GCC: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in GCC

The GCC synthetic rubber market dropped rapidly to $X in 2021, which is down by -54.3% against the previous year. Overall, consumption saw a sharp curtailment. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Synthetic Rubber Production in GCC

In value terms, synthetic rubber production skyrocketed to $X in 2021 estimated in export price. In general, production, however, enjoyed strong growth. The pace of growth was the most pronounced in 2016 with an increase of 54% against the previous year. The level of production peaked in 2021 and is likely to see steady growth in the immediate term.

Synthetic Rubber Exports

Exports in GCC

In 2021, approx. X tons of synthetic rubber were exported in GCC; picking up by 11% compared with the previous year's figure. Overall, exports posted significant growth. The growth pace was the most rapid in 2017 when exports increased by 387%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber exports surged to $X in 2021. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 806%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, Saudi Arabia (X tons) was the key exporter of synthetic rubber, committing 89% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating an 11% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber exports, with a CAGR of +54.2% from 2012 to 2021. At the same time, the United Arab Emirates (+10.7%) displayed positive paces of growth. Saudi Arabia (+59 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -59.4% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber supplier in GCC, comprising 86% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 14% share of total exports.

In Saudi Arabia, synthetic rubber exports expanded at an average annual rate of +59.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, surging by 38% against the previous year. Overall, the export price, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 86%. 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 stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.6%).

Synthetic Rubber Imports

Imports in GCC

In 2021, synthetic rubber imports in GCC dropped to X tons, waning by -9% compared with the previous year. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 30%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic rubber imports expanded remarkably to $X in 2021. Overall, imports showed a abrupt decrease. The growth pace was the most rapid in 2017 with an increase of 39% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the largest importing country with an import of around X tons, which recorded 74% of total imports. It was distantly followed by Saudi Arabia (X tons), constituting an 18% share of total imports. The following importers - Qatar (X tons), Kuwait (X tons) and Oman (X tons) - together made up 7.9% of total imports.

The United Arab Emirates was also the fastest-growing in terms of the synthetic rubber imports, with a CAGR of +1.4% from 2012 to 2021. Qatar (-1.7%), Oman (-2.2%), Kuwait (-2.8%) and Saudi Arabia (-6.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+12 p.p.) and Kuwait (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-12.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported synthetic rubber in GCC, comprising 71% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 20% share of total imports. It was followed by Qatar, with a 4.3% share.

In the United Arab Emirates, synthetic rubber imports contracted by an average annual rate of -3.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-10.3% per year) and Qatar (-7.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, with an increase of 19% against the previous year. Over the period under review, the import price, however, showed a pronounced curtailment. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while Kuwait ($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 (-2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform