ECOWAS: Market for Vulcanised Cellular Rubber Articles For Technical Uses 2024

Market Size for Vulcanised Cellular Rubber Articles For Technical Uses in ECOWAS

The ECOWAS vulcanised cellular rubber articles market shrank to $X in 2021, falling by -10.1% against the previous year. Over the period under review, consumption, however, showed a resilient expansion. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Production of Vulcanised Cellular Rubber Articles For Technical Uses in ECOWAS

In value terms, vulcanised cellular rubber articles production reduced to $X in 2021 estimated in export price. In general, production, however, posted strong growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 68% against the previous year. The level of production peaked at $X in 2020, and then contracted in the following year.

Exports of Vulcanised Cellular Rubber Articles For Technical Uses

Exports in ECOWAS

In 2021, shipments abroad of vulcanised cellular rubber articles for technical uses increased by 61% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 122% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, vulcanised cellular rubber articles exports surged to $X in 2021. Overall, exports posted strong growth. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal was the major exporter of vulcanised cellular rubber articles for technical uses in ECOWAS, with the volume of exports recording X tons, which was near 55% of total exports in 2021. It was distantly followed by Mali (X kg), Sierra Leone (X kg) and Niger (X kg), together making up a 39% share of total exports. The following exporters - Ghana (X kg), Togo (X kg) and Nigeria (X kg) - each amounted to a 5.1% share of total exports.

Senegal was also the fastest-growing in terms of the vulcanised cellular rubber articles for technical uses exports, with a CAGR of +53.7% from 2012 to 2021. At the same time, Niger (+14.7%), Mali (+8.1%), Ghana (+3.5%), Sierra Leone (+2.6%) and Nigeria (+2.0%) displayed positive paces of growth. By contrast, Togo (-25.8%) illustrated a downward trend over the same period. While the share of Senegal (+52 p.p.) and Niger (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sierra Leone (-6 p.p.) and Togo (-46.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) emerged as the largest vulcanised cellular rubber articles supplier in ECOWAS, comprising 58% of total exports. The second position in the ranking was taken by Mali ($X), with a 20% share of total exports. It was followed by Niger, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal totaled +56.2%. In the other countries, the average annual rates were as follows: Mali (+14.6% per year) and Niger (+31.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, surging by 37% against the previous year. In general, the export price showed a tangible increase. The pace of growth was the most pronounced in 2013 an increase of 104% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+14.5%), while the other leaders experienced more modest paces of growth.

Imports of Vulcanised Cellular Rubber Articles For Technical Uses

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in purchases abroad of vulcanised cellular rubber articles for technical uses, when their volume decreased by -6.1% to X tons. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +30.3% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 57% against the previous year. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, vulcanised cellular rubber articles imports expanded rapidly to $X in 2021. Total imports indicated a perceptible 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 +69.2% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 31%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

In 2021, Ghana (X tons), distantly followed by Senegal (X tons), Nigeria (X tons) and Cote d'Ivoire (X tons) were the major importers of vulcanised cellular rubber articles for technical uses, together generating 84% of total imports. Guinea (X tons), Benin (X tons) and Liberia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Liberia (with a CAGR of +54.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported vulcanised cellular rubber articles for technical uses in ECOWAS, comprising 37% of total imports. The second position in the ranking was held by Senegal ($X), with an 18% share of total imports. It was followed by Cote d'Ivoire, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Ghana totaled -4.7%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+9.0% per year) and Cote d'Ivoire (+22.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with an increase of 18% against the previous year. Over the period under review, the import price, however, showed a pronounced curtailment. The pace of growth was the most pronounced in 2018 when the import price increased by 30%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Liberia ($X per ton), while Nigeria ($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 (+0.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform