Iran: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Iran

After three years of growth, the Iranian synthetic rubber market decreased by -36.1% to $X in 2021. Over the period under review, consumption showed a pronounced setback. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Synthetic Rubber Production in Iran

In value terms, synthetic rubber production fell markedly to $X in 2021 estimated in export price. In general, production, however, recorded a slight shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 16%. As a result, production attained the peak level of $X, and then shrank remarkably in the following year.

Synthetic Rubber Exports

Exports from Iran

For the fourth consecutive year, Iran recorded growth in overseas shipments of synthetic rubber, which increased by 0.8% to X tons in 2018. The total export volume increased at an average annual rate of +13.3% over the period from 2015 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 27% against the previous year. Over the period under review, the exports hit record highs in 2018 and are likely to continue growth in years to come.

In value terms, synthetic rubber exports fell to $X in 2018. In general, exports, however, continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2017 when exports increased by 4.7% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Turkey (X tons), Pakistan (X tons) and Italy (X tons) were the main destinations of synthetic rubber exports from Iran, together comprising 60% of total exports. Moreover, synthetic rubber exports in Turkey exceeded the figures recorded by the second-largest exporter, Pakistan, sixfold.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +16.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Pakistan ($X) and Italy ($X) appeared to be the largest markets for synthetic rubber exported from Iran worldwide, together comprising 60% of total exports. Moreover, synthetic rubber exports in Turkey exceeded the figures recorded by the second-largest exporter, Pakistan, sixfold.

Turkey, with a CAGR of +14.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average synthetic rubber export price stood at less than $X per ton in 2021, approximately mirroring the previous year. Overall, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 when the average export price decreased by -7.5% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Italy ($X per ton) and India ($X per ton), while the average price for exports to China ($X per ton) and Turkey ($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 Turkey (-1.5%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into Iran

In 2021, purchases abroad of synthetic rubber decreased by -71.3% to X tons, falling for the fourth consecutive year after two years of growth. Overall, imports faced a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 57%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic rubber imports reduced remarkably to $X in 2021. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 21% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Turkey (X tons) and Malaysia (X tons) were the main suppliers of synthetic rubber imports to Iran.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +57.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of synthetic rubber to Iran, comprising 153% of total imports. The second position in the ranking was held by Turkey ($X), with a 68% share of total imports. It was followed by Malaysia, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+18.2% per year) and Malaysia (+20.8% per year).

Import Prices by Country

In 2021, the average synthetic rubber import price amounted to $X per ton, with an increase of 14% against the previous year. In general, the import price, however, saw a deep contraction. The pace of growth was the most pronounced in 2017 when the average import price increased by 16%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for the UK ($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 (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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