Canada: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Canada

The Canadian synthetic rubber market surged to $X in 2021, picking up by 22% against the previous year. Overall, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +99.6% against 2016 indices. Synthetic rubber consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Synthetic Rubber Production in Canada

In value terms, synthetic rubber production surged to $X in 2021 estimated in export price. In general, production recorded buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 66% against the previous year. Over the period under review, production attained the maximum level in 2021 and is likely to continue growth in the near future.

Synthetic Rubber Exports

Exports from Canada

After four years of decline, shipments abroad of synthetic rubber increased by 7.6% to X tons in 2021. Overall, exports, however, saw a abrupt downturn. The growth pace was the most rapid in 2016 when exports increased by 34%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber exports surged to $X in 2021. In general, exports, however, recorded a deep reduction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for synthetic rubber exports from Canada, accounting for a 69% share of total exports. Moreover, synthetic rubber exports to the United States exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-8.9% per year) and the Netherlands (+42.9% per year).

In value terms, the United States ($X), China ($X) and the Netherlands ($X) constituted the largest markets for synthetic rubber exported from Canada worldwide, with a combined 89% share of total exports.

The Netherlands, with a CAGR of +46.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to $X per ton, rising by 7.7% against the previous year. In general, the export price, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 8%. Over the period under review, the average export prices attained the peak figure 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 for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Japan ($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 Argentina (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Canada

In 2021, overseas purchases of synthetic rubber increased by 23% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic rubber imports skyrocketed to $X in 2021. Overall, imports, however, saw a pronounced curtailment. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of synthetic rubber to Canada, accounting for a 62% share of total imports. Moreover, synthetic rubber imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. Germany (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.5% per year) and Germany (+8.9% per year).

In value terms, the United States ($X) constituted the largest supplier of synthetic rubber to Canada, comprising 62% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Germany, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at -6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+0.4% per year) and Germany (+5.1% per year).

Import Prices by Country

The average synthetic rubber import price stood at $X per ton in 2021, growing by 22% against the previous year. Overall, the import price, however, recorded a pronounced downturn. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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