China: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in China

In 2021, the Chinese synthetic rubber market increased by 7.4% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Synthetic Rubber Production in China

In value terms, synthetic rubber production surged to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 51% against the previous year. Synthetic rubber production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Synthetic Rubber Exports

Exports from China

In 2021, shipments abroad of synthetic rubber increased by 56% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports showed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber exports skyrocketed to $X in 2021. Over the period under review, exports showed a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia (X tons), Thailand (X tons) and Vietnam (X tons) were the main destinations of synthetic rubber exports from China, together accounting for 47% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +26.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic rubber exported from China were Malaysia ($X), Vietnam ($X) and Thailand ($X), together comprising 45% of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +22.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2021, surging by 20% against the previous year. In general, the export price, however, recorded a pronounced decline. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Italy ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to Pakistan ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (-2.8%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into China

In 2021, the amount of synthetic rubber imported into China dropped significantly to X tons, which is down by -15.3% on the previous year's figure. In general, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 67% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then dropped dramatically in the following year.

In value terms, synthetic rubber imports amounted to $X in 2021. Overall, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 58%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Thailand (X tons), Vietnam (X tons) and Malaysia (X tons) were the main suppliers of synthetic rubber imports to China, with a combined 65% share of total imports. These countries were followed by South Korea, Japan, Russia, Saudi Arabia, Myanmar, Germany, Singapore, Taiwan (Chinese), the United States and France, which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +224.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Vietnam ($X) and South Korea ($X) were the largest synthetic rubber suppliers to China, with a combined 60% share of total imports. Malaysia, Japan, Russia, Saudi Arabia, the United States, Taiwan (Chinese), Germany, Singapore, Myanmar and France lagged somewhat behind, together accounting for a further 35%.

Saudi Arabia, with a CAGR of +211.0%, saw the highest growth rate of the value of imports, among 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, with an increase of 30% against the previous year. Overall, the import price, however, continues to indicate a abrupt decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :