Ghana: Market for Isoprene Rubber (IR) in Primary Forms 2023

Market Size for Isoprene Rubber (IR) in Primary Forms in Ghana

In 2021, the Ghanian market for isoprene rubber (IR) in primary forms increased by 13% to $X, rising for the third consecutive year after six years of decline. Overall, consumption, however, recorded a abrupt downturn. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Isoprene Rubber (IR) in Primary Forms in Ghana

In value terms, production of isoprene rubber (IR) in primary forms shrank slightly to $X in 2021 estimated in export price. In general, production recorded a abrupt descent. The most prominent rate of growth was recorded in 2019 when the production volume increased by 7.2%. Production of peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports from Ghana

In 2021, shipments abroad of isoprene rubber (IR) in primary forms decreased by -17.7% to X tons, falling for the third consecutive year after two years of growth. Overall, exports, however, saw a significant increase. The growth pace was the most rapid in 2013 with an increase of 183%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of isoprene rubber (IR) in primary forms rose slightly to $X in 2021. In general, exports, however, posted a moderate expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 123% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Burkina Faso (X tons) was the main destination for exports of isoprene rubber (IR) in primary forms from Ghana, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Burkina Faso totaled +21.4%.

In value terms, Burkina Faso ($X) also remains the key foreign market for isoprene rubber (IR) in primary forms exports from Ghana.

From 2012 to 2021, the average annual growth rate of value to Burkina Faso stood at +2.3%.

Export Prices by Country

In 2021, the average export price for isoprene rubber (IR) in primary forms amounted to $X per ton, picking up by 26% against the previous year. In general, the export price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2020 an increase of 26%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Burkina Faso.

From 2012 to 2021, the rate of growth in terms of prices for Burkina Faso amounted to -15.7% per year.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports into Ghana

For the third consecutive year, Ghana recorded decline in supplies from abroad of isoprene rubber (IR) in primary forms, which decreased by -9.4% to X kg in 2021. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 364%. Over the period under review, imports of attained the maximum at X kg in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms expanded sharply to $X in 2021. Over the period under review, imports, however, saw strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 72%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Belgium (X kg) constituted the largest supplier of isoprene rubber (IR) in primary form to Ghana, accounting for a 84% share of total imports. Moreover, imports of isoprene rubber (IR) in primary forms from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X kg), eightfold.

From 2012 to 2021, the average annual growth rate of volume from Belgium stood at +42.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.7% per year) and the United States (-20.8% per year).

In value terms, Germany ($X) constituted the largest supplier of isoprene rubber (IR) in primary forms to Ghana, comprising 74% of total imports. The second position in the ranking was taken by Belgium ($X), with a 5.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +37.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+26.4% per year) and the United States (-23.3% per year).

Import Prices by Country

The average import price for isoprene rubber (IR) in primary forms stood at $X per ton in 2021, growing by 25% against the previous year. Over the period under review, the import price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 353%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+96.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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