Ghana: Silicone Market 2024

Silicone Market Size in Ghana

The Ghanian silicone market skyrocketed to $X in 2021, picking up by 76% 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). Overall, consumption, however, recorded a deep setback. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Silicone Exports

Exports from Ghana

In 2021, the amount of silicones (in primary forms) exported from Ghana shrank significantly to X kg, reducing by -95.2% on the year before. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 2,403%. The exports peaked at X tons in 2020, and then reduced remarkably in the following year.

In value terms, silicone exports contracted sharply to $X in 2021. Overall, exports saw a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of 2,229%. The exports peaked at $X in 2020, and then fell remarkably in the following year.

Exports by Country

Burkina Faso (X kg) was the main destination for silicone exports from Ghana, accounting for a 85% share of total exports. Moreover, silicone exports to Burkina Faso exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), more than tenfold. Benin (X kg) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume to Burkina Faso totaled +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-23.9% per year) and Benin (-24.2% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for silicones (in primary forms) exports from Ghana, comprising 79% of total exports. The second position in the ranking was held by Benin ($X), with a 5.1% share of total exports. It was followed by Niger, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value to Burkina Faso stood at +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-21.3% per year) and Niger (-40.0% per year).

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, increasing by 11% against the previous year. Overall, the export price, however, continues to indicate a slight descent. The most prominent rate of growth was recorded in 2015 when the average export price increased by 110%. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Silicone Imports

Imports into Ghana

In 2021, imports of silicones (in primary forms) into Ghana surged to X tons, growing by 60% on the previous year. Overall, imports, however, saw a perceptible descent. The growth pace was the most rapid in 2015 when imports increased by 68%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silicone imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt curtailment. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Belgium (X tons) and Germany (X tons) were the main suppliers of silicone imports to Ghana, together accounting for 69% of total imports. Italy, the Netherlands, the United Arab Emirates, Canada and the United States lagged somewhat behind, together comprising a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +38.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone suppliers to Ghana were Belgium ($X), Italy ($X) and China ($X), with a combined 63% share of total imports. Germany, the Netherlands, the United Arab Emirates, Canada and the United States lagged somewhat behind, together accounting for a further 17%.

Canada, with a CAGR of +73.4%, recorded the highest growth rate of 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

The average silicone import price stood at $X per ton in 2021, with an increase of 2.8% against the previous year. In general, the import price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2018 an increase of 14% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+26.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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