ECOWAS: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in ECOWAS

The ECOWAS synthetic latex rubber market stood at $X in 2022, rising by X% against the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Synthetic Latex Rubber Production in ECOWAS

In value terms, synthetic latex rubber production rose to $X in 2022 estimated in export price. The total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Synthetic Latex Rubber Exports

Exports in ECOWAS

In 2022, the amount of synthetic latex rubber exported in ECOWAS soared to X tons, increasing by X% compared with the year before. In general, exports, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, synthetic latex rubber exports surged to $X in 2022. Overall, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana was the main exporting country with an export of about X tons, which finished at X% of total exports. It was distantly followed by Liberia (X tons), committing a X% share of total exports.

Ghana was also the fastest-growing in terms of the synthetic latex rubber exports, with a CAGR of X% from 2012 to 2022. Liberia (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Liberia (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest synthetic latex rubber supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Liberia ($X), with an X% share of total exports.

In Ghana, synthetic latex rubber exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 an increase of X%. 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.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Synthetic Latex Rubber Imports

Imports in ECOWAS

In 2022, approx. X tons of synthetic latex rubber were imported in ECOWAS; jumping by X% against 2021. In general, imports, however, continue to indicate a noticeable setback. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, synthetic latex rubber imports skyrocketed to $X in 2022. Overall, imports, however, recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria represented the major importing country with an import of around X tons, which finished at X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%) and Ghana (X%).

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported synthetic latex rubber in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with an X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2016 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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