Western Africa: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Western Africa

The West African vulcanised rubber seal market amounted to $X in 2022, growing by 8.6% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +28.7% against 2018 indices. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Vulcanised Rubber Seal Production in Western Africa

In value terms, vulcanised rubber seal production contracted slightly to $X in 2022 estimated in export price. Overall, production posted a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 60% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Vulcanised Rubber Seal Exports

Exports in Western Africa

In 2022, overseas shipments of seals of vulcanised rubber were finally on the rise to reach X tons after two years of decline. Total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 44%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, vulcanised rubber seal exports declined slightly to $X in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 38% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria represented the major exporting country with an export of about X tons, which accounted for 43% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with an 11% share, followed by Sierra Leone (8.3%), Mauritania (6.5%), Ghana (6.2%), Senegal (5.9%), Togo (5.8%) and Guinea (5.6%).

Exports from Nigeria increased at an average annual rate of +19.3% from 2012 to 2022. At the same time, Mauritania (+40.8%), Guinea (+34.6%), Cote d'Ivoire (+10.1%) and Sierra Leone (+5.8%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +40.8% from 2012-2022. By contrast, Senegal (-4.7%), Togo (-7.5%) and Ghana (-11.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Mauritania, Guinea and Cote d'Ivoire increased by +32, +6.1, +5.2 and +4.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vulcanised rubber seal supplying countries in Western Africa were Nigeria ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 59% share of total exports. Ghana, Sierra Leone, Mauritania, Togo and Guinea lagged somewhat behind, together comprising a further 26%.

Mauritania, with a CAGR of +53.7%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -26.5% against the previous year. Overall, the export price showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by 37%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood 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 Senegal ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+10.7%), while the other leaders experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports in Western Africa

In 2022, approx. X tons of seals of vulcanised rubber were imported in Western Africa; with an increase of 42% against the previous year's figure. Overall, imports continue to indicate a measured increase. The most prominent rate of growth was recorded in 2013 with an increase of 100% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, vulcanised rubber seal imports fell to $X in 2022. Over the period under review, imports saw mild growth. The most prominent rate of growth was recorded in 2013 with an increase of 127% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Sierra Leone (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Senegal (X tons) and Liberia (X tons) were the major importers of seals of vulcanised rubber, together committing 81% of total imports. Togo (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Sierra Leone (with a CAGR of +47.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported seals of vulcanised rubber in Western Africa, comprising 38% of total imports. The second position in the ranking was taken by Sierra Leone ($X), with a 12% share of total imports. It was followed by Ghana, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +3.9%. The remaining importing countries recorded the following average annual rates of imports growth: Sierra Leone (+34.4% per year) and Ghana (-10.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, waning by -38.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 30% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, 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 Senegal (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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