ECOWAS: Market for Liquefied Petroleum Gas (LPG) 2024

Market Size for Liquefied Petroleum Gas (LPG) in ECOWAS

After two years of growth, the ECOWAS liquefied petroleum gas (LPG) market decreased by X% to $X in 2023. Over the period under review, consumption saw a slight decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Production of Liquefied Petroleum Gas (LPG) in ECOWAS

In value terms, liquefied petroleum gas (LPG) production contracted to $X in 2023 estimated in export price. Over the period under review, production showed a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Exports of Liquefied Petroleum Gas (LPG)

Exports in ECOWAS

In 2023, after three years of decline, there was growth in overseas shipments of liquefied petroleum gas (LPG), when their volume increased by X% to X tons. In general, exports, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, liquefied petroleum gas (LPG) exports reduced to $X in 2023. Over the period under review, exports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Nigeria prevails in exports structure, reaching X tons, which was near X% of total exports in 2023. Togo (X tons) followed a long way behind the leaders.

Exports from Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Togo increased by X percentage points.

In value terms, Nigeria ($X) remains the largest liquefied petroleum gas (LPG) supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports.

In Nigeria, liquefied petroleum gas (LPG) exports decreased by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Overall, the export price showed a deep downturn. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Togo (X%).

Imports of Liquefied Petroleum Gas (LPG)

Imports in ECOWAS

In 2023, after eleven years of growth, there was significant decline in purchases abroad of liquefied petroleum gas (LPG), when their volume decreased by X% to X tons. In general, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, liquefied petroleum gas (LPG) imports rose to $X in 2023. Overall, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports reached the peak figure in 2023 and are expected to retain growth in the immediate term.

Imports by Country

Cote d'Ivoire represented the key importing country with an import of around X tons, which accounted for X% of total imports. Nigeria (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%) and Burkina Faso (X%). The following importers - Ghana (X tons) and Togo (X tons) - each accounted for an X% share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2023. At the same time, Nigeria (X%), Togo (X%), Burkina Faso (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana experienced a relatively flat trend pattern. Cote d'Ivoire (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Senegal saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported liquefied petroleum gas (LPG) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire stood at X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Nigeria (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, growing by X% against the previous year. Overall, the import price, however, saw a slight setback. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Togo ($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 a decline in the import price figures.

Source: IndexBox Platform