Western Africa: Tyre Cord Fabric Market 2024

Tyre Cord Fabric Market Size in Western Africa

In 2021, the West African tyre cord fabric market decreased by -2.5% to $X for the first time since 2011, thus ending a nine-year rising trend. In general, consumption, however, saw buoyant growth. The level of consumption peaked at $X in 2020, and then contracted slightly in the following year.

Tyre Cord Fabric Production in Western Africa

In value terms, tyre cord fabric production contracted to $X in 2021 estimated in export price. Over the period under review, production posted a prominent increase. The growth pace was the most rapid in 2014 when the production volume increased by 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then shrank slightly in the following year.

Tyre Cord Fabric Exports

Exports in Western Africa

In 2021, after five years of growth, there was significant decline in shipments abroad of tyre cord fabric of high tenacity yarn, when their volume decreased by -96.5% to X tons. Over the period under review, exports saw a precipitous decline. The pace of growth appeared the most rapid in 2020 with an increase of 740%. As a result, the exports reached the peak of X tons, and then contracted markedly in the following year.

In value terms, tyre cord fabric exports fell rapidly to $X in 2021. In general, exports recorded a dramatic slump. The most prominent rate of growth was recorded in 2020 with an increase of 1,274% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Niger was the key exporting country with an export of around X tons, which accounted for 65% of total exports. It was distantly followed by Togo (X kg) and Nigeria (X kg), together mixing up a 33% share of total exports. Cote d'Ivoire (X kg) took a little share of total exports.

Niger experienced a relatively flat trend pattern with regard to volume of exports of tyre cord fabric of high tenacity yarn. Nigeria (-18.8%), Togo (-31.1%) and Cote d'Ivoire (-43.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Niger, Togo and Nigeria increased by +65, +29 and +2.9 percentage points, respectively.

In value terms, Niger ($X) emerged as the largest tyre cord fabric supplier in Western Africa, comprising 91% of total exports. The second position in the ranking was taken by Togo ($X), with a 6.2% share of total exports. It was followed by Nigeria, with a 2.2% share.

In Niger, tyre cord fabric exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (-16.8% per year) and Nigeria (-20.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with an increase of 91% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 145%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+20.8%), while the other leaders experienced a decline in the export price figures.

Tyre Cord Fabric Imports

Imports in Western Africa

In 2021, purchases abroad of tyre cord fabric of high tenacity yarn decreased by -59% to X tons, falling for the second consecutive year after four years of growth. In general, imports recorded a noticeable contraction. The growth pace was the most rapid in 2018 when imports increased by 691% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, tyre cord fabric imports fell dramatically to $X in 2021. Overall, imports showed a mild decline. The growth pace was the most rapid in 2018 with an increase of 186% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, reaching X tons, which was approx. 83% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), constituting a 6% share of total imports. The following importers - Togo (X tons), Burkina Faso (X tons) and Ghana (X tons) - together made up 7.6% of total imports.

From 2012 to 2021, average annual rates of growth with regard to tyre cord fabric imports into Nigeria stood at -3.5%. At the same time, Togo (+65.0%) and Ghana (+9.3%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +65.0% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Burkina Faso (-11.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Togo increased by +4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported tyre cord fabric of high tenacity yarn in Western Africa, comprising 67% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Burkina Faso, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at -1.8%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+1.5% per year) and Burkina Faso (-8.4% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, jumping by 86% against the previous year. In general, the import price recorded a modest increase. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat 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 Burkina Faso ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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