Kuwait: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Kuwait

In 2021, the Kuwaiti synthetic latex 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, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Synthetic latex rubber consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Synthetic Latex Rubber Exports

Exports from Kuwait

In 2021, the amount of synthetic latex rubber exported from Kuwait totaled X tons, with an increase of 14% against 2020. Over the period under review, exports saw significant growth. The growth pace was the most rapid in 2018 with an increase of 3,779% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, synthetic latex rubber exports shrank to $X in 2021. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 3,808% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Iraq (X tons), India (X tons) and Saudi Arabia (X tons) were the main destinations of synthetic latex rubber exports from Kuwait, with a combined 97% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +37.3%), while the other leaders experienced mixed trend patterns.

In value terms, India ($X) emerged as the key foreign market for synthetic latex rubber exports from Kuwait, comprising 71% of total exports. The second position in the ranking was held by Iraq ($X), with an 18% share of total exports. It was followed by Saudi Arabia, with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at +36.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+1.6% per year) and Saudi Arabia (+35.5% per year).

Export Prices by Country

The average synthetic latex rubber export price stood at $X per ton in 2021, waning by -18.1% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average export price increased by 66%. As a result, the export price attained the peak level of $X per ton, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Iraq ($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 Egypt (+53.9%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Kuwait

In 2021, imports of synthetic latex rubber into Kuwait skyrocketed to X tons, rising by 27% compared with the year before. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.5% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of 60%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, synthetic latex rubber imports surged to $X in 2021. Over the period under review, total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. 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 imports increased by 59% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), India (X tons) and Germany (X tons) were the main suppliers of synthetic latex rubber imports to Kuwait, together accounting for 54% of total imports. The UK, South Korea, the United Arab Emirates, the United States, Italy, Belgium and the Netherlands lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +52.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic latex rubber suppliers to Kuwait were Saudi Arabia ($X), India ($X) and South Korea ($X), with a combined 48% share of total imports.

Among the main suppliers, South Korea, with a CAGR of +65.6%, recorded 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, surging by 12% against the previous year. In general, the import price, however, saw a noticeable setback. The growth pace was the most rapid in 2013 when the average import price increased by 30% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

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 the United States ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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