Eastern Asia: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in Eastern Asia

The East Asian market for isoprene rubber (IR) in primary forms reduced to $X in 2021, dropping by -10.8% against the previous year. In general, consumption recorded a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 8.9% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Isoprene Rubber (IR) in Primary Forms in Eastern Asia

In value terms, production of isoprene rubber (IR) in primary forms reduced modestly to $X in 2021 estimated in export price. In general, production, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2018 with an increase of 2.9% against the previous year. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports in Eastern Asia

In 2021, shipments abroad of isoprene rubber (IR) in primary forms increased by 12% to X tons for the first time since 2017, thus ending a three-year declining trend. The total export volume increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 22% against the previous year. Over the period under review, the exports of attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, exports of isoprene rubber (IR) in primary forms surged to $X in 2021. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan represented the largest exporting country with an export of about X tons, which finished at 77% of total exports. It was distantly followed by Taiwan (Chinese) (X tons) and China (X tons), together making up a 20% share of total exports. South Korea (X tons) took a little share of total exports.

Exports from Japan increased at an average annual rate of +5.2% from 2012 to 2021. At the same time, China (+7.1%), South Korea (+4.1%) and Taiwan (Chinese) (+3.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +7.1% from 2012-2021. While the share of Japan (+3.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-1.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest isoprene rubber (IR) in primary form supplier in Eastern Asia, comprising 88% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 7.1% share of total exports. It was followed by China, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Japan totaled +4.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+3.8% per year) and China (+2.0% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, with an increase of 19% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The level of export 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 amongst the major exporting countries. In 2021, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($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) (+0.6%), while the other leaders experienced a decline in the export price figures.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports in Eastern Asia

In 2021, the amount of isoprene rubber (IR) in primary forms imported in Eastern Asia contracted to X tons, waning by -4.9% compared with the year before. Overall, imports showed a mild downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 24% against the previous year. Over the period under review, imports of reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms skyrocketed to $X in 2021. In general, imports showed a abrupt decline. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

China was the key importer of isoprene rubber (IR) in primary forms in Eastern Asia, with the volume of imports reaching X tons, which was near 66% of total imports in 2021. Japan (X tons) ranks second in terms of the total imports with a 20% share, followed by Taiwan (Chinese) (7.7%) and South Korea (5.3%).

China experienced a relatively flat trend pattern with regard to volume of imports of isoprene rubber (IR) in primary forms. At the same time, Taiwan (Chinese) (+1.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +1.3% from 2012-2021. By contrast, South Korea (-2.9%) and Japan (-4.3%) illustrated a downward trend over the same period. China (+6.3 p.p.) and Taiwan (Chinese) (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -6.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported isoprene rubber (IR) in primary forms in Eastern Asia, comprising 60% of total imports. The second position in the ranking was taken by Japan ($X), with a 22% share of total imports. It was followed by South Korea, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at -3.1%. In the other countries, the average annual rates were as follows: Japan (-9.5% per year) and South Korea (-3.3% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 24% against the previous year. In general, the import price, however, showed a perceptible reduction. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform