ECOWAS: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in ECOWAS

The ECOWAS synthetic rubber (excluding latex) market reached $X in 2021, with an increase of 8.4% against the previous year. In general, consumption, however, continues to indicate a pronounced decline. The growth pace was the most rapid in 2019 when the market value increased by 9.7% against the previous year. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Synthetic Rubber (Excluding Latex) in ECOWAS

In value terms, synthetic rubber (excluding latex) production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decrease. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports in ECOWAS

In 2021, the amount of synthetic rubber (excluding latex) exported in ECOWAS surged to X tons, jumping by 27% against 2020. Overall, exports saw a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 103% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) exports surged to $X in 2021. In general, exports continue to indicate a slight increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire represented the key exporting country with an export of around X tons, which resulted at 63% of total exports. It was distantly followed by Ghana (X tons) and Liberia (X tons), together constituting a 37% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the synthetic rubber (excluding latex) exports, with a CAGR of +18.0% from 2012 to 2021. At the same time, Liberia (+6.0%) and Ghana (+3.7%) displayed positive paces of growth. While the share of Cote d'Ivoire (+37 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest synthetic rubber (excluding latex) supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was held by Ghana ($X), with a 27% share of total exports.

In Cote d'Ivoire, synthetic rubber (excluding latex) exports increased at an average annual rate of +14.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-3.3% per year) and Liberia (+0.7% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 40% against the previous year. In general, the export price, however, continues to indicate a deep downturn. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Liberia ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-2.9%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in ECOWAS

In 2021, imports of synthetic rubber (excluding latex) in ECOWAS skyrocketed to X tons, with an increase of 87% on 2020. Over the period under review, imports showed a tangible increase. The growth pace was the most rapid in 2019 when imports increased by 94%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports soared to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +88.3% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was near 70% of total imports in 2021. Senegal (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons) and Ghana (X tons). All these countries together held approx. 22% share of total imports. Burkina Faso (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to synthetic rubber (excluding latex) imports into Nigeria stood at +3.5%. At the same time, Senegal (+30.0%), Ghana (+13.1%) and Cote d'Ivoire (+7.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +30.0% from 2012-2021. By contrast, Burkina Faso (-3.6%) illustrated a downward trend over the same period. Senegal (+8 p.p.) and Ghana (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso and Nigeria saw its share reduced by -2.6% and -7.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in ECOWAS, comprising 67% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Ghana, with a 6.3% share.

In Nigeria, synthetic rubber (excluding latex) imports expanded at an average annual rate of +2.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+6.1% per year) and Ghana (+15.9% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, shrinking by -3.7% against the previous year. Overall, the import price recorded a slight downturn. The pace of growth appeared the most rapid in 2014 an increase of 113%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform