Hong Kong SAR, China: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Hong Kong SAR, China

In 2021, after four years of growth, there was significant decline in the Hong Kong synthetic latex rubber market, when its value decreased by -10.2% to $X. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Synthetic Latex Rubber Production in Hong Kong SAR, China

In value terms, synthetic latex rubber production fell remarkably to $X in 2021 estimated in export price. Overall, the total production indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +49.9% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. As a result, production reached the peak level of $X, and then fell dramatically in the following year.

Synthetic Latex Rubber Exports

Exports from Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in overseas shipments of synthetic latex rubber, when their volume increased by 54% to X tons. Over the period under review, exports, however, continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2018 when exports increased by 150%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, synthetic latex rubber exports surged to $X in 2021. Overall, exports, however, recorded a mild descent. The growth pace was the most rapid in 2018 when exports increased by 139% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for synthetic latex rubber exports from Hong Kong SAR, with a 94% share of total exports. Moreover, synthetic latex rubber exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China stood at -4.7%.

In value terms, China ($X) remains the key foreign market for synthetic latex rubber exports from Hong Kong SAR, comprising 97% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 2.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China was relatively modest.

Export Prices by Country

In 2021, the average synthetic latex rubber export price amounted to $X per ton, increasing by 35% against the previous year. Over the period under review, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber export price increased by +84.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Macao SAR stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of synthetic latex rubber was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a mild decline. The pace of growth appeared the most rapid in 2018 with an increase of 18% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, synthetic latex rubber imports soared to $X in 2021. Overall, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of synthetic latex rubber to Hong Kong SAR, accounting for a 45% share of total imports. Moreover, synthetic latex rubber imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Germany was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.1% per year) and South Korea (+12.5% per year).

In value terms, the largest synthetic latex rubber suppliers to Hong Kong SAR were Germany ($X), South Korea ($X) and Japan ($X), with a combined 80% share of total imports.

South Korea, with a CAGR of +23.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic latex rubber import price stood at $X per ton in 2021, with an increase of 37% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber import price increased by +75.0% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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