Market Size of West Africa Refined Petroleum Products Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
West Africa Refined Petroleum Products Market Analysis
The West African refined petroleum products market is expected to grow with a CAGR of around 5% during the forecast period. The COVID-19 pandemic has significantly impacted the market in the region due to the downfall in the demand of fuels like gasoline which is highly used in transportation, which got blocked during the lockdown, and the plummeted power demand where fuels are used to generate power. The two major drivers of the West African refined petroleum products market are, the extremely high power demand in many semi-urban and rural communities in countries like Ghana and Nigeria which can be immediately met by the fuel-driven power sector, and demand for marine fuels due to steadily growing shipping industry. However, the recent virus outbreaks like Omicron, and other variants can hamper the demand for fuels like aviation fuel, due to less travelling by airways.
- The Automotive fuels are expected to dominate the market during the forecast period, due to the fast-growing vehicles fleet in the region.
- In many parts of West Africa, a huge population uses highly pollutive fuels for cooking and lighting like biomass, firewood, charcoal etc. In Ghana, more than 60% of total energy consumption comes from biomass fuels ,as people are deprived of clean fuels like LPG. The Ghana government are indeed at providing LPG to these communities either in a subsidized form or free of cost cylinders. Such an action will prompt other countries in the region to maximize the use of clean fuels in such applications, which can accelerate the market.
- The private sector's keen interest in investing in the refining sector of countries like Nigeria can lead to a peak-level development of he market.
West Africa Refined Petroleum Products Industry Segmentation
The West African refined petroleum products market report includes:
| Type | |
| Automotive Fuels | |
| Marine Fuels | |
| Aviation Fuels | |
| Liquefied Petroleum Gas(LPG) | |
| Others |
| Geography | |
| Nigeria | |
| Ghana | |
| Senegal | |
| Others |
West Africa Refined Petroleum Products Market Size Summary
The West African refined petroleum products market is poised for growth, driven by increasing power demand in semi-urban and rural areas, particularly in Ghana and Nigeria, and the expanding shipping industry. The market, however, faced challenges due to the COVID-19 pandemic, which led to a decline in fuel demand, especially for transportation and power generation. Despite these setbacks, the automotive fuels segment is expected to lead the market's expansion, supported by a growing vehicle fleet and government regulations promoting cleaner fuel alternatives. The region's reliance on highly pollutive fuels for cooking and lighting underscores the need for cleaner energy solutions, with initiatives in Ghana serving as a potential model for other countries.
Investment from the private sector, particularly in Nigeria's refining industry, is anticipated to significantly boost the market. The Nigerian government's strategy to attract private investments, even in state-owned refineries, highlights the potential for market development. The introduction of new refineries and the expansion of existing ones, such as the Dangote refinery, are expected to enhance the region's refining capacity. The market remains moderately fragmented, with key players like Puma Energy, Monjasa Holding, and Trafigura Group actively participating. These developments, coupled with regulatory support and infrastructure investments, are likely to accelerate the growth of the refined petroleum products market in West Africa.
West Africa Refined Petroleum Products Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 West Africa Refined Petroleum Products Consumption in thousand bbl per day, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Automotive Fuels
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2.1.2 Marine Fuels
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2.1.3 Aviation Fuels
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2.1.4 Liquefied Petroleum Gas(LPG)
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2.1.5 Others
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2.2 Geography
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2.2.1 Nigeria
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2.2.2 Ghana
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2.2.3 Senegal
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2.2.4 Others
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West Africa Refined Petroleum Products Market Size FAQs
What is the current West Africa Refined Petroleum Products Market size?
The West Africa Refined Petroleum Products Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in West Africa Refined Petroleum Products Market?
Puma Energy Holdings Pte Ltd, Monjasa Holding AS, Trafigura Group Pte Ltd, Mercuria Energy Trading SA and Vitol Holding BV are the major companies operating in the West Africa Refined Petroleum Products Market.
