GCC: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in GCC

In 2021, after two years of decline, there was growth in the GCC synthetic rubber (excluding latex) market, when its value increased by 4.9% to $X. Over the period under review, consumption posted a tangible expansion. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Synthetic Rubber (Excluding Latex) in GCC

In value terms, synthetic rubber (excluding latex) production expanded markedly to $X in 2021 estimated in export price. In general, production continues to indicate a prominent increase. The growth pace was the most rapid in 2015 when the production volume increased by 57% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in GCC

In 2021, approx. X tons of synthetic rubber (excluding latex) were exported in GCC; picking up by 9.3% compared with 2020 figures. In general, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 194%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, synthetic rubber (excluding latex) exports surged to $X in 2021. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 227%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

Saudi Arabia was the major exporter of synthetic rubber (excluding latex) in GCC, with the volume of exports reaching X tons, which was approx. 88% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), constituting a 12% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber (excluding latex) exports, with a CAGR of +47.1% from 2012 to 2021. At the same time, the United Arab Emirates (+10.9%) displayed positive paces of growth. Saudi Arabia (+52 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -50.5% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber (excluding latex) supplier in GCC, comprising 89% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled +42.1%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, growing by 38% against the previous year. Overall, the export price, however, saw a pronounced downturn. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.4%).

Imports of Synthetic Rubber (Excluding Latex)

Imports in GCC

In 2021, approx. X tons of synthetic rubber (excluding latex) were imported in GCC; growing by 17% on the year before. The total import volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the major importer of synthetic rubber (excluding latex) in GCC, with the volume of imports amounting to X tons, which was approx. 61% of total imports in 2021. It was distantly followed by Saudi Arabia (X tons), committing a 30% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each recorded a 6.5% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to synthetic rubber (excluding latex) imports into the United Arab Emirates stood at +9.3%. At the same time, Kuwait (+19.8%) and Qatar (+14.3%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +19.8% from 2012-2021. By contrast, Saudi Arabia (-2.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates, Kuwait and Qatar increased by +21, +2.4 and +1.7 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in GCC, comprising 63% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 28% share of total imports. It was followed by Kuwait, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +6.0%. In the other countries, the average annual rates were as follows: Saudi Arabia (-7.8% per year) and Kuwait (+15.8% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 28% against the previous year. Overall, the import price, however, showed a pronounced contraction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Kuwait ($X per ton) and the United Arab Emirates ($X per ton), while Qatar ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform