Western Africa: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Western Africa

The West African synthetic rubber (excluding latex) market totaled $X in 2021, with an increase of 8.3% against the previous year. In general, consumption, however, saw a pronounced contraction. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in Western Africa

In value terms, synthetic rubber (excluding latex) production rose remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in 2017 when the production volume increased by 10%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in Western Africa

In 2021, synthetic rubber (excluding latex) exports in Western Africa skyrocketed to X tons, increasing by 27% compared with the previous year's figure. Over the period under review, exports saw a resilient increase. The pace of growth was the most pronounced in 2017 when exports increased by 103% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, synthetic rubber (excluding latex) exports soared to $X in 2021. Overall, exports showed a slight expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire was the major exporting country with an export of around X tons, which resulted at 63% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 29% share, followed by Liberia (7.3%).

Cote d'Ivoire was also the fastest-growing in terms of the synthetic rubber (excluding latex) exports, with a CAGR of +18.0% from 2012 to 2021. At the same time, Liberia (+6.0%) and Ghana (+3.7%) displayed positive paces of growth. From 2012 to 2021, the share of Cote d'Ivoire increased by +37 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest synthetic rubber (excluding latex) supplier in Western Africa, comprising 65% of total exports. The second position in the ranking was held by Ghana ($X), with a 27% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Cote d'Ivoire stood at +14.6%. In the other countries, the average annual rates were as follows: Ghana (-3.3% per year) and Liberia (+0.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, jumping by 40% against the previous year. Over the period under review, the export price, however, showed a abrupt setback. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Liberia ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-2.9%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in Western Africa

In 2021, approx. X tons of synthetic rubber (excluding latex) were imported in Western Africa; picking up by 87% on 2020 figures. Overall, imports showed noticeable growth. The most prominent rate of growth was recorded in 2019 with an increase of 95%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +87.8% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was near 70% of total imports in 2021. Senegal (X tons) ranks second in terms of the total imports with a 9.3% share, followed by Cote d'Ivoire (7.3%) and Ghana (5.4%). Burkina Faso (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +3.5% from 2012 to 2021. At the same time, Senegal (+30.0%), Ghana (+13.1%) and Cote d'Ivoire (+7.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +30.0% from 2012-2021. By contrast, Burkina Faso (-3.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal and Ghana increased by +8 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in Western Africa, comprising 67% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Ghana, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +2.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+6.1% per year) and Ghana (+15.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with a decrease of -3.6% against the previous year. Overall, the import price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2014 when the import price increased by 112%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform