ECOWAS: Reclaimed Rubber Market 2024

Reclaimed Rubber Market Size in ECOWAS

The ECOWAS reclaimed rubber market soared to $X in 2021, rising by 19% against the previous year. The total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +42.9% against 2017 indices. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Reclaimed Rubber Production in ECOWAS

In value terms, reclaimed rubber production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 24%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Reclaimed Rubber Exports

Exports in ECOWAS

In 2021, the amount of reclaimed rubber exported in ECOWAS fell sharply to X tons, shrinking by -64.8% against 2020 figures. Over the period under review, exports saw a deep setback. The growth pace was the most rapid in 2015 with an increase of 157% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, reclaimed rubber exports dropped dramatically to $X in 2021. In general, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 78% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria dominates exports structure, finishing at X tons, which was near 92% of total exports in 2021. It was distantly followed by Ghana (X tons), committing an 8.1% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to reclaimed rubber exports from Nigeria stood at -12.7%. Ghana experienced a relatively flat trend pattern. While the share of Ghana (+5.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-5.5 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest reclaimed rubber supplier in ECOWAS, comprising 70% of total exports. The second position in the ranking was held by Ghana ($X), with a 30% share of total exports.

In Nigeria, reclaimed rubber exports contracted by an average annual rate of -9.5% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, jumping by 60% against the previous year. Export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, reclaimed rubber export price increased by +78.4% against 2019 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 80% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+23.7%).

Reclaimed Rubber Imports

Imports in ECOWAS

Reclaimed rubber imports skyrocketed to X tons in 2021, surging by 106% against 2020. Overall, imports saw a noticeable increase. The pace of growth appeared the most rapid in 2014 with an increase of 107%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, reclaimed rubber imports soared to $X in 2021. Over the period under review, imports showed a notable increase. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of reclaimed rubber, namely Nigeria, Ghana and Senegal, represented more than two-thirds of total import. It was distantly followed by Cabo Verde (X tons), committing a 7.3% share of total imports. Cote d'Ivoire (X tons) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cabo Verde (with a CAGR of +44.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Nigeria ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, together comprising 94% of total imports. Cote d'Ivoire and Cabo Verde lagged somewhat behind, together accounting for a further 5.2%.

In terms of the main importing countries, Cabo Verde, with a CAGR of +51.1%, saw 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

The import price in ECOWAS stood at $X per ton in 2021, falling by -14.6% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 28% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cabo Verde (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform