Australia and Oceania: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Australia and Oceania

In 2021, after three years of decline, there was significant growth in the synthetic rubber (excluding latex) market in Australia and Oceania, when its value increased by 10% to $X. Over the period under review, consumption, however, saw a noticeable shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Production of Synthetic Rubber (Excluding Latex) in Australia and Oceania

In value terms, synthetic rubber (excluding latex) production expanded to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2013 when the production volume increased by 65% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in Australia and Oceania

In 2021, the amount of synthetic rubber (excluding latex) exported in Australia and Oceania soared to X tons, growing by 142% compared with the previous year's figure. Overall, exports, however, continue to indicate a noticeable setback. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a abrupt decrease. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Australia dominates exports structure, recording X tons, which was approx. 91% of total exports in 2021. It was distantly followed by New Zealand (X tons), constituting a 7% share of total exports. Papua New Guinea (X tons) took a relatively small share of total exports.

Australia experienced a relatively flat trend pattern with regard to volume of exports of synthetic rubber (excluding latex). New Zealand (-2.7%) and Papua New Guinea (-31.9%) illustrated a downward trend over the same period. While the share of Australia (+32 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Papua New Guinea (-32.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest synthetic rubber (excluding latex) supplier in Australia and Oceania, comprising 78% of total exports. The second position in the ranking was held by New Zealand ($X), with a 22% share of total exports.

In Australia, synthetic rubber (excluding latex) exports declined by an average annual rate of -6.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (+2.0% per year) and Papua New Guinea (-37.3% per year).

Export Prices by Country

In 2021, the export price in Australia and Oceania amounted to $X per ton, which is down by -35.6% against the previous year. Overall, the export price continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2020 an increase of 59% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted significantly in the following year.

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 New Zealand ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+4.8%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in Australia and Oceania

In 2021, overseas purchases of synthetic rubber (excluding latex) increased by 4.3% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports saw mild growth. 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 tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, synthetic rubber (excluding latex) imports surged to $X in 2021. In general, imports, however, saw a noticeable shrinkage. The growth pace was the most rapid in 2017 when imports increased by 82% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Australia was the key importer of synthetic rubber (excluding latex) in Australia and Oceania, with the volume of imports resulting at X tons, which was near 87% of total imports in 2021. It was distantly followed by New Zealand (X tons), creating a 13% share of total imports.

Australia experienced a relatively flat trend pattern with regard to volume of imports of synthetic rubber (excluding latex). At the same time, New Zealand (+5.0%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +5.0% from 2012-2021. While the share of New Zealand (+3.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Australia (-4.2 p.p.) displayed negative dynamics.

In value terms, Australia ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in Australia and Oceania, comprising 80% of total imports. The second position in the ranking was held by New Zealand ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Australia stood at -4.1%.

Import Prices by Country

In 2021, the import price in Australia and Oceania amounted to $X per ton, surging by 21% against the previous year. Overall, the import price, however, saw a pronounced decrease. The growth pace was the most rapid in 2017 when the import price increased by 26%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was New Zealand ($X per ton), while Australia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (-2.3%).

Source: IndexBox Platform