Australia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Australia

In 2021, the Australian synthetic rubber market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, the total consumption indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Synthetic Rubber Exports

Exports from Australia

In 2021, overseas shipments of synthetic rubber decreased by -31.6% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a abrupt descent. The pace of growth appeared the most rapid in 2018 when exports increased by 1,626%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber exports contracted to $X in 2021. Overall, exports faced a deep setback. The pace of growth was the most pronounced in 2018 when exports increased by 637% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

New Zealand (X tons) was the main destination for synthetic rubber exports from Australia, with a 93% share of total exports. It was followed by Pakistan (X tons), with a 1.5% share of total exports. The third position in this ranking was taken by Vietnam (X tons), with a 1.5% share.

From 2012 to 2021, the average annual growth rate of volume to New Zealand stood at -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+468.9% per year) and Vietnam (-14.7% per year).

In value terms, New Zealand ($X) remains the key foreign market for synthetic rubber exports from Australia, comprising 81% of total exports. The second position in the ranking was held by Pakistan ($X), with a 3.4% share of total exports. It was followed by Vietnam, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to New Zealand stood at -8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+571.0% per year) and Vietnam (-10.8% per year).

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to $X per ton, picking up by 30% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 206% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Australia

In 2021, supplies from abroad of synthetic rubber increased by 2.8% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +3.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 28% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, synthetic rubber imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a slight contraction. The growth pace was the most rapid in 2017 with an increase of 80%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Indonesia (X tons), South Korea (X tons) and South Africa (X tons) were the main suppliers of synthetic rubber imports to Australia, together accounting for 64% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +73.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Indonesia ($X) and the United States ($X) constituted the largest synthetic rubber suppliers to Australia, together comprising 57% of total imports.

Indonesia, with a CAGR of +70.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average synthetic rubber import price amounted to $X per ton, rising by 19% against the previous year. In general, the import price, however, saw a deep reduction. The pace of growth was the most pronounced in 2017 when the average import price increased by 45%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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