India: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in India

In 2021, the Indian synthetic rubber market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a pronounced decline. Synthetic rubber consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in India

In value terms, synthetic rubber production expanded significantly to $X in 2021 estimated in export price. Overall, production recorded a abrupt decrease. The pace of growth was the most pronounced in 2014 when the production volume increased by 60%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Synthetic Rubber Exports

Exports from India

In 2021, after four years of growth, there was significant decline in shipments abroad of synthetic rubber, when their volume decreased by -14.8% to X tons. In general, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 74%. Over the period under review, the exports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, synthetic rubber exports surged to $X in 2021. Over the period under review, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 56%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for synthetic rubber exports from India, accounting for a 24% share of total exports. Moreover, synthetic rubber exports to China exceeded the volume sent to the second major destination, Thailand (X tons), threefold. The third position in this ranking was held by Sri Lanka (X tons), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+16.3% per year) and Sri Lanka (+28.9% per year).

In value terms, China ($X) remains the key foreign market for synthetic rubber exports from India, comprising 22% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 10% share of total exports. It was followed by Bangladesh, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+23.6% per year) and Bangladesh (+40.2% per year).

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2021, picking up by 49% against the previous year. Over the period under review, the export price, however, recorded a noticeable reduction. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Nepal ($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 Iran (-0.2%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into India

In 2021, after two years of decline, there was significant growth in supplies from abroad of synthetic rubber, when their volume increased by 65% to X tons. The total import volume increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber imports surged to $X in 2021. Overall, imports, however, saw a perceptible curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

South Korea (X tons), Russia (X tons) and Japan (X tons) were the main suppliers of synthetic rubber imports to India, together comprising 40% of total imports. These countries were followed by Singapore, the United States, Poland, Germany, the United Arab Emirates, Saudi Arabia, China, Taiwan (Chinese), Belgium and Italy, which together accounted for a further 33%.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +63.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber suppliers to India were South Korea ($X), Japan ($X) and Russia ($X), together accounting for 48% of total imports. Singapore, the United States, Poland, China, Germany, the United Arab Emirates, Saudi Arabia, Taiwan (Chinese), Belgium and Italy lagged somewhat behind, together accounting for a further 40%.

Saudi Arabia, with a CAGR of +52.0%, recorded the highest rates of growth with regard to 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 import price amounted to $X per ton, with an increase of 5.2% against the previous year. Over the period under review, the import price, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 an increase of 25%. Over the period under review, average 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 origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :