Western Africa: Market for Extruded Solid Rubber Rods And Profiles 2024

Market Size for Extruded Solid Rubber Rods And Profiles in Western Africa

The West African extruded solid rubber rod market stood at $X in 2022, rising by 3.3% against the previous year. Over the period under review, consumption, however, continues to indicate a mild slump. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Extruded Solid Rubber Rods And Profiles in Western Africa

In value terms, extruded solid rubber rod production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2015 when the production volume increased by 32% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Exports of Extruded Solid Rubber Rods And Profiles

Exports in Western Africa

In 2022, the amount of extruded solid rubber rods and profiles exported in Western Africa expanded rapidly to X tons, surging by 7.5% on 2021 figures. Overall, exports, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2017 with an increase of 260% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, extruded solid rubber rod exports fell modestly to $X in 2022. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by 207%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire was the main exporter of extruded solid rubber rods and profiles in Western Africa, with the volume of exports amounting to X tons, which was near 57% of total exports in 2022. Sierra Leone (X tons) ranks second in terms of the total exports with a 27% share, followed by Togo (7.8%) and Nigeria (5.7%). Ghana (X kg) held a relatively small share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +10.8% from 2012 to 2022. At the same time, Sierra Leone (+42.4%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +42.4% from 2012-2022. By contrast, Nigeria (-4.0%), Togo (-5.9%) and Ghana (-31.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+42 p.p.) and Sierra Leone (+26 p.p.) significantly strengthened its position in terms of the total exports, while Togo and Ghana saw its share reduced by -2.8% and -55.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Sierra Leone ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 96% share of total exports.

Among the main exporting countries, Sierra Leone, with a CAGR of +41.3%, 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 export price in Western Africa amounted to $X per ton, reducing by -7.3% against the previous year. Over the period under review, the export price, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2014 an increase of 196%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+16.0%), while the other leaders experienced more modest paces of growth.

Imports of Extruded Solid Rubber Rods And Profiles

Imports in Western Africa

In 2022, the amount of extruded solid rubber rods and profiles imported in Western Africa declined to X tons, which is down by -14.7% compared with the previous year's figure. Over the period under review, imports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2019 with an increase of 50% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, extruded solid rubber rod imports dropped dramatically to $X in 2022. In general, imports showed a slight reduction. The pace of growth was the most pronounced in 2019 when imports increased by 38%. Over the period under review, imports attained the maximum at $X in 2021, and then dropped remarkably in the following year.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Nigeria (X tons), Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons) were the largest importers of extruded solid rubber rods and profiles, together making up 91% of total imports. The following importers - Guinea (X tons) and Benin (X tons) - together made up 5.8% of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +22.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 70% share of total imports. Senegal, Benin, Guinea and Mali lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Benin, with a CAGR of +35.6%, saw the highest growth rate of 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

The import price in Western Africa stood at $X per ton in 2022, which is down by -5.2% against the previous year. Import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, extruded solid rubber rod import price increased by +10.8% against 2020 indices. The pace of growth was the most pronounced in 2015 an increase of 64% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Benin ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+11.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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