Indonesia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Indonesia

The Indonesian synthetic rubber market skyrocketed to $X in 2021, rising by 50% against the previous year. In general, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.7% against 2019 indices. Synthetic rubber consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in Indonesia

In value terms, synthetic rubber production soared to $X in 2021 estimated in export price. In general, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.3% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 37% against the previous year. Synthetic rubber production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Synthetic Rubber Exports

Exports from Indonesia

After two years of growth, shipments abroad of synthetic rubber decreased by -42.2% to X tons in 2021. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 232%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, synthetic rubber exports declined significantly to $X in 2021. Over the period under review, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 350%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for synthetic rubber exports from Indonesia, accounting for a 28% share of total exports. Moreover, synthetic rubber exports to China exceeded the volume sent to the second major destination, Australia (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+47.1% per year) and Thailand (+12.5% per year).

In value terms, China ($X) remains the key foreign market for synthetic rubber exports from Indonesia, comprising 32% of total exports. The second position in the ranking was held by Thailand ($X), with a 12% share of total exports. It was followed by Spain, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+7.5% per year) and Spain (+632.9% per year).

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to $X per ton, increasing by 21% against the previous year. Overall, the export price, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2017 when the average export price increased by 36%. Over the period under review, the average export prices hit record highs 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 Canada ($X per ton), while the average price for exports to Australia ($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 China (+0.8%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into Indonesia

In 2021, approx. X tons of synthetic rubber were imported into Indonesia; increasing by 22% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber imports surged to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest synthetic rubber supplier to Indonesia, with a 46% share of total imports. Moreover, synthetic rubber imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. China (X tons) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.5% per year) and China (+5.4% per year).

In value terms, South Korea ($X) constituted the largest supplier of synthetic rubber to Indonesia, comprising 42% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by China, with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.5% per year) and China (+3.2% per year).

Import Prices by Country

In 2021, the average synthetic rubber import price amounted to $X per ton, jumping by 34% against the previous year. Overall, the import price, however, continues to indicate a perceptible setback. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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