Asia: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Asia

In 2021, the Asian synthetic rubber (excluding latex) market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, showed a mild descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in Asia

In value terms, synthetic rubber (excluding latex) production expanded sharply to $X in 2021 estimated in export price. In general, production, however, recorded a slight downturn. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in Asia

After nine years of growth, shipments abroad of synthetic rubber (excluding latex) decreased by -0.2% to X tons in 2021. In general, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. The volume of export peaked at X tons in 2020, and then dropped slightly in the following year.

In value terms, synthetic rubber (excluding latex) exports surged to $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 49% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

In 2021, Thailand (X tons), South Korea (X tons) and Vietnam (X tons) represented the largest exporter of synthetic rubber (excluding latex) in Asia, generating 58% of total export. It was distantly followed by Japan (X tons), China (X tons), Taiwan (Chinese) (X tons) and Singapore (X tons), together committing a 29% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +36.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) supplying countries in Asia were South Korea ($X), Thailand ($X) and Japan ($X), together accounting for 52% of total exports. Vietnam, China, Taiwan (Chinese) and Singapore lagged somewhat behind, together comprising a further 36%.

Vietnam, with a CAGR of +27.5%, recorded 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 stood at $X per ton in 2021, rising by 27% against the previous year. Over the period under review, the export price, however, saw a deep contraction. 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

In 2021, the amount of synthetic rubber (excluding latex) imported in Asia fell slightly to X tons, which is down by -4.6% on 2020 figures. Over the period under review, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2017 when imports increased by 53%. The volume of import peaked at X tons in 2020, and then declined in the following year.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. Total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 44% against the previous year. As a result, imports reached the peak of $X; afterwards, it flattened through to 2021.

Imports by Country

China prevails in imports structure, finishing at X tons, which was near 57% of total imports in 2021. India (X tons) held a 9.4% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (6.5%). The following importers - Vietnam (X tons), Turkey (X tons), Indonesia (X tons), South Korea (X tons), Japan (X tons), Taiwan (Chinese) (X tons) and Malaysia (X tons) - together made up 22% 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%), Turkey (+5.1%), Thailand (+4.7%), India (+4.5%), Indonesia (+2.2%), South Korea (+1.4%) and Taiwan (Chinese) (+1.2%) displayed positive paces of growth. Malaysia and Japan experienced a relatively flat trend pattern. From 2012 to 2021, the share of China increased by +20 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in Asia, comprising 53% of total imports. The second position in the ranking was taken by India ($X), with an 8.5% share of total imports. It was followed by Thailand, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +5.3%. 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

In 2021, the import price in Asia amounted to $X per ton, picking up by 27% against the previous year. Over the period under review, the import price, however, saw a deep contraction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, 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 Malaysia ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform