Ghana: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Ghana

The Ghanian vulcanised rubber seal market rose notably to $X in 2022, growing by 8.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a abrupt decline. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vulcanised Rubber Seal Exports

Exports from Ghana

In 2022, shipments abroad of seals of vulcanised rubber increased by 90% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, showed a abrupt contraction. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, vulcanised rubber seal exports skyrocketed to $X in 2022. Over the period under review, exports, however, faced a deep contraction. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for vulcanised rubber seal exports from Ghana, with a 57% share of total exports. Moreover, vulcanised rubber seal exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Nigeria (X kg), eightfold. The third position in this ranking was taken by Senegal (X kg), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire stood at +34.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (-29.4% per year) and Senegal (+3.3% per year).

In value terms, the largest markets for vulcanised rubber seal exported from Ghana were Cote d'Ivoire ($X), the Netherlands ($X) and Burkina Faso ($X), together comprising 42% of total exports.

In terms of the main countries of destination, Burkina Faso, with a CAGR of +42.1%, recorded the highest growth rate of 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

In 2022, the average vulcanised rubber seal export price amounted to $X per ton, shrinking by -3.6% against the previous year. In general, the export price continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 29% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while the average price for exports to the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+180.0%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Ghana

In 2022, approx. X tons of seals of vulcanised rubber were imported into Ghana; growing by 19% against the previous year's figure. Over the period under review, imports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 with an increase of 147%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, vulcanised rubber seal imports totaled $X in 2022. In general, imports, however, showed a deep contraction. The growth pace was the most rapid in 2015 with an increase of 197% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Belgium (X tons), China (X tons) and the UK (X tons) were the main suppliers of vulcanised rubber seal imports to Ghana, with a combined 66% share of total imports. Turkey, Togo, Italy, the United Arab Emirates, South Africa and India lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +7.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Belgium ($X), the UK ($X) and China ($X) appeared to be the largest vulcanised rubber seal suppliers to Ghana, together accounting for 57% of total imports. South Africa, the United Arab Emirates, Italy, India, Turkey and Togo lagged somewhat behind, together accounting for a further 17%.

India, with a CAGR of +6.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vulcanised rubber seal import price amounted to $X per ton, which is down by -15.4% against the previous year. Overall, the import price continues to indicate a mild reduction. The pace of growth appeared the most rapid in 2021 an increase of 52% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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