Hungary: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Hungary

In 2021, the Hungarian synthetic rubber (excluding latex) market was finally on the rise to reach $X after three years of decline. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in Hungary

In value terms, synthetic rubber (excluding latex) production reached $X in 2021 estimated in export price. Overall, production showed a resilient expansion. The pace of growth appeared the most rapid in 2013 when the production volume increased by 207% against the previous year. Synthetic rubber (excluding latex) production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Hungary

In 2021, shipments abroad of synthetic rubber (excluding latex) was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a noticeable shrinkage. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber (excluding latex) exports surged to $X in 2021. In general, exports, however, showed a abrupt contraction. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons), the United States (X tons) and Italy (X tons) were the main destinations of synthetic rubber (excluding latex) exports from Hungary, with a combined 38% share of total exports. These countries were followed by Spain, China, Romania, Poland, Thailand, Brazil, Slovakia, France, Russia and Serbia, which together accounted for a further 49%.

From 2012 to 2021, the biggest increases were recorded for Slovakia (with a CAGR of +20.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic rubber (excluding latex) exported from Hungary were Germany ($X), the United States ($X) and Spain ($X), with a combined 38% share of total exports. Italy, China, Romania, Poland, Thailand, Brazil, Slovakia, France, Russia and Serbia lagged somewhat behind, together comprising a further 50%.

Among the main countries of destination, Slovakia, with a CAGR of +15.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average synthetic rubber (excluding latex) export price stood at $X per ton in 2021, growing by 14% against the previous year. Over the period under review, the export price, however, saw a deep contraction. The growth pace was the most rapid in 2017 when the average export price increased by 19%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and Spain ($X per ton), while the average price for exports to France ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (-3.6%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Hungary

After two years of decline, supplies from abroad of synthetic rubber (excluding latex) increased by 21% to X tons in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic rubber (excluding latex) imports surged to $X in 2021. Overall, imports, however, continue to indicate a noticeable slump. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Russia (X tons) constituted the largest synthetic rubber (excluding latex) supplier to Hungary, with a 35% share of total imports. Moreover, synthetic rubber (excluding latex) imports from Russia exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. South Korea (X tons) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia totaled -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.3% per year) and South Korea (+52.1% per year).

In value terms, the largest synthetic rubber (excluding latex) suppliers to Hungary were Russia ($X), Germany ($X) and South Korea ($X), together comprising 57% of total imports. These countries were followed by Italy, France, Belgium, the Czech Republic, the Netherlands, the UK, Thailand, Serbia, Poland and Singapore, which together accounted for a further 35%.

Thailand, with a CAGR of +194.6%, 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

In 2021, the average synthetic rubber (excluding latex) import price amounted to $X per ton, picking up by 22% against the previous year. In general, the import price, however, showed a noticeable shrinkage. Over the period under review, average import prices attained the peak figure 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 origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform