Chile: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Chile

The Chilean synthetic rubber (excluding latex) market surged to $X in 2021, picking up by 79% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern. Synthetic rubber (excluding latex) consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Chile

In 2021, overseas shipments of synthetic rubber (excluding latex) increased by 17% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports recorded a strong increase. The pace of growth appeared the most rapid in 2016 when exports increased by 137% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 98% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Peru (X tons) was the main destination for synthetic rubber (excluding latex) exports from Chile, accounting for a 69% share of total exports. Moreover, synthetic rubber (excluding latex) exports to Peru exceeded the volume sent to the second major destination, Brazil (X tons), threefold. Bolivia (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume to Peru amounted to +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-5.5% per year) and Bolivia (+25.5% per year).

In value terms, Peru ($X) remains the key foreign market for synthetic rubber (excluding latex) exports from Chile, comprising 66% of total exports. The second position in the ranking was taken by Brazil ($X), with a 28% share of total exports. It was followed by Bolivia, with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Peru amounted to +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-10.0% per year) and Bolivia (+18.6% per year).

Export Prices by Country

In 2021, the average synthetic rubber (excluding latex) export price amounted to $X per ton, growing by 4.9% against the previous year. In general, the export price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 when the average export price increased by 9.6% against the previous year. Over the period under review, the average export prices hit record highs 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 the United States ($X per ton), while the average price for exports to Peru ($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 the United States (+2.0%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Chile

Synthetic rubber (excluding latex) imports into Chile skyrocketed to X tons in 2021, with an increase of 50% against 2020. The total import volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports surged to $X in 2021. Overall, imports, however, continue to indicate a mild downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of synthetic rubber (excluding latex) to Chile, accounting for a 45% share of total imports. Moreover, synthetic rubber (excluding latex) imports from the United States exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. Russia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+15.5% per year) and Russia (+1.6% per year).

In value terms, the United States ($X) constituted the largest supplier of synthetic rubber (excluding latex) to Chile, comprising 48% of total imports. The second position in the ranking was held by Brazil ($X), with a 20% share of total imports. It was followed by South Korea, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+9.3% per year) and South Korea (-2.9% per year).

Import Prices by Country

The average synthetic rubber (excluding latex) import price stood at $X per ton in 2021, growing by 28% against the previous year. Overall, the import price, however, continues to indicate a deep downturn. The import price 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 origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform