ECOWAS: Metal-Reinforced Rubber Hose Market 2024

Metal-Reinforced Rubber Hose Market Size in ECOWAS

In 2022, the ECOWAS metal-reinforced rubber hose market decreased by -3.2% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption saw prominent growth. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Metal-Reinforced Rubber Hose Production in ECOWAS

In value terms, metal-reinforced rubber hose production declined to $X in 2022 estimated in export price. In general, production, however, posted resilient growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 166% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Metal-Reinforced Rubber Hose Exports

Exports in ECOWAS

After two years of decline, shipments abroad of rubber hose reinforced with metal increased by 19% to X tons in 2022. Overall, exports showed resilient growth. The most prominent rate of growth was recorded in 2013 when exports increased by 530%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, metal-reinforced rubber hose exports reached $X in 2022. Over the period under review, exports continue to indicate a perceptible expansion. The most prominent rate of growth was recorded in 2013 with an increase of 320% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X tons) and Ghana (X tons) represented the key exporters of rubber hose reinforced with metal in 2022, reaching near 30% and 28% of total exports, respectively. Mali (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (8.8%) and Senegal (7.1%). The following exporters - Burkina Faso (X kg) and Niger (X kg) - each finished at a 6.3% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +22.8%), while shipments 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 exports in 2022, with a combined 60% share of total exports. Mali, Sierra Leone, Niger and Burkina Faso lagged somewhat behind, together accounting for a further 35%.

In terms of the main exporting countries, Niger, with a CAGR of +28.5%, recorded the highest rates of growth with regard to 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

The export price in ECOWAS stood at $X per ton in 2022, reducing by -8.7% against the previous year. Over the period under review, the export price recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2015 when the export price increased by 153%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+4.7%), while the other leaders experienced more modest paces of growth.

Metal-Reinforced Rubber Hose Imports

Imports in ECOWAS

For the seventh consecutive year, ECOWAS recorded growth in purchases abroad of rubber hose reinforced with metal, which increased by 8.1% to X tons in 2022. Over the period under review, imports enjoyed a strong expansion. The growth pace was the most rapid in 2020 with an increase of 153%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, metal-reinforced rubber hose imports fell slightly to $X in 2022. In general, imports saw strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 64% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell slightly in the following year.

Imports by Country

Ghana was the main importing country with an import of about X tons, which finished at 58% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a 19% share, followed by Cote d'Ivoire (7.7%). The following importers - Guinea (X tons), Mali (X tons), Benin (X tons) and Senegal (X tons) - together made up 10% of total imports.

Imports into Ghana increased at an average annual rate of +24.5% from 2012 to 2022. At the same time, Benin (+28.7%), Cote d'Ivoire (+20.8%), Guinea (+18.5%), Nigeria (+18.1%), Senegal (+16.0%) and Mali (+12.8%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +28.7% from 2012-2022. While the share of Ghana (+21 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-1.7 p.p.) and Mali (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported rubber hose reinforced with metal in ECOWAS, comprising 40% of total imports. The second position in the ranking was taken by Mali ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

In Ghana, metal-reinforced rubber hose imports expanded at an average annual rate of +11.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mali (+20.9% per year) and Cote d'Ivoire (+13.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by -11.4% against the previous year. Over the period under review, the import price continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2015 an increase of 61% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+7.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform