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

Market Size for Isoprene Rubber (IR) in Primary Forms in GCC

The GCC market for isoprene rubber (IR) in primary forms plummeted to $X in 2021, waning by -30.4% against the previous year. Over the period under review, consumption continues to indicate a drastic downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Isoprene Rubber (IR) in Primary Forms in GCC

In value terms, production of isoprene rubber (IR) in primary forms rose remarkably to $X in 2021 estimated in export price. In general, production showed a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 12% against the previous year. Over the period under review, production of reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports in GCC

In 2021, approx. X tons of isoprene rubber (IR) in primary forms were exported in GCC; jumping by 108% compared with 2020. In general, exports continue to indicate a prominent expansion. Over the period under review, the exports of reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, exports of isoprene rubber (IR) in primary forms surged to $X in 2021. Over the period under review, exports recorded a buoyant expansion. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Saudi Arabia (X tons) was the major exporter of isoprene rubber (IR) in primary forms in GCC, committing 99% of total export.

Saudi Arabia was also the fastest-growing in terms of the isoprene rubber (IR) in primary forms exports, with a CAGR of +27.6% from 2012 to 2021. While the share of Saudi Arabia (+48 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest isoprene rubber (IR) in primary form supplier in GCC.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +23.0%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 28% against the previous year. In general, the export price, however, saw a deep reduction. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2021, the rate of growth in terms of prices for Saudi Arabia amounted to -3.7% per year.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports in GCC

In 2021, purchases abroad of isoprene rubber (IR) in primary forms increased by 9.7% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a mild increase from 2012 to 2021: its volume 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, imports increased by +57.0% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 43%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms soared to $X in 2021. Over the period under review, imports continue to indicate modest growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the key importer of isoprene rubber (IR) in primary forms, creating 57% of total imports. Kuwait (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (19%). Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to isoprene rubber (IR) in primary form imports into the United Arab Emirates stood at -1.2%. At the same time, Saudi Arabia (+19.6%), Qatar (+3.2%) and Kuwait (+1.6%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in GCC, with a CAGR of +19.6% from 2012-2021. From 2012 to 2021, the share of Saudi Arabia increased by +19 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X) were the countries with the highest levels of imports in 2021, together accounting for 91% of total imports.

Among the main importing countries, Saudi Arabia, with a CAGR of +26.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, increasing by 59% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+13.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform