supplier in Western Africa.

From 2012 to 2021, the average annual growth rate of value in Cote d'Ivoire totaled -5.0%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 7.3% against the previous year. Export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, natural bitumen and asphalt export price increased by +31.1% against 2015 indices. The pace of growth appeared the most rapid in 2014 when the export price increased by 35% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2021, the rate of growth in terms of prices for Cote d'Ivoire amounted to +1.5% per year.

Imports of Natural Bitumen and Asphalt

Imports in Western Africa

In 2021, purchases abroad of natural bitumen and asphalt decreased by -16.6% to X tons, falling for the third consecutive year after five years of growth. Overall, imports, however, continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 56%. 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 shrank modestly to $X in 2021. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 54%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Niger was the major importing country with an import of about X tons, which accounted for 43% of total imports. It was distantly followed by Nigeria (X tons), Gambia (X tons) and Benin (X tons), together creating a 51% share of total imports. Burkina Faso (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Gambia (with a CAGR of +43.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest natural bitumen and asphalt importing markets in Western Africa were Nigeria ($X), Niger ($X) and Gambia ($X), together accounting for 91% of total imports.

Gambia, with a CAGR of +41.9%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, with an increase of 18% against the previous year. Import price indicated temperate growth from 2012 to 2021: its price 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, natural bitumen and asphalt import price increased by +62.7% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+9.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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