Mexico: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Mexico

The Mexican synthetic rubber market skyrocketed to $X in 2021, picking up by 60% against the previous year. In general, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Synthetic Rubber Production in Mexico

In value terms, synthetic rubber production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. Synthetic rubber production peaked at $X in 2018; afterwards, it flattened through to 2021.

Synthetic Rubber Exports

Exports from Mexico

Synthetic rubber exports from Mexico declined markedly to X tons in 2021, waning by -21.2% against 2020. Overall, exports saw a deep slump. The growth pace was the most rapid in 2014 when exports increased by 45%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, synthetic rubber exports expanded to $X in 2021. Over the period under review, exports continue to indicate a abrupt decline. The growth pace was the most rapid in 2017 with an increase of 32%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for synthetic rubber exports from Mexico, with a 94% share of total exports. Moreover, synthetic rubber exports to the United States exceeded the volume sent to the second major destination, Brazil (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-8.3% per year) and Colombia (-12.8% per year).

In value terms, the United States ($X) remains the key foreign market for synthetic rubber exports from Mexico, comprising 93% of total exports. The second position in the ranking was held by Brazil ($X), with a 4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to -5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-10.5% per year) and Colombia (-12.1% per year).

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to $X per ton, rising by 30% against the previous year. Overall, the export price, however, saw a pronounced contraction. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to the United States ($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 Colombia (+0.8%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into Mexico

In 2021, synthetic rubber imports into Mexico was estimated at X tons, approximately mirroring the year before. Over the period under review, imports recorded a temperate expansion. The most prominent rate of growth was recorded in 2017 with an increase of 43% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, synthetic rubber imports soared to $X in 2021. In general, 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

In 2021, the United States (X tons) constituted the largest supplier of synthetic rubber to Mexico, accounting for a 73% share of total imports. Moreover, synthetic rubber imports from the United States exceeded the figures recorded by the second-largest supplier, Russia (X tons), eightfold. South Korea (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+7.7% per year) and South Korea (+1.4% per year).

In value terms, the United States ($X) constituted the largest supplier of synthetic rubber to Mexico, comprising 72% of total imports. The second position in the ranking was held by Russia ($X), with a 6.5% share of total imports. It was followed by South Korea, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+0.7% per year) and South Korea (-1.0% per year).

Import Prices by Country

The average synthetic rubber import price stood at $X per ton in 2021, leveling off at the previous year. In general, the import price continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2015 when the average import price increased by 30% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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