Asia-Pacific: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Asia-Pacific

In 2021, the Asia-Pacific synthetic latex rubber market increased by 6.1% to $X, rising for the fifth consecutive year after four years of decline. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Synthetic Latex Rubber Production in Asia-Pacific

In value terms, synthetic latex rubber production fell to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 13% against the previous year. As a result, production attained the peak level of $X, and then fell in the following year.

Synthetic Latex Rubber Exports

Exports in Asia-Pacific

For the tenth consecutive year, Asia-Pacific recorded growth in shipments abroad of synthetic latex rubber, which increased by 14% to X tons in 2021. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 23%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, synthetic latex rubber exports surged to $X in 2021. In general, exports enjoyed a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea represented the main exporter of synthetic latex rubber in Asia-Pacific, with the volume of exports resulting at X tons, which was approx. 44% of total exports in 2021. Taiwan (Chinese) (X tons) held the second position in the ranking, followed by China (X tons), Malaysia (X tons), Thailand (X tons) and Japan (X tons). All these countries together took near 53% share of total exports. Indonesia (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to synthetic latex rubber exports from South Korea stood at +12.0%. At the same time, China (+36.7%), Thailand (+21.4%), Taiwan (Chinese) (+9.5%), Japan (+7.2%), Indonesia (+6.6%) and Malaysia (+6.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +36.7% from 2012-2021. While the share of China (+13 p.p.) and Thailand (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-2.5 p.p.), Malaysia (-4.3 p.p.) and Taiwan (Chinese) (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest synthetic latex rubber supplying countries in Asia-Pacific were South Korea ($X), Taiwan (Chinese) ($X) and Japan ($X), together accounting for 77% of total exports. China, Malaysia, Thailand and Indonesia lagged somewhat behind, together comprising a further 22%.

China, with a CAGR of +33.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 51% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber export price increased by +41.0% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.5%), while the other leaders experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports in Asia-Pacific

For the tenth year in a row, Asia-Pacific recorded growth in supplies from abroad of synthetic latex rubber, which increased by 38% to X tons in 2021. Overall, imports showed a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, synthetic latex rubber imports surged to $X in 2021. Over the period under review, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia was the main importing country with an import of around X tons, which accounted for 56% of total imports. It was distantly followed by Thailand (X tons) and China (X tons), together committing a 30% share of total imports. Vietnam (X tons) and Indonesia (X tons) followed a long way behind the leaders.

Imports into Malaysia increased at an average annual rate of +16.3% from 2012 to 2021. At the same time, Vietnam (+23.2%), Thailand (+11.4%), China (+8.6%) and Indonesia (+8.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +23.2% from 2012-2021. From 2012 to 2021, the share of Malaysia and Vietnam increased by +13 and +2.4 percentage points, respectively.

In value terms, Malaysia ($X) constitutes the largest market for imported synthetic latex rubber in Asia-Pacific, comprising 54% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Thailand, with a 13% share.

From 2012 to 2021, the average annual growth rate of value in Malaysia totaled +17.4%. The remaining importing countries recorded the following average annual rates of imports growth: China (+11.2% per year) and Thailand (+9.9% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, rising by 42% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Indonesia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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