Western Africa: Rare Gases Market 2024

Rare Gases Market Size in Western Africa

The West African rare gases market totaled $X in 2022, surging by 2.4% against the previous year. Over the period under review, consumption, however, recorded a remarkable increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Rare Gases Production in Western Africa

In value terms, rare gases production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a strong increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 71% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Rare Gases Exports

Exports in Western Africa

In 2022, exports of rare gases (excluding argon) in Western Africa declined notably to X cubic meters, waning by -55.8% against the previous year's figure. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 665% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, rare gases exports contracted slightly to $X in 2022. Over the period under review, exports, however, posted a mild expansion. The most prominent rate of growth was recorded in 2020 with an increase of 169% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Benin (X cubic meters), Nigeria (X cubic meters) and Ghana (X cubic meters) represented the key exporter of rare gases (excluding argon) in Western Africa, mixing up 79% of total export. Burkina Faso (X cubic meters) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (9.5%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Benin (with a CAGR of +50.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest rare gases supplying countries in Western Africa were Nigeria ($X), Ghana ($X) and Senegal ($X), with a combined 72% share of total exports. These countries were followed by Benin and Burkina Faso, which together accounted for a further 22%.

Benin, with a CAGR of +31.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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 cubic meter in 2022, with an increase of 117% against the previous year. Over the period under review, the export price, however, recorded a noticeable setback. Over the period under review, the export prices hit record highs at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices stood at a somewhat 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 ($X per cubic meter), while Benin ($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 Senegal (-0.3%), while the other leaders experienced a decline in the export price figures.

Rare Gases Imports

Imports in Western Africa

In 2022, supplies from abroad of rare gases (excluding argon) decreased by -42.4% to X cubic meters, falling for the second year in a row after three years of growth. In general, imports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 when imports increased by 192% against the previous year. As a result, imports reached the peak of X cubic meters. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, rare gases imports dropped notably to $X in 2022. Over the period under review, imports, however, recorded modest growth. The most prominent rate of growth was recorded in 2015 with an increase of 127% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The countries with the highest levels of rare gases imports in 2022 were Nigeria (X cubic meters), Niger (X cubic meters) and Gambia (X cubic meters), together resulting at 75% of total import. It was distantly followed by Ghana (X cubic meters) and Cote d'Ivoire (X cubic meters), together generating a 13% share of total imports. Senegal (X cubic meters) and Mauritania (X cubic meters) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Niger (with a CAGR of +105.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rare gases importing markets in Western Africa were Niger ($X), Ghana ($X) and Nigeria ($X), together comprising 53% of total imports.

Niger, with a CAGR of +61.7%, recorded 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, with an increase of 28% against the previous year. Over the period under review, the import price recorded prominent growth. The most prominent rate of growth was recorded in 2021 an increase of 59%. Over the period under review, import prices attained the maximum at $X per cubic meter in 2017; however, from 2018 to 2022, 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 Ghana ($X per cubic meter), while Nigeria ($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 Senegal (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :