Eastern Asia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Eastern Asia

After two years of decline, the East Asian synthetic rubber market increased by 12% to $X in 2021. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Synthetic Rubber Production in Eastern Asia

In value terms, synthetic rubber production soared to $X in 2021 estimated in export price. Overall, production, however, saw a slight descent. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Synthetic Rubber Exports

Exports in Eastern Asia

For the tenth year in a row, Eastern Asia recorded growth in shipments abroad of synthetic rubber, which increased by 0.3% to X tons in 2021. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 8.4% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, synthetic rubber exports surged to $X in 2021. Over the period under review, exports, however, recorded a mild reduction. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea represented the major exporter of synthetic rubber in Eastern Asia, with the volume of exports accounting for X tons, which was approx. 44% of total exports in 2021. Taiwan (Chinese) (X tons) ranks second in terms of the total exports with a 20% share, followed by Japan (20%) and China (15%).

From 2012 to 2021, average annual rates of growth with regard to synthetic rubber exports from South Korea stood at +2.7%. At the same time, China (+11.8%) and Taiwan (Chinese) (+5.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +11.8% from 2012-2021. Japan experienced a relatively flat trend pattern. While the share of China (+7.7 p.p.) and Taiwan (Chinese) (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-3.2 p.p.) and Japan (-6.2 p.p.) displayed negative dynamics.

In value terms, the largest synthetic rubber supplying countries in Eastern Asia were South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 82% share of total exports. China lagged somewhat behind, accounting for a further 17%.

China, with a CAGR of +7.3%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, with an increase of 28% against the previous year. In general, the export price, however, recorded a perceptible decline. Over the period under review, the export prices hit record highs 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, amid the top suppliers, the country with the highest price was Japan ($X per ton), while South Korea ($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) (-1.8%), while the other leaders experienced a decline in the export price figures.

Synthetic Rubber Imports

Imports in Eastern Asia

In 2021, the amount of synthetic rubber imported in Eastern Asia contracted to X tons, with a decrease of -13.8% on 2020 figures. Over the period under review, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 51% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then declined in the following year.

In value terms, synthetic rubber imports amounted to $X in 2021. Total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +18.9% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 51%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China prevails in imports structure, finishing at X tons, which was approx. 90% of total imports in 2021. The following importers - Japan (X tons), Taiwan (Chinese) (X tons) and South Korea (X tons) - each finished at a 9.4% share of total imports.

China was also the fastest-growing in terms of the synthetic rubber imports, with a CAGR of +13.3% from 2012 to 2021. Taiwan (Chinese) and Japan experienced a relatively flat trend pattern. South Korea (-1.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +18 percentage points.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber in Eastern Asia, comprising 87% of total imports. The second position in the ranking was taken by Japan ($X), with a 4.3% share of total imports. It was followed by Taiwan (Chinese), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +5.6%. In the other countries, the average annual rates were as follows: Japan (-6.3% per year) and Taiwan (Chinese) (-3.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, rising by 29% against the previous year. Overall, the import price, however, showed a deep slump. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-3.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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