Colombia: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Colombia

The Colombian synthetic latex rubber market surged to $X in 2021, increasing by 42% 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). Over the period under review, consumption, however, saw a slight reduction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Synthetic Latex Rubber Exports

Exports from Colombia

Synthetic latex rubber exports from Colombia shrank notably to X tons in 2021, waning by -16.2% on the previous year. In general, exports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 357% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, synthetic latex rubber exports dropped markedly to $X in 2021. Overall, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 598%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Peru (X tons), Ecuador (X tons) and Costa Rica (X tons) were the main destinations of synthetic latex rubber exports from Colombia, with a combined 80% share of total exports. The United States, Guatemala, Venezuela and Panama lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +71.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic latex rubber exported from Colombia were Peru ($X), Ecuador ($X) and Costa Rica ($X), with a combined 79% share of total exports. The United States, Venezuela, Guatemala and Panama lagged somewhat behind, together accounting for a further 20%.

Guatemala, with a CAGR of +41.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average synthetic latex rubber export price amounted to $X per ton, falling by -5.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 59%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to the United States ($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 Saudi Arabia (+42.8%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Colombia

In 2021, the amount of synthetic latex rubber imported into Colombia soared to X tons, growing by 38% on 2020 figures. The total import volume increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, synthetic latex rubber imports soared to $X in 2021. In general, imports, however, saw a noticeable descent. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Mexico (X tons) constituted the largest synthetic latex rubber supplier to Colombia, accounting for a 40% share of total imports. Moreover, synthetic latex rubber imports from Mexico exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was held by France (X tons), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Mexico totaled +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.0% per year) and France (+2.8% per year).

In value terms, the largest synthetic latex rubber suppliers to Colombia were Mexico ($X), the United States ($X) and France ($X), together comprising 57% of total imports. These countries were followed by Taiwan (Chinese), Germany, Belgium, India and the Netherlands, which together accounted for a further 20%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +19.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average synthetic latex rubber import price amounted to $X per ton, growing by 3.4% against the previous year. Over the period under review, the import price, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2014 an increase of 5.4% against the previous year. 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 the United States ($X per ton), while the price for Mexico ($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) (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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