Western Africa: Market for Petroleum Lubricating Oil And Grease 2025

Market Size for Petroleum Lubricating Oil And Grease in Western Africa

The West African market for petroleum lubricating oil and grease expanded markedly to $X in 2022, growing by X% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in Western Africa

In value terms, petroleum lubricating oil and grease production reached $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports in Western Africa

For the third consecutive year, Western Africa recorded decline in overseas shipments of petroleum lubricating oil and grease, which decreased by X% to X tons in 2022. Overall, exports, however, showed modest growth. The pace of growth was the most pronounced in 2019 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports declined remarkably to $X in 2022. Over the period under review, exports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X tons) and Togo (X tons) represented roughly X% of total exports in 2022. Senegal (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (X%). Nigeria (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Togo ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Among the main exporting countries, Togo, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, waning by X% against the previous year. Overall, the export price saw a noticeable decline. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 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 ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Petroleum Lubricating Oil And Grease

Imports in Western Africa

In 2022, overseas purchases of petroleum lubricating oil and grease decreased by X% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports declined modestly to $X in 2022. Overall, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank slightly in the following year.

Imports by Country

The countries with the highest levels of petroleum lubricating oil and grease imports in 2022 were Ghana (X tons), Nigeria (X tons), Benin (X tons), Niger (X tons), Guinea (X tons), Senegal (X tons) and Cote d'Ivoire (X tons), together resulting at X% of total import.

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

In value terms, Ghana ($X), Nigeria ($X) and Niger ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Cote d'Ivoire, Guinea, Benin and Senegal lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Guinea, with a CAGR of X%, saw the highest growth rate of 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 X% against the previous year. Import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum lubricating oil and grease import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in years to come.

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 Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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