Asia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Asia

After two years of decline, the Asian synthetic rubber market increased by 24% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. 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.

Synthetic Rubber Production in Asia

In value terms, synthetic rubber production soared to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Synthetic Rubber Exports

Exports in Asia

After two years of growth, shipments abroad of synthetic rubber decreased by -6.5% to X tons in 2021. Over the period under review, exports, however, saw strong growth. The pace of growth was the most pronounced in 2016 with an increase of 30%. Over the period under review, the exports hit record highs at X tons in 2020, and then declined in the following year.

In value terms, synthetic rubber exports soared to $X in 2021. Total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 53%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

Exports by Country

South Korea (X tons), Thailand (X tons) and Vietnam (X tons) represented roughly 54% of total exports in 2021. Taiwan (Chinese) (X tons) ranks next in terms of the total exports with a 10% share, followed by Japan (9.7%), Malaysia (7.6%) and China (7.5%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key 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, South Korea ($X), Japan ($X) and Thailand ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 48% of total exports. These countries were followed by Vietnam, Taiwan (Chinese), China and Malaysia, which together accounted for a further 41%.

Vietnam, with a CAGR of +69.6%, recorded the highest growth rate of 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

The export price in Asia stood at $X per ton in 2021, picking up by 27% against the previous year. In general, the export price, however, saw a pronounced shrinkage. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a 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 ($X per ton), while South Korea ($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

In 2021, approx. X tons of synthetic rubber were imported in Asia; which is down by -3.7% compared with the year before. In general, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2016 when imports increased by 27%. The volume of import peaked at X tons in 2020, and then dropped in the following year.

In value terms, synthetic rubber imports soared to $X in 2021. Total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 43%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

China was the major importing country with an import of about X tons, which resulted at 49% of total imports. It was distantly followed by Malaysia (X tons), India (X tons) and Thailand (X tons), together committing a 29% share of total imports. Turkey (X tons), Indonesia (X tons), Vietnam (X tons), Japan (X tons), Taiwan (Chinese) (X tons) and South Korea (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%), Turkey (+5.2%), Vietnam (+5.1%), Thailand (+5.0%), India (+4.5%) and Indonesia (+3.1%) displayed positive paces of growth. Taiwan (Chinese) and Japan experienced a relatively flat trend pattern. By contrast, South Korea (-1.6%) illustrated a downward trend over the same period. While the share of China (+16 p.p.) and Malaysia (+3.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-1.7 p.p.), South Korea (-2.1 p.p.), Japan (-2.3 p.p.), Indonesia (-2.5 p.p.), Thailand (-2.5 p.p.) and India (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber in Asia, comprising 46% of total imports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total imports. It was followed by Thailand, with an 8.8% 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 amounted to $X per ton, increasing by 34% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt contraction. Over the period under review, import prices reached 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 ($X per ton) and Taiwan (Chinese) ($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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