ASEAN: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in ASEAN

In 2021, after two years of decline, there was significant growth in the ASEAN synthetic rubber market, when its value increased by 64% to $X. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Synthetic Rubber Production in ASEAN

In value terms, synthetic rubber production expanded notably to $X in 2021 estimated in export price. Overall, production enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 70% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to see steady growth in the immediate term.

Synthetic Rubber Exports

Exports in ASEAN

In 2021, after two years of growth, there was significant decline in overseas shipments of synthetic rubber, when their volume decreased by -13.5% to X tons. In general, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2016 when exports increased by 112%. Over the period under review, the exports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, synthetic rubber exports rose rapidly to $X in 2021. Overall, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 98% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Thailand (X tons) and Vietnam (X tons) represented the main exporters of synthetic rubber in ASEAN, together constituting 70% of total exports. Malaysia (X tons) ranks next in terms of the total exports with a 16% share, followed by Singapore (6.2%). Indonesia (X tons) and Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +94.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber supplying countries in ASEAN were Thailand ($X), Vietnam ($X) and Malaysia ($X), together accounting for 85% of total exports. These countries were followed by Singapore, Indonesia and Myanmar, which together accounted for a further 15%.

In terms of the main exporting countries, Myanmar, with a CAGR of +74.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, growing by 23% against the previous year. In general, the export price, however, recorded a perceptible slump. The growth pace was the most rapid in 2017 when the export price increased by 26%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+12.1%), while the other leaders experienced mixed trends in the export price figures.

Synthetic Rubber Imports

Imports in ASEAN

Synthetic rubber imports expanded to X tons in 2021, with an increase of 3.7% against 2020. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +85.4% against 2012 indices. The most prominent rate of growth was recorded in 2015 with an increase of 15%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, synthetic rubber imports skyrocketed to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia was the major importing country with an import of around X tons, which recorded 44% of total imports. Thailand (X tons) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (15%) and Vietnam (9.9%). The following importers - Singapore (X tons) and the Philippines (X tons) - together made up 4.3% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +14.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2021, together comprising 86% of total imports.

In terms of the main importing countries, Malaysia, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of imports, 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 ASEAN amounted to $X per ton, growing by 50% against the previous year. Overall, the import price, however, showed a perceptible shrinkage. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and Indonesia ($X per ton), while the Philippines ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform