Eastern Asia: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Eastern Asia

In 2021, the East Asian synthetic latex rubber market decreased by -12.4% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined in the following year.

Synthetic Latex Rubber Production in Eastern Asia

In value terms, synthetic latex rubber production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 19%. As a result, production attained the peak level of $X, and then fell in the following year.

Synthetic Latex Rubber Exports

Exports in Eastern Asia

For the tenth year in a row, Eastern Asia recorded growth in overseas shipments of synthetic latex rubber, which increased by 8.9% to X tons in 2021. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 27% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, synthetic latex rubber exports surged 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

In 2021, South Korea (X tons) was the key exporter of synthetic latex rubber, creating 52% of total exports. Taiwan (Chinese) (X tons) ranks second in terms of the total exports with a 24% share, followed by China (18%) and Japan (5.9%).

From 2012 to 2021, average annual rates of growth with regard to synthetic latex rubber exports from South Korea stood at +12.0%. At the same time, China (+36.7%), Taiwan (Chinese) (+9.5%) and Japan (+7.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +36.7% from 2012-2021. From 2012 to 2021, the share of China increased by +15 percentage points.

In value terms, the largest synthetic latex rubber supplying countries in Eastern Asia were South Korea ($X), Taiwan (Chinese) ($X) and Japan ($X), together accounting for 89% of total exports. China lagged somewhat behind, comprising a further 11%.

China, with a CAGR of +33.1%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 54% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber export price increased by +59.2% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.5%), while the other leaders experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports in Eastern Asia

For the third consecutive year, Eastern Asia recorded growth in purchases abroad of synthetic latex rubber, which increased by 29% to X tons in 2021. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +111.7% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 41% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the near future.

In value terms, synthetic latex rubber imports skyrocketed to $X in 2021. Overall, imports saw buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, reaching X tons, which was approx. 93% of total imports in 2021. The following importers - South Korea (X tons) and Taiwan (Chinese) (X tons) - together made up 5.2% of total imports.

China was also the fastest-growing in terms of the synthetic latex rubber imports, with a CAGR of +8.6% from 2012 to 2021. South Korea experienced a relatively flat trend pattern. Taiwan (Chinese) (-9.5%) illustrated a downward trend over the same period. While the share of China (+11 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-3.3 p.p.) and Taiwan (Chinese) (-5.5 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported synthetic latex rubber in Eastern Asia, comprising 93% of total imports. The second position in the ranking was held by South Korea ($X), with a 4.4% share of total imports.

In China, synthetic latex rubber imports expanded at an average annual rate of +11.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (-2.6% per year) and Taiwan (Chinese) (-11.5% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, surging by 47% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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