Western Africa - Natural Bitumen and Asphalt - Market Analysis, Forecast, Size, Trends and Insights
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View PricingWestern Africa: Market for Natural Bitumen and Asphalt 2024
Market Size for Natural Bitumen and Asphalt in Western Africa
In 2022, the West African natural bitumen and asphalt market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.
Production of Natural Bitumen and Asphalt in Western Africa
In value terms, natural bitumen and asphalt production shrank slightly to $X in 2022 estimated in export price. In general, production, however, showed a slight contraction. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.
Exports of Natural Bitumen and Asphalt
Exports in Western Africa
After six years of growth, overseas shipments of natural bitumen and asphalt decreased by X% to X tons in 2022. Overall, exports continue to indicate a dramatic decline. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.
In value terms, natural bitumen and asphalt exports dropped rapidly to $X in 2022. Over the period under review, exports recorded a significant contraction. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.
Exports by Country
Senegal (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together mixing up X% of total exports. It was distantly followed by Burkina Faso (X tons), constituting a X% share of total exports. The following exporters - Nigeria (X kg) and Ghana (X kg) - each recorded a X% share of total exports.
From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, the largest natural bitumen and asphalt supplying countries in Western Africa were Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined X% share of total exports. Burkina Faso and Ghana lagged somewhat behind, together comprising a further X%.
Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to 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 $X per ton in 2022, surging by X% against the previous year. Export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, natural bitumen and asphalt export price increased by X% against 2015 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.
Imports of Natural Bitumen and Asphalt
Imports in Western Africa
In 2022, overseas purchases of natural bitumen and asphalt decreased by X% to X tons, falling for the third year in a row after three years of growth. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
In value terms, natural bitumen and asphalt imports contracted rapidly to $X in 2022. In general, imports, however, continue to indicate noticeable growth. The pace of growth appeared the most rapid in 2018 when imports increased by X%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.
Imports by Country
Nigeria dominates imports structure, accounting for X tons, which was near X% of total imports in 2022. It was distantly followed by Niger (X tons), Benin (X tons) and Cabo Verde (X tons), together achieving a X% share of total imports. Senegal (X tons) followed a long way behind the leaders.
Nigeria was also the fastest-growing in terms of the natural bitumen and asphalt imports, with a CAGR of X% from 2012 to 2022. At the same time, Benin (X%) and Niger (X%) displayed positive paces of growth. By contrast, Senegal (X%) and Cabo Verde (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Benin and Niger increased by X, X and X percentage points, respectively.
In value terms, Nigeria ($X) constitutes the largest market for imported natural bitumen and asphalt in Western Africa, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with an X% share of total imports. It was followed by Benin, with a X% share.
In Nigeria, natural bitumen and asphalt imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Benin (X% per year).
Import Prices by Country
The import price in Western Africa stood at $X per ton in 2022, dropping by X% against the previous year. Import price indicated a pronounced expansion 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, natural bitumen and asphalt import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2021 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per ton), while Niger ($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 import price figures.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the market for natural bitumen and asphalt in Western Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 08991000 - Natural bitumen and natural asphalt, asphaltites and asphaltic rocks
Country coverage:
- Benin
- Burkina Faso
- Cabo Verde
- Cote d'Ivoire
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in Western Africa, split by region and country
- Trade (exports and imports) in Western Africa
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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