ASEAN: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in ASEAN

In 2022, the ASEAN unvulcanized rubber market increased by 1.1% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Unvulcanized Rubber Production in ASEAN

In value terms, unvulcanized rubber production contracted slightly to $X in 2022 estimated in export price. Overall, production recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 3% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Unvulcanized Rubber Exports

Exports in ASEAN

After two years of growth, overseas shipments of unvulcanized rubber and articles thereof decreased by -7.4% to X tons in 2022. Overall, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2021 with an increase of 13%. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, unvulcanized rubber exports fell to $X in 2022. In general, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Thailand (X tons) was the main exporter of unvulcanized rubber and articles thereof, mixing up 61% of total exports. It was distantly followed by Malaysia (X tons) and Indonesia (X tons), together generating a 33% share of total exports. Vietnam (X tons) and the Philippines (X tons) held a little share of total exports.

Exports from Thailand decreased at an average annual rate of -10.6% from 2012 to 2022. At the same time, the Philippines (+5.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +5.1% from 2012-2022. By contrast, Indonesia (-12.3%), Malaysia (-16.8%) and Vietnam (-20.5%) illustrated a downward trend over the same period. Thailand (+15 p.p.) and the Philippines (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam and Malaysia saw its share reduced by -4.4% and -14% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest unvulcanized rubber supplier in ASEAN, comprising 59% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 25% share of total exports. It was followed by Indonesia, with a 7.2% share.

In Thailand, unvulcanized rubber exports plunged by an average annual rate of -11.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-17.7% per year) and Indonesia (-11.3% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, stabilizing at the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 30%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while the Philippines ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.2%), while the other leaders experienced more modest paces of growth.

Unvulcanized Rubber Imports

Imports in ASEAN

After three years of growth, overseas purchases of unvulcanized rubber and articles thereof decreased by -6.7% to X tons in 2022. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +83.8% against 2013 indices. The most prominent rate of growth was recorded in 2017 with an increase of 17%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, unvulcanized rubber imports fell slightly to $X in 2022. Total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.1% against 2013 indices. The pace of growth appeared the most rapid in 2021 with an increase of 21%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

Vietnam represented the largest importing country with an import of around X tons, which recorded 41% of total imports. It was distantly followed by Thailand (X tons), Indonesia (X tons), Malaysia (X tons) and the Philippines (X tons), together committing a 53% share of total imports. Singapore (X tons) and Cambodia (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to unvulcanized rubber imports into Vietnam stood at +8.0%. At the same time, Malaysia (+12.8%), Cambodia (+10.7%), Thailand (+8.6%) and the Philippines (+5.8%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +12.8% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (-8.8%) illustrated a downward trend over the same period. Vietnam (+8.4 p.p.), Malaysia (+6.9 p.p.) and Thailand (+4.3 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia and Singapore saw its share reduced by -9.3% and -11.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported unvulcanized rubber and articles thereof in ASEAN, comprising 41% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 19% share of total imports. It was followed by Thailand, with a 16% share.

In Vietnam, unvulcanized rubber imports increased at an average annual rate of +11.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+0.7% per year) and Thailand (+3.4% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, picking up by 3.7% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 13%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform