ECOWAS: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in ECOWAS

The ECOWAS market for petroleum lubricating oil and grease reduced slightly to $X in 2023, shrinking by X% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2023, the growth of the market remained at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in ECOWAS

In value terms, petroleum lubricating oil and grease production reduced to $X in 2023 estimated in export price. Over the period under review, production, however, posted a remarkable increase. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2023, production growth remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports in ECOWAS

Petroleum lubricating oil and grease exports surged to X tons in 2023, jumping by X% on the year before. Overall, exports posted perceptible growth. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports surged to $X in 2023. Over the period under review, exports continue to indicate a tangible expansion. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, Senegal (X tons) was the major exporter of petroleum lubricating oil and grease, constituting X% of total exports. It was distantly followed by Cote d'Ivoire (X tons), Togo (X tons) and Ghana (X tons), together committing a X% share of total exports. Sierra Leone (X tons) held a minor share of total exports.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Sierra Leone (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) and Togo (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Senegal, Cote d'Ivoire, Togo and Sierra Leone increased by X, X, X and X percentage points, respectively.

In value terms, Senegal ($X) remains the largest petroleum lubricating oil and grease supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Ghana, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Senegal amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, increasing by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2023, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Petroleum Lubricating Oil And Grease

Imports in ECOWAS

In 2023, imports of petroleum lubricating oil and grease in ECOWAS soared to X tons, jumping by X% compared with 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports dropped to $X in 2023. Total imports indicated notable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The level of import peaked at $X in 2022, and then reduced in the following year.

Imports by Country

Nigeria represented the major importer of petroleum lubricating oil and grease in ECOWAS, with the volume of imports reaching X tons, which was near X% of total imports in 2023. Ghana (X tons) held the second position in the ranking, followed by Senegal (X tons), Guinea (X tons), Benin (X tons), Cote d'Ivoire (X tons), Niger (X tons) and Burkina Faso (X tons). All these countries together held near X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to petroleum lubricating oil and grease imports into Nigeria stood at X%. At the same time, Niger (X%), Benin (X%), Senegal (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%), Burkina Faso (X%) and Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Nigeria, Benin, Senegal, Niger and Guinea increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Cote d'Ivoire, Guinea, Niger, Benin and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Niger, with a CAGR of X%, 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

In 2023, the import price in ECOWAS amounted to $X per ton, falling by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2022, and then declined notably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, 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