Asia-Pacific: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Asia-Pacific

In 2021, the Asia-Pacific synthetic rubber market increased by 25% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Synthetic Rubber Production in Asia-Pacific

In value terms, synthetic rubber production surged to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Synthetic Rubber Exports

Exports in Asia-Pacific

In 2021, after two years of growth, there was significant decline in shipments abroad of synthetic rubber, when their volume decreased by -7% to X tons. In general, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 30%. The volume of export peaked at X tons in 2020, and then contracted in the following year.

In value terms, synthetic rubber exports surged to $X in 2021. Total exports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +18.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 51%. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Exports by Country

The shipments of the three major exporters of synthetic rubber, namely South Korea, Thailand and Vietnam, represented more than half of total export. Taiwan (Chinese) (X tons) held the next position in the ranking, followed by Japan (X tons), Malaysia (X tons) and China (X tons). All these countries together held near 36% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +51.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber supplying countries in Asia-Pacific were South Korea ($X), Japan ($X) and Thailand ($X), together comprising 50% of total exports. These countries were followed by Vietnam, Taiwan (Chinese), China and Malaysia, which together accounted for a further 42%.

Vietnam, with a CAGR of +69.6%, saw the highest growth rate of the value of exports, in terms of 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

The export price in Asia-Pacific stood at $X per ton in 2021, with an increase of 26% against the previous year. Overall, the export price, however, recorded a perceptible descent. Over the period under review, the export prices hit record highs 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 Japan ($X per ton), while South Korea ($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 Asia-Pacific

In 2021, approx. X tons of synthetic rubber were imported in Asia-Pacific; shrinking by -4.3% against the previous year's figure. Overall, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 29%. The volume of import peaked at X tons in 2020, and then fell modestly in the following year.

In value terms, synthetic rubber imports soared to $X in 2021. Total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +28.7% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 44% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

China was the largest importer of synthetic rubber in Asia-Pacific, with the volume of imports resulting at X tons, which was approx. 52% of total imports in 2021. Malaysia (X tons) held the second position in the ranking, followed by India (X tons), Thailand (X tons) and Indonesia (X tons). All these countries together took near 35% share of total imports. Vietnam (X tons) and Japan (X tons) held a relatively small share of total imports.

China was also the fastest-growing in terms of the synthetic rubber imports, with a CAGR of +13.3% from 2012 to 2021. At the same time, Malaysia (+11.6%), Vietnam (+5.1%), Thailand (+5.0%), India (+4.5%) and Indonesia (+3.1%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. While the share of China (+16 p.p.) and Malaysia (+2.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-2.5 p.p.), Indonesia (-2.8 p.p.), Thailand (-2.9 p.p.) and India (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber in Asia-Pacific, comprising 48% of total imports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total imports. It was followed by Thailand, with a 9.3% share.

In China, synthetic rubber imports expanded at an average annual rate of +5.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Malaysia (+12.3% per year) and Thailand (+1.8% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 34% against the previous year. Overall, the import price, however, saw a deep contraction. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Indonesia ($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 Malaysia (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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