ECOWAS: Tyre Cord Fabric Market 2024

Tyre Cord Fabric Market Size in ECOWAS

In 2021, after nine years of growth, there was decline in the ECOWAS tyre cord fabric market, when its value decreased by -2.5% to $X. Over the period under review, consumption, however, enjoyed a prominent increase. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Tyre Cord Fabric Production in ECOWAS

In value terms, tyre cord fabric production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production recorded a buoyant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 27% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted modestly in the following year.

Tyre Cord Fabric Exports

Exports in ECOWAS

In 2021, overseas shipments of tyre cord fabric of high tenacity yarn decreased by -96.5% to X tons for the first time since 2015, thus ending a five-year rising trend. Over the period under review, exports continue to indicate a precipitous contraction. The pace of growth was the most pronounced in 2020 when exports increased by 740%. As a result, the exports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, tyre cord fabric exports declined sharply to $X in 2021. In general, exports showed a sharp slump. The most prominent rate of growth was recorded in 2020 when exports increased by 1,274%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Niger (X tons) was the main exporter of tyre cord fabric of high tenacity yarn, committing 65% of total exports. Togo (X kg) ranks second in terms of the total exports with a 29% share, followed by Nigeria (4.6%). Cote d'Ivoire (X kg) followed a long way behind the leaders.

Niger experienced a relatively flat trend pattern with regard to volume of exports of tyre cord fabric of high tenacity yarn. Nigeria (-18.8%), Togo (-31.1%) and Cote d'Ivoire (-43.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Niger, Togo and Nigeria increased by +65, +29 and +2.9 percentage points, respectively.

In value terms, Niger ($X) emerged as the largest tyre cord fabric supplier in ECOWAS, comprising 91% of total exports. The second position in the ranking was held by Togo ($X), with a 6.2% share of total exports. It was followed by Nigeria, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Niger was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (-16.8% per year) and Nigeria (-20.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, rising by 91% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 145% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+20.8%), while the other leaders experienced a decline in the export price figures.

Tyre Cord Fabric Imports

Imports in ECOWAS

In 2021, overseas purchases of tyre cord fabric of high tenacity yarn decreased by -59.1% to X tons, falling for the second year in a row after four years of growth. In general, imports showed a perceptible reduction. The pace of growth appeared the most rapid in 2018 with an increase of 698% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, tyre cord fabric imports dropped remarkably to $X in 2021. Over the period under review, imports saw a slight shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by 192% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was approx. 83% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), creating a 6% share of total imports. Togo (X tons), Burkina Faso (X tons) and Ghana (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -3.5% from 2012 to 2021. At the same time, Togo (+65.0%) and Ghana (+9.3%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +65.0% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Burkina Faso (-11.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Togo increased by +4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported tyre cord fabric of high tenacity yarn in ECOWAS, comprising 67% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Burkina Faso, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at -1.8%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+1.5% per year) and Burkina Faso (-8.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 86% against the previous year. Over the period under review, the import price showed a mild increase. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform