Western Africa: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in Western Africa

In 2021, the West African market for isoprene rubber (IR) in primary forms increased by 29% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, saw a noticeable slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Isoprene Rubber (IR) in Primary Forms in Western Africa

In value terms, production of isoprene rubber (IR) in primary forms shrank slightly to $X in 2021 estimated in export price. In general, production recorded a perceptible decline. The pace of growth was the most pronounced in 2017 when the production volume increased by 3.1%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports in Western Africa

In 2021, overseas shipments of isoprene rubber (IR) in primary forms decreased by -9% to X tons, falling for the second year in a row after three years of growth. In general, exports, however, recorded a tangible expansion. The pace of growth was the most pronounced in 2018 when exports increased by 186%. Over the period under review, the exports of hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, exports of isoprene rubber (IR) in primary forms expanded significantly to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 145% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

In 2021, Cote d'Ivoire (X tons) and Ghana (X tons) represented the key exporter of isoprene rubber (IR) in primary forms in Western Africa, making up 100% of total export.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +21.4%).

In value terms, Ghana ($X) remains the largest isoprene rubber (IR) in primary form supplier in Western Africa, comprising 71% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 29% share of total exports.

In Ghana, exports of isoprene rubber (IR) in primary forms increased at an average annual rate of +2.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 22% against the previous year. Overall, the export price, however, showed a pronounced reduction. The growth pace was the most rapid in 2015 an increase of 116% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.2%).

Imports of Isoprene Rubber (IR) in Primary Forms

Imports in Western Africa

Imports of isoprene rubber (IR) in primary forms surged to X tons in 2021, increasing by 99% on 2020 figures. Over the period under review, imports, however, showed a mild slump. The most prominent rate of growth was recorded in 2017 when imports increased by 135% against the previous year. Over the period under review, imports of hit record highs at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms surged to $X in 2021. In general, imports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 140% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire was the major importer of isoprene rubber (IR) in primary forms in Western Africa, with the volume of imports accounting for X tons, which was near 70% of total imports in 2021. It was distantly followed by Senegal (X tons), committing a 26% share of total imports. Burkina Faso (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the isoprene rubber (IR) in primary forms imports, with a CAGR of +93.7% from 2012 to 2021. At the same time, Senegal (+14.0%) displayed positive paces of growth. Burkina Faso experienced a relatively flat trend pattern. Cote d'Ivoire (+70 p.p.) and Senegal (+19 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported isoprene rubber (IR) in primary forms in Western Africa, comprising 74% of total imports. The second position in the ranking was held by Senegal ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Cote d'Ivoire amounted to +62.1%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-2.4% per year) and Burkina Faso (-16.1% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, shrinking by -12.6% against the previous year. Over the period under review, the import price saw a abrupt slump. The most prominent rate of growth was recorded in 2016 an increase of 156% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Burkina Faso ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-14.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform