Ghana: Synthetic Filament Tow Market 2022

Synthetic Filament Tow Market Size in Ghana

The Ghanian synthetic filament tow market surged to $X in 2021, with an increase of 34% 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, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +93.4% against 2017 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in the near future.

Synthetic Filament Tow Exports

Exports from Ghana

After four years of growth, overseas shipments of synthetic filament tow and staple fibers, not carded or combed decreased by -71.1% to X tons in 2021. In general, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of 212%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic filament tow exports shrank significantly to $X in 2021. Overall, exports saw a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by 48% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons) was the main destination for synthetic filament tow exports from Ghana, accounting for a 87% share of total exports. Moreover, synthetic filament tow exports to Burkina Faso exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), ninefold. The third position in this ranking was held by the United States (X kg), with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume to Burkina Faso totaled +47.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-20.1% per year) and the United States (+20.1% per year).

In value terms, the largest markets for synthetic filament tow exported from Ghana were Cote d'Ivoire ($X), Burkina Faso ($X) and the United States ($X), with a combined 94% share of total exports.

Burkina Faso, with a CAGR of +54.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average synthetic filament tow export price stood at $X per ton in 2021, picking up by 106% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Burkina Faso ($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 Cote d'Ivoire (+20.5%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Filament Tow Imports

Imports into Ghana

In 2021, the amount of synthetic filament tow and staple fibers, not carded or combed imported into Ghana soared to X tons, picking up by 18% compared with the previous year's figure. Overall, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +89.4% against 2017 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 45%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, synthetic filament tow imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% 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 +92.6% against 2017 indices. The growth pace was the most rapid in 2020 when imports increased by 40% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons), Malaysia (X tons) and China (X tons) were the main suppliers of synthetic filament tow imports to Ghana, together comprising 79% of total imports. Thailand, South Africa, Indonesia, South Korea and India lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +35.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic filament tow suppliers to Ghana were Japan ($X), Malaysia ($X) and South Africa ($X), together accounting for 90% of total imports.

Malaysia, with a CAGR of +33.6%, recorded the highest growth rate of the value of imports, among 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 2021, the average synthetic filament tow import price amounted to $X per ton, surging by 15% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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