Report Update Nov 1, 2024

Nigeria - Synthetic Rubber - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Nigeria

The Nigerien synthetic rubber market soared to $X in 2021, rising by 16% 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). Over the period under review, consumption, however, saw a perceptible reduction. Synthetic rubber consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Synthetic Rubber Exports

Exports from Nigeria

Synthetic rubber exports from Nigeria was estimated at X tons in 2020, approximately equating the previous year's figure. Over the period under review, exports saw a deep downturn. The smallest decline of -42.2% was in 2014. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2020, the exports failed to regain momentum.

In value terms, synthetic rubber exports stood at $X in 2020. Overall, exports showed a sharp decrease. The pace of growth was the most pronounced in 2014 when exports increased by 871%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2020, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for synthetic rubber exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire amounted to +174.4%.

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for synthetic rubber exports from Nigeria.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to +156.6%.

Export Prices by Country

The average synthetic rubber export price stood at less than $X per ton in 2021, waning by 99.9% against the previous year. Overall, the export price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 1,581%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2021, the rate of growth in terms of prices for the UK amounted to +17.5% per year.

Synthetic Rubber Imports

Imports into Nigeria

In 2021, synthetic rubber imports into Nigeria expanded sharply to X tons, increasing by 13% against 2020 figures. In general, imports, however, recorded a pronounced descent. The growth pace was the most rapid in 2019 when imports increased by 59% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a pronounced contraction. The growth pace was the most rapid in 2019 when imports increased by 26% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X tons), Germany (X tons) and China (X tons) were the main suppliers of synthetic rubber imports to Nigeria, with a combined 76% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +55.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber suppliers to Nigeria were Taiwan (Chinese) ($X), Germany ($X) and China ($X), together comprising 81% of total imports.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +47.0%, saw the highest rates of growth with regard to the value of imports, 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 rubber import price amounted to $X per ton, growing by 7.1% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 67%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for synthetic rubber in the world?

China remains the largest synthetic rubber consuming country worldwide, comprising approx. 31% of total volume. Moreover, synthetic rubber consumption in China exceeded the figures recorded by the second-largest consumer, the U.S., threefold. The third position in this ranking was occupied by Japan, with a 5.3% share.

What are the largest producers of synthetic rubber in the world?

The countries with the highest volumes of synthetic rubber production in 2020 were the U.S., China and South Korea, with a combined 35% share of global production. These countries were followed by Japan, Russia, Thailand, Vietnam, Germany, Indonesia, Taiwan Chinese), Mexico, France and Italy, which together accounted for a further 43%.

What are the leading suppliers of synthetic rubber to Nigeria?

In value terms, the largest synthetic rubber suppliers to Nigeria were Germany, Belgium and Malaysia, with a combined 64% share of total imports.

What is the average export price for synthetic rubber in Nigeria?

The average synthetic rubber export price stood at $1,188 per ton in 2020, waning by -91.1% against the previous year.

What is the average import price for synthetic rubber in Nigeria?

In 2020, the average synthetic rubber import price amounted to $1,588 per ton, waning by -23.7% against the previous year.

This report provides an in-depth analysis of the synthetic rubber market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20171050 - Synthetic latex rubber
Prodcom 20171090 - Synthetic rubber (excluding latex)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023