ECOWAS: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in ECOWAS

The ECOWAS synthetic rubber (excluding latex) market shrank modestly to $X in 2022, flattening at the previous year. In general, consumption, however, continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in ECOWAS

In value terms, synthetic rubber (excluding latex) production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced setback. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in ECOWAS

In 2022, shipments abroad of synthetic rubber (excluding latex) decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, recorded a slight expansion. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined remarkably in the following year.

In value terms, synthetic rubber (excluding latex) exports declined dramatically to $X in 2022. Over the period under review, exports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

Nigeria (X tons) and Ghana (X tons) prevails in exports structure, together committing X% of total exports. It was distantly followed by Liberia (X tons) and Cote d'Ivoire (X tons), together mixing up a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) supplying countries in ECOWAS were Nigeria ($X), Ghana ($X) and Liberia ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Nigeria, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, saw a deep slump. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in ECOWAS

Synthetic rubber (excluding latex) imports dropped dramatically to X tons in 2022, which is down by X% compared with 2021 figures. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X%. The volume of import peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, synthetic rubber (excluding latex) imports reduced rapidly to $X in 2022. Over the period under review, imports recorded a mild slump. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then contracted rapidly in the following year.

Imports by Country

Nigeria represented the major importing country with an import of around X tons, which amounted to X% of total imports. Cote d'Ivoire (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (X%) and Senegal (X%). The following importers - Burkina Faso (X tons) and Sierra Leone (X tons) - each finished at a X% share of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%), Ghana (X%), Cote d'Ivoire (X%) and Sierra Leone (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.), Ghana (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso and Nigeria saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the import prices failed to regain momentum.

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 Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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