GCC: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in GCC

The GCC synthetic latex rubber market rose to $X in 2021, growing by 1.7% against the previous year. In general, consumption, however, recorded perceptible growth. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Synthetic Latex Rubber Production in GCC

In value terms, synthetic latex rubber production expanded notably to $X in 2021 estimated in export price. In general, production showed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 60%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Synthetic Latex Rubber Exports

Exports in GCC

In 2021, approx. X tons of synthetic latex rubber were exported in GCC; dropping by -2% on 2020 figures. Overall, exports, however, showed a strong expansion. The growth pace was the most rapid in 2013 with an increase of 72%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. Total exports indicated a strong expansion from 2012 to 2021: its value 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, exports decreased by -21.3% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 84% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the main exporter of synthetic latex rubber in GCC, with the volume of exports reaching X tons, which was near 87% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing an 11% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the synthetic latex rubber exports, with a CAGR of +14.7% from 2012 to 2021. The United Arab Emirates (-3.5%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+25 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-25.8 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest synthetic latex rubber supplier in GCC, comprising 72% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +11.9%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 19% against the previous year. Over the period under review, the export price, however, saw a pronounced decrease. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.1%).

Synthetic Latex Rubber Imports

Imports in GCC

After two years of growth, supplies from abroad of synthetic latex rubber decreased by -25.2% to X tons in 2021. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 18% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then contracted dramatically in the following year.

In value terms, synthetic latex rubber imports declined to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 29%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented roughly 79% of total imports in 2021. Kuwait (X tons) held the next position in the ranking, followed by Qatar (X tons). All these countries together took approx. 16% share of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +24.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic latex rubber importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together comprising 85% of total imports. These countries were followed by Oman and Qatar, which together accounted for a further 14%.

Oman, with a CAGR of +35.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 26% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform