Hungary: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Hungary

In 2021, the Hungarian synthetic latex rubber market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Synthetic Latex Rubber Exports

Exports from Hungary

In 2021, the amount of synthetic latex rubber exported from Hungary contracted to X tons, shrinking by -9.2% compared with 2020 figures. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by 9.1%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. In general, exports continue to indicate a abrupt descent. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

North Macedonia (X tons) was the main destination for synthetic latex rubber exports from Hungary, accounting for a 51% share of total exports. Moreover, synthetic latex rubber exports to North Macedonia exceeded the volume sent to the second major destination, Serbia (X tons), threefold. The third position in this ranking was held by Kosovo (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to North Macedonia stood at +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (-24.3% per year) and Kosovo (+1.7% per year).

In value terms, North Macedonia ($X) remains the key foreign market for synthetic latex rubber exports from Hungary, comprising 39% of total exports. The second position in the ranking was taken by Serbia ($X), with an 18% share of total exports. It was followed by South Korea, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value to North Macedonia stood at +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (-23.1% per year) and South Korea (0.0% per year).

Export Prices by Country

The average synthetic latex rubber export price stood at $X per ton in 2021, surging by 42% against the previous year. Overall, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +2.6% 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 export price increased by +46.6% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to North Macedonia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kosovo (+32.0%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Hungary

After two years of decline, overseas purchases of synthetic latex rubber increased by 20% to X tons in 2021. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic latex rubber imports soared to $X in 2021. Overall, total imports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, 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.

Imports by Country

In 2021, Germany (X tons) constituted the largest synthetic latex rubber supplier to Hungary, with a 64% share of total imports. Moreover, synthetic latex rubber imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+15.7% per year) and South Korea (+388.8% per year).

In value terms, the largest synthetic latex rubber suppliers to Hungary were Germany ($X), South Korea ($X) and Italy ($X), with a combined 90% share of total imports.

Among the main suppliers, South Korea, with a CAGR of +312.1%, saw 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

In 2021, the average synthetic latex rubber import price amounted to $X per ton, with an increase of 27% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the average import price increased by 31% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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