Western Africa: Reclaimed Rubber Market 2024

Reclaimed Rubber Market Size in Western Africa

The West African reclaimed rubber market soared to $X in 2021, rising by 17% against the previous year. The total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.6% 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 +42.5% against 2017 indices. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Reclaimed Rubber Production in Western Africa

In value terms, reclaimed rubber production rose slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 24%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Reclaimed Rubber Exports

Exports in Western Africa

Reclaimed rubber exports shrank rapidly to X tons in 2021, with a decrease of -64.8% compared with the previous year. In general, exports saw a drastic downturn. The pace of growth was the most pronounced in 2015 when exports increased by 157%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, reclaimed rubber exports contracted dramatically to $X in 2021. Overall, exports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2015 with an increase of 78%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, resulting at X tons, which was approx. 92% of total exports in 2021. It was distantly followed by Ghana (X tons), making up an 8.1% share of total exports.

Exports from Nigeria decreased at an average annual rate of -12.7% from 2012 to 2021. Ghana experienced a relatively flat trend pattern. While the share of Ghana (+5.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-5.5 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest reclaimed rubber supplier in Western Africa, comprising 70% of total exports. The second position in the ranking was held by Ghana ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at -9.5%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, surging by 60% against the previous year. Export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, reclaimed rubber export price increased by +78.4% against 2019 indices. The growth pace was the most rapid in 2013 when the export price increased by 80%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+23.7%).

Reclaimed Rubber Imports

Imports in Western Africa

Reclaimed rubber imports soared to X tons in 2021, with an increase of 94% on 2020 figures. In general, imports showed a perceptible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 106% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, reclaimed rubber imports skyrocketed to $X in 2021. Over the period under review, imports showed noticeable growth. The pace of growth was the most pronounced in 2018 with an increase of 76%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X tons), Ghana (X tons) and Senegal (X tons) represented the largest importer of reclaimed rubber in Western Africa, constituting 87% of total import. It was distantly followed by Cabo Verde (X tons), constituting a 7.2% share of total imports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cabo Verde (with a CAGR of +44.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest reclaimed rubber importing markets in Western Africa were Senegal ($X), Nigeria ($X) and Ghana ($X), with a combined 93% share of total imports. These countries were followed by Cote d'Ivoire and Cabo Verde, which together accounted for a further 5.2%.

In terms of the main importing countries, Cabo Verde, with a CAGR of +51.1%, 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

The import price in Western Africa stood at $X per ton in 2021, reducing by -13.1% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 28%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cabo Verde (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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