ECOWAS: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in ECOWAS

The ECOWAS synthetic latex rubber market totaled $X in 2023, approximately mirroring the previous year. Overall, consumption, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2020 when the market value increased by X%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Synthetic Latex Rubber Production in ECOWAS

In value terms, synthetic latex rubber production totaled $X in 2023 estimated in export price. Over the period under review, production recorded a perceptible slump. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Synthetic Latex Rubber Exports

Exports in ECOWAS

In 2023, after three years of decline, there was significant growth in shipments abroad of synthetic latex rubber, when their volume increased by X% to X tons. Overall, exports, however, recorded a abrupt setback. The pace of growth was the most pronounced 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 2023, the exports stood at a somewhat lower figure.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2023. In general, exports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2019 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Ghana (X tons) was the key exporter of synthetic latex rubber, making up X% of total exports. It was distantly followed by Liberia (X tons), achieving a X% share of total exports. The following exporters - Nigeria (X tons) and Cote d'Ivoire (X tons) - each accounted for a X% share of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Liberia (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. Ghana (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Liberia saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, the largest synthetic latex rubber supplying countries in ECOWAS were Ghana ($X), Liberia ($X) and Nigeria ($X), with a combined X% share of total exports.

Nigeria, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, reducing by X% against the previous year. In general, the export price showed a deep downturn. The pace of growth was the most pronounced in 2020 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Synthetic Latex Rubber Imports

Imports in ECOWAS

In 2023, purchases abroad of synthetic latex rubber increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a pronounced decrease. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, synthetic latex rubber imports soared to $X in 2023. Overall, imports, however, continue to indicate a mild reduction. The growth pace was the most rapid in 2020 when imports increased by X%. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was near X% of total imports in 2023. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%).

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. 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 2012-2023. From 2012 to 2023, the share of Senegal and Cote d'Ivoire increased by X and X percentage points, respectively.

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

From 2012 to 2023, the average annual growth rate of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. Import price indicated a temperate increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, synthetic latex rubber import price increased by X% against 2019 indices. The growth pace was the most rapid in 2022 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform