Western Africa: Lubricant Additives Market 2024

Lubricant Additives Market Size in Western Africa

The West African lubricant additives market dropped remarkably to $X in 2021, with a decrease of -23% against the previous year. The total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +27.6% against 2017 indices. As a result, consumption attained the peak level of $X, and then fell dramatically in the following year.

Lubricant Additives Production in Western Africa

In value terms, lubricant additives production contracted rapidly to $X in 2021 estimated in export price. The total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +36.6% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 49% against the previous year. As a result, production attained the peak level of $X, and then reduced dramatically in the following year.

Lubricant Additives Exports

Exports in Western Africa

In 2021, approx. X tons of prepared additives for mineral oils were exported in Western Africa; increasing by 33% compared with the previous year. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 132% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lubricant additives exports soared to $X in 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 53%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Senegal (X tons), together resulting at 97% of total export.

Senegal was also the fastest-growing in terms of the prepared additives for mineral oils exports, with a CAGR of +4.0% from 2012 to 2021. From 2012 to 2021, the share of Senegal increased by +32 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest lubricant additives supplier in Western Africa.

In Senegal, lubricant additives exports increased at an average annual rate of +3.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with an increase of 2.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2014 an increase of 77% 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 Senegal.

From 2012 to 2021, the rate of growth in terms of prices for Senegal amounted to -0.2% per year.

Lubricant Additives Imports

Imports in Western Africa

After four years of growth, purchases abroad of prepared additives for mineral oils decreased by -31.8% to X tons in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 48% against the previous year. As a result, imports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, lubricant additives imports reduced dramatically to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 48%. As a result, imports attained the peak of $X, and then fell significantly in the following year.

Imports by Country

Nigeria represented the main importer of prepared additives for mineral oils in Western Africa, with the volume of imports recording X tons, which was approx. 60% of total imports in 2021. Senegal (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (8.6%) and Cote d'Ivoire (8.5%). The following importers - Togo (X tons), Mali (X tons) and Guinea (X tons) - together made up 7.6% of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of prepared additives for mineral oils. At the same time, Togo (+18.9%), Cote d'Ivoire (+7.3%), Mali (+3.4%), Guinea (+2.8%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +18.9% from 2012-2021. By contrast, Ghana (-1.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+3.6 p.p.) and Togo (+3 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Ghana saw its share reduced by -1.9% and -2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported prepared additives for mineral oils in Western Africa, comprising 55% of total imports. The second position in the ranking was held by Senegal ($X), with a 15% share of total imports. It was followed by Ghana, with a 9.3% share.

In Nigeria, lubricant additives imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+1.0% per year) and Ghana (-1.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, rising by 3.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 18% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Senegal ($X per ton) and Togo ($X per ton), while Nigeria ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+0.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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