ECOWAS: Market for Isoprene Rubber (IR) in Primary Forms 2024

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

In 2021, the ECOWAS market for isoprene rubber (IR) in primary forms increased by 29% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, showed a pronounced decrease. The level of consumption peaked 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 ECOWAS

In value terms, production of isoprene rubber (IR) in primary forms shrank to $X in 2021 estimated in export price. Overall, production showed a pronounced curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 3.1%. Over the period under review, production of reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports in ECOWAS

In 2021, overseas shipments of isoprene rubber (IR) in primary forms decreased by -9% to X tons, falling for the second year in a row after three years of growth. In general, exports, however, enjoyed measured growth. The pace of growth was the most pronounced in 2018 when exports increased by 186% against the previous year. Over the period under review, the exports of reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, exports of isoprene rubber (IR) in primary forms reached $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 145% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

In 2021, Cote d'Ivoire (X tons) and Ghana (X tons) represented the major exporter of isoprene rubber (IR) in primary forms in ECOWAS, mixing up 100% of total export.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +21.4%).

In value terms, Ghana ($X) remains the largest isoprene rubber (IR) in primary form supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled +2.3%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, rising by 22% against the previous year. Overall, the export price, however, recorded a pronounced contraction. The pace of growth was the most pronounced in 2015 an increase of 116%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.2%).

Imports of Isoprene Rubber (IR) in Primary Forms

Imports in ECOWAS

In 2021, the amount of isoprene rubber (IR) in primary forms imported in ECOWAS soared to X tons, increasing by 99% on the previous year. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 135%. Over the period under review, imports of reached the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, imports of isoprene rubber (IR) in primary forms skyrocketed to $X in 2021. Overall, imports, however, faced a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 140%. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire was the largest importing country with an import of about X tons, which resulted at 70% of total imports. It was distantly followed by Senegal (X tons), generating a 26% share of total imports. Burkina Faso (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the isoprene rubber (IR) in primary forms imports, with a CAGR of +93.7% from 2012 to 2021. At the same time, Senegal (+14.0%) displayed positive paces of growth. Burkina Faso experienced a relatively flat trend pattern. Cote d'Ivoire (+70 p.p.) and Senegal (+18 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported isoprene rubber (IR) in primary forms in ECOWAS, comprising 74% of total imports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire stood at +62.1%. In the other countries, the average annual rates were as follows: Senegal (-2.4% per year) and Burkina Faso (-16.1% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, reducing by -12.6% against the previous year. Overall, the import price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 an increase of 156%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Burkina Faso ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-14.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform