Colombia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Colombia

In 2021, the Colombian synthetic rubber market increased by 56% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a mild contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Synthetic Rubber Exports

Exports from Colombia

In 2021, shipments abroad of synthetic rubber was finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Overall, exports continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 578%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic rubber exports skyrocketed to $X in 2021. In general, exports showed prominent growth. The pace of growth appeared the most rapid in 2013 with an increase of 364% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ecuador (X tons) was the main destination for synthetic rubber exports from Colombia, with a 53% share of total exports. Moreover, synthetic rubber exports to Ecuador exceeded the volume sent to the second major destination, Peru (X tons), sixfold. Argentina (X tons) ranked third in terms of total exports with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador amounted to +37.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-12.5% per year) and Argentina (+8.4% per year).

In value terms, Ecuador ($X) remains the key foreign market for synthetic rubber exports from Colombia, comprising 54% of total exports. The second position in the ranking was held by Argentina ($X), with an 8.7% share of total exports. It was followed by Venezuela, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador amounted to +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+4.7% per year) and Venezuela (-15.2% per year).

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2021, standing approx. at the previous year. Over the period under review, the export price showed a noticeable setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 14% against the previous year. The export price peaked 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 foreign 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 Guatemala (+2.3%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into Colombia

In 2021, overseas purchases of synthetic rubber were finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations 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 imports soared to $X in 2021. Over the period under review, imports, however, saw a perceptible shrinkage. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Mexico (X tons), the United States (X tons) and South Korea (X tons) were the main suppliers of synthetic rubber imports to Colombia, with a combined 57% share of total imports. China, Taiwan (Chinese), Germany, Brazil, Belgium, France, Russia, Italy and Japan lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +17.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and South Korea ($X) constituted the largest synthetic rubber suppliers to Colombia, with a combined 56% share of total imports. China, Germany, Taiwan (Chinese), Brazil, Belgium, France, Russia, Italy and Japan lagged somewhat behind, together accounting for a further 39%.

China, with a CAGR of +16.2%, recorded the highest growth rate of the value of imports, in terms of 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 import price stood at $X per ton in 2021, picking up by 35% against the previous year. In general, the import price, however, saw a pronounced contraction. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Italy ($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 (+1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :