Western Africa: Oxygen Market 2024

Oxygen Market Size in Western Africa

The West African oxygen market was estimated at $X in 2022, growing by 2.5% against the previous year. Over the period under review, consumption enjoyed prominent growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Oxygen Production in Western Africa

In value terms, oxygen production rose to $X in 2022 estimated in export price. The total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 26% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Oxygen Exports

Exports in Western Africa

In 2022, oxygen exports in Western Africa surged to X cubic meters, jumping by 19% against the previous year's figure. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 159% against the previous year. Over the period under review, the exports hit record highs at X cubic meters in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, oxygen exports expanded markedly to $X in 2022. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 167% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, reaching X cubic meters, which was approx. 82% of total exports in 2022. It was distantly followed by Togo (X cubic meters), creating an 8.6% share of total exports. The following exporters - Ghana (X cubic meters), Nigeria (X cubic meters) and Senegal (X cubic meters) - together made up 6.9% of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the oxygen exports, with a CAGR of +54.1% from 2012 to 2022. At the same time, Togo (+12.5%), Senegal (+7.7%) and Ghana (+4.3%) displayed positive paces of growth. Nigeria experienced a relatively flat trend pattern. From 2012 to 2022, the share of Cote d'Ivoire increased by +71 percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest oxygen supplier in Western Africa, comprising 69% of total exports. The second position in the ranking was taken by Togo ($X), with a 13% share of total exports. It was followed by Senegal, with a 9.8% share.

In Cote d'Ivoire, oxygen exports expanded at an average annual rate of +56.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (+11.6% per year) and Senegal (+10.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per cubic meter in 2022, falling by -10.8% against the previous year. In general, the export price recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2016 an increase of 21%. The level of export peaked at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per cubic meter), while Nigeria ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.3%), while the other leaders experienced more modest paces of growth.

Oxygen Imports

Imports in Western Africa

In 2022, oxygen imports in Western Africa skyrocketed to X cubic meters, rising by 19% compared with 2021 figures. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 70% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, oxygen imports dropped dramatically to $X in 2022. Over the period under review, imports saw resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 82%. The level of import peaked at $X in 2021, and then declined rapidly in the following year.

Imports by Country

The countries with the highest levels of oxygen imports in 2022 were Togo (X cubic meters), Ghana (X cubic meters), Niger (X cubic meters), Mali (X cubic meters), Benin (X cubic meters), Senegal (X cubic meters) and Burkina Faso (X cubic meters), together reaching 87% of total import.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +269.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest oxygen importing markets in Western Africa were Benin ($X), Ghana ($X) and Mali ($X), with a combined 38% share of total imports. These countries were followed by Burkina Faso, Niger, Senegal and Togo, which together accounted for a further 24%.

Togo, with a CAGR of +127.8%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Western Africa stood at $X per cubic meter in 2022, declining by -38.9% against the previous year. In general, the import price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the import price increased by 46%. As a result, import price attained the peak level of $X per cubic meter. From 2015 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Benin ($X per cubic meter), while Togo ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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