Asia-Pacific: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Asia-Pacific

In 2021, the Asia-Pacific synthetic rubber (excluding latex) market was finally on the rise to reach $X after three years of decline. In general, consumption, however, continues to indicate a mild shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Synthetic Rubber (Excluding Latex) in Asia-Pacific

In value terms, synthetic rubber (excluding latex) production rose sharply to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a mild descent. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in Asia-Pacific

In 2021, the amount of synthetic rubber (excluding latex) exported in Asia-Pacific dropped slightly to X tons, remaining relatively unchanged against 2020. Over the period under review, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2016 when exports increased by 36% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then shrank slightly in the following year.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. Total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by 48%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

The biggest shipments were from Thailand (X tons), South Korea (X tons) and Vietnam (X tons), together finishing at 60% of total export. It was distantly followed by Japan (X tons), China (X tons), Taiwan (Chinese) (X tons) and Singapore (X tons), together mixing up a 30% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +36.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Thailand ($X) and Japan ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 54% of total exports. Vietnam, China, Taiwan (Chinese) and Singapore lagged somewhat behind, together comprising a further 38%.

In terms of the main exporting countries, Vietnam, with a CAGR of +27.5%, saw 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

In 2021, the export price in Asia-Pacific amounted to $X per ton, surging by 27% against the previous year. Overall, the export price, however, showed a abrupt descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in Asia-Pacific

In 2021, synthetic rubber (excluding latex) imports in Asia-Pacific contracted to X tons, which is down by -5.6% against the year before. Overall, imports, however, saw a buoyant increase. The growth pace was the most rapid in 2017 when imports increased by 56%. The volume of import peaked at X tons in 2020, and then dropped in the following year.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. Total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 45%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China prevails in imports structure, amounting to X tons, which was approx. 60% of total imports in 2021. India (X tons) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (6.9%), Vietnam (4.7%) and Indonesia (4.6%). The following importers - South Korea (X tons) and Japan (X tons) - each amounted to a 4.9% share of total imports.

China was also the fastest-growing in terms of the synthetic rubber (excluding latex) imports, with a CAGR of +13.7% from 2012 to 2021. At the same time, Vietnam (+9.2%), Thailand (+4.7%), India (+4.5%), Indonesia (+2.2%) and South Korea (+1.4%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. From 2012 to 2021, the share of China increased by +21 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in Asia-Pacific, comprising 56% of total imports. The second position in the ranking was held by India ($X), with a 9% share of total imports. It was followed by Thailand, with an 8.1% share.

In China, synthetic rubber (excluding latex) imports increased at an average annual rate of +5.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: India (-2.1% per year) and Thailand (-0.5% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, rising by 27% against the previous year. Over the period under review, the import price, however, recorded a deep setback. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and Japan ($X per ton), while India ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-2.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform