MENA: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in MENA

In 2021, after three years of decline, there was significant growth in the MENA's synthetic latex rubber market, when its value increased by 11% to $X. Over the period under review, consumption, however, saw a mild decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Synthetic Latex Rubber Production in MENA

In value terms, synthetic latex rubber production dropped modestly to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +104.8% against 2013 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 25%. Over the period under review, production attained the maximum level at $X in 2020, and then reduced modestly in the following year.

Synthetic Latex Rubber Exports

Exports in MENA

In 2021, synthetic latex rubber exports in MENA totaled X tons, approximately equating 2020. Overall, exports showed a prominent expansion. The pace of growth appeared the most rapid in 2013 with an increase of 91%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, synthetic latex rubber exports surged to $X in 2021. Total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -9.1% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 58%. 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

In 2021, Saudi Arabia (X tons) represented the major exporter of synthetic latex rubber, achieving 54% of total exports. Iran (X tons) ranks second in terms of the total exports with a 26% share, followed by Turkey (11%) and the United Arab Emirates (6.7%).

Exports from Saudi Arabia increased at an average annual rate of +14.7% from 2012 to 2021. At the same time, Iran (+33.0%) and Turkey (+10.1%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in MENA, with a CAGR of +33.0% from 2012-2021. By contrast, the United Arab Emirates (-3.5%) illustrated a downward trend over the same period. While the share of Iran (+20 p.p.) and Saudi Arabia (+8.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Turkey (-2.4 p.p.) and the United Arab Emirates (-20.1 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest synthetic latex rubber supplier in MENA, comprising 49% of total exports. The second position in the ranking was taken by Iran ($X), with a 19% share of total exports. It was followed by the United Arab Emirates, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia amounted to +11.9%. In the other countries, the average annual rates were as follows: Iran (+18.6% per year) and the United Arab Emirates (-2.4% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, increasing by 21% against the previous year. In general, the export price, however, recorded a pronounced decline. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.1%), while the other leaders experienced a decline in the export price figures.

Synthetic Latex Rubber Imports

Imports in MENA

In 2021, synthetic latex rubber imports in MENA rose sharply to X tons, growing by 8.3% against 2020 figures. The total import volume increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 62% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, synthetic latex rubber imports surged to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was near 59% of total imports in 2021. The United Arab Emirates (X tons) held an 8.3% share (based on physical terms) of total imports, which put it in second place, followed by Egypt (6.9%) and Saudi Arabia (6.5%). Libya (X tons), Jordan (X tons) and Algeria (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to synthetic latex rubber imports into Turkey stood at +6.0%. At the same time, Algeria (+7.1%), Saudi Arabia (+6.5%), Jordan (+4.7%), Egypt (+4.0%) and Libya (+1.7%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in MENA, with a CAGR of +7.1% from 2012-2021. By contrast, the United Arab Emirates (-2.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey increased by +10 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported synthetic latex rubber in MENA, comprising 50% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Egypt, with a 7.8% share.

In Turkey, synthetic latex rubber imports expanded at an average annual rate of +1.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+10.1% per year) and Egypt (-1.0% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, picking up by 25% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced setback. The pace of growth appeared the most rapid in 2014 when the import price increased by 39%. The level of import peaked 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 destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Libya ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform