Western Africa: Vulcanised Rubber Thread Market 2024

Vulcanised Rubber Thread Market Size in Western Africa

The West African vulcanised rubber thread market totaled $X in 2021, with an increase of 10% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.4% 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 +91.7% against 2015 indices. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Vulcanised Rubber Thread Production in Western Africa

In value terms, vulcanised rubber thread production expanded to $X in 2021 estimated in export price. In general, production saw strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 50%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Vulcanised Rubber Thread Exports

Exports in Western Africa

In 2021, the amount of vulcanised rubber thread and cord exported in Western Africa shrank markedly to X tons, falling by -47.5% against 2020. In general, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 182%. As a result, the exports attained the peak of X tons, and then fell notably in the following year.

In value terms, vulcanised rubber thread exports contracted to $X in 2021. Overall, exports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 137% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

In 2021, Ghana (X tons) represented the main exporter of vulcanised rubber thread and cord, comprising 78% of total exports. It was distantly followed by Togo (X tons), committing an 18% share of total exports.

Ghana was also the fastest-growing in terms of the vulcanised rubber thread and cord exports, with a CAGR of +56.3% from 2012 to 2021. At the same time, Togo (+14.3%) displayed positive paces of growth. While the share of Ghana (+75 p.p.) and Togo (+6.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest vulcanised rubber thread supplier in Western Africa, comprising 75% of total exports. The second position in the ranking was taken by Togo ($X), with an 11% share of total exports.

In Ghana, vulcanised rubber thread exports expanded at an average annual rate of +62.1% over the period from 2012-2021.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with an increase of 68% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the export price increased by 100%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+5.5%).

Vulcanised Rubber Thread Imports

Imports in Western Africa

In 2021, approx. X tons of vulcanised rubber thread and cord were imported in Western Africa; picking up by 15% against the year before. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -1.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 81%. Over the period under review, imports hit record highs at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, vulcanised rubber thread imports skyrocketed to $X in 2021. Over the period under review, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 102%. The level of import peaked in 2021 and is likely to continue growth in years to come.

Imports by Country

Nigeria (X tons) and Togo (X tons) represented roughly 45% of total imports in 2021. Guinea (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (9.3%), Cote d'Ivoire (8.7%), Benin (6.5%) and Senegal (6.4%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Benin (with a CAGR of +32.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Togo ($X), Nigeria ($X) and Guinea ($X) were the countries with the highest levels of imports in 2021, together comprising 60% of total imports. These countries were followed by Cote d'Ivoire, Ghana, Senegal and Benin, which together accounted for a further 29%.

Benin, with a CAGR of +36.4%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, with an increase of 2% against the previous year. Import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, vulcanised rubber thread import price increased by +14.7% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 31%. Over the period under review, import prices hit record highs in 2021 and is likely to see gradual growth in the near future.

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 Togo ($X per ton), while Guinea ($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 (+13.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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