Colombia: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Colombia

In 2021, the Colombian synthetic rubber (excluding latex) market increased by 50% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Colombia

After three years of decline, shipments abroad of synthetic rubber (excluding latex) increased by 77% to X tons in 2021. In general, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 120%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. Over the period under review, total exports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X tons) was the main destination for synthetic rubber (excluding latex) exports from Colombia, accounting for a 48% share of total exports. Moreover, synthetic rubber (excluding latex) exports to Ecuador exceeded the volume sent to the second major destination, Peru (X tons), fivefold. Argentina (X tons) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador amounted to +51.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-23.5% per year) and Argentina (0.0% per year).

In value terms, Ecuador ($X) remains the key foreign market for synthetic rubber (excluding latex) exports from Colombia, comprising 55% of total exports. The second position in the ranking was taken by Argentina ($X), with a 9.6% share of total exports. It was followed by Venezuela, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador stood at +35.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (0.0% per year) and Venezuela (-19.9% per year).

Export Prices by Country

In 2021, the average synthetic rubber (excluding latex) export price amounted to $X per ton, increasing by 5.8% against the previous year. In general, the export price, however, recorded a perceptible descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the 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 Costa Rica ($X per ton), while the average price for exports to Peru ($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 Spain (+12.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Colombia

In 2021, overseas purchases of synthetic rubber (excluding latex) increased by 23% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor 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. In general, imports, however, recorded a slight downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons), South Korea (X tons) and Mexico (X tons) were the main suppliers of synthetic rubber (excluding latex) imports to Colombia, with a combined 54% share of total imports. China, Taiwan (Chinese), Brazil, Germany and Italy lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +17.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) suppliers to Colombia were the United States ($X), South Korea ($X) and Mexico ($X), with a combined 55% share of total imports. These countries were followed by China, Germany, Taiwan (Chinese), Brazil and Italy, which together accounted for a further 32%.

China, with a CAGR of +16.3%, saw the highest rates of growth with regard to 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

The average synthetic rubber (excluding latex) import price stood at $X per ton in 2021, picking up by 33% against the previous year. Overall, the import price, however, showed a pronounced shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 Germany ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform