ECOWAS: Market for Extruded Solid Rubber Rods And Profiles 2024

Market Size for Extruded Solid Rubber Rods And Profiles in ECOWAS

The ECOWAS extruded solid rubber rod market expanded to $X in 2022, surging by 3.3% against the previous year. Overall, consumption, however, showed a mild setback. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Extruded Solid Rubber Rods And Profiles in ECOWAS

In value terms, extruded solid rubber rod production rose to $X in 2022 estimated in export price. In general, production, however, continues to indicate a slight setback. The growth pace was the most rapid in 2015 with an increase of 32%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Exports of Extruded Solid Rubber Rods And Profiles

Exports in ECOWAS

Extruded solid rubber rod exports rose remarkably to X tons in 2022, growing by 7.5% compared with the year before. In general, exports, however, continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2017 when exports increased by 260%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, extruded solid rubber rod exports contracted modestly to $X in 2022. Overall, exports posted buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 207% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the major exporter of extruded solid rubber rods and profiles, mixing up 57% of total exports. It was distantly followed by Sierra Leone (X tons), Togo (X tons) and Nigeria (X tons), together achieving a 40% share of total exports. Ghana (X kg) held a minor share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +10.8% from 2012 to 2022. At the same time, Sierra Leone (+42.4%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +42.4% from 2012-2022. By contrast, Nigeria (-4.0%), Togo (-5.9%) and Ghana (-31.5%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+42 p.p.) and Sierra Leone (+26 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Togo (-2.8 p.p.) and Ghana (-55.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest extruded solid rubber rod supplying countries in ECOWAS were Cote d'Ivoire ($X), Sierra Leone ($X) and Nigeria ($X), together comprising 96% of total exports.

Among the main exporting countries, Sierra Leone, with a CAGR of +41.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with a decrease of -7.3% against the previous year. In general, the export price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 an increase of 196%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, 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 Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+16.0%), while the other leaders experienced more modest paces of growth.

Imports of Extruded Solid Rubber Rods And Profiles

Imports in ECOWAS

In 2022, imports of extruded solid rubber rods and profiles in ECOWAS reduced notably to X tons, with a decrease of -15.1% against 2021 figures. In general, imports recorded a perceptible contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 56%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, extruded solid rubber rod imports reduced dramatically to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 40%. The level of import peaked at $X in 2021, and then shrank markedly in the following year.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Nigeria (X tons), Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons) represented the major importers of extruded solid rubber rods and profiles, together making up 91% of total imports. The following importers - Guinea (X tons) and Benin (X tons) - together made up 5.8% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Benin (with a CAGR of +22.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest extruded solid rubber rod importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined 71% share of total imports. Senegal, Benin, Guinea and Mali lagged somewhat behind, together comprising a further 24%.

In terms of the main importing countries, Benin, with a CAGR of +35.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -5.4% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, extruded solid rubber rod import price increased by +11.1% against 2020 indices. The pace of growth was the most pronounced in 2015 an increase of 70%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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 Benin ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+11.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform