Malaysia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Malaysia

The Malaysian synthetic rubber market skyrocketed to $X in 2021, picking up by 120% against the previous year. Over the period under review, consumption showed a strong expansion. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in the immediate term.

Synthetic Rubber Production in Malaysia

In value terms, synthetic rubber production surged to $X in 2021 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +16.5% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 37%. Over the period under review, production hit record highs in 2021 and is likely to see steady growth in the near future.

Synthetic Rubber Exports

Exports from Malaysia

In 2021, the amount of synthetic rubber exported from Malaysia fell to X tons, which is down by -13.8% against the previous year. Overall, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 92% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber exports amounted to $X in 2021. In general, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 93%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for synthetic rubber exports from Malaysia, with a 69% share of total exports. Moreover, synthetic rubber exports to China exceeded the volume sent to the second major destination, Thailand (X tons), fivefold. Indonesia (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +34.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+21.7% per year) and Indonesia (+11.2% per year).

In value terms, China ($X) remains the key foreign market for synthetic rubber exports from Malaysia, comprising 64% of total exports. The second position in the ranking was held by Thailand ($X), with a 15% share of total exports. It was followed by Indonesia, with a 5% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +28.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+29.3% per year) and Indonesia (+21.9% per year).

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2021, increasing by 30% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2017 an increase of 37% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to China ($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 Indonesia (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Malaysia

In 2021, the amount of synthetic rubber imported into Malaysia rose markedly to X tons, picking up by 12% compared with the previous year. Over the period under review, imports posted strong growth. The pace of growth was the most pronounced in 2017 with an increase of 26%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, synthetic rubber imports skyrocketed to $X in 2021. Overall, imports saw a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) was the main supplier of synthetic rubber to Malaysia, with a 107% share of total imports. Moreover, synthetic rubber imports from South Korea exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The third position in this ranking was held by China (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea totaled +23.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+8.9% per year) and China (+25.6% per year).

In value terms, the largest synthetic rubber suppliers to Malaysia were South Korea ($X), Taiwan (Chinese) ($X) and China ($X), with a combined 77% share of total imports. These countries were followed by Japan, Thailand and Saudi Arabia, which together accounted for a further 16%.

Saudi Arabia, with a CAGR of +174.8%, saw the highest rates of growth with regard to the value of imports, in terms of 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, growing by 78% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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