MENA: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in MENA

In 2021, the MENA's synthetic rubber (excluding latex) market was finally on the rise to reach $X after two years of decline. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in MENA

In value terms, synthetic rubber (excluding latex) production amounted to $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.9% 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 decreased by -7.8% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 37% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in MENA

In 2021, the amount of synthetic rubber (excluding latex) exported in MENA rose significantly to X tons, with an increase of 10% against the previous year. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2017 with an increase of 136%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. In general, exports posted a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 150% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

Exports by Country

In 2021, Saudi Arabia (X tons) represented the key exporter of synthetic rubber (excluding latex), comprising 74% of total exports. Turkey (X tons) ranks second in terms of the total exports with an 11% share, followed by the United Arab Emirates (10%) and Iran (5.2%).

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber (excluding latex) exports, with a CAGR of +47.1% from 2012 to 2021. At the same time, the United Arab Emirates (+10.9%), Iran (+5.5%) and Turkey (+5.4%) displayed positive paces of growth. Saudi Arabia (+60 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates, Iran and Turkey saw its share reduced by -13.9%, -14.4% and -29.4% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber (excluding latex) supplier in MENA, comprising 72% of total exports. The second position in the ranking was held by Turkey ($X), with a 13% share of total exports. It was followed by the United Arab Emirates, with a 9% share.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia stood at +42.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+4.5% per year) and the United Arab Emirates (+3.9% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, jumping by 35% against the previous year. Overall, the export price, however, continues to indicate a noticeable setback. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Turkey ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Iran ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-0.8%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in MENA

In 2021, supplies from abroad of synthetic rubber (excluding latex) increased by 16% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Turkey dominates imports structure, finishing at X tons, which was near 74% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), mixing up a 7.3% share of total imports. The following importers - Saudi Arabia (X tons), Israel (X tons), Iran (X tons), Egypt (X tons) and Algeria (X tons) - together made up 14% of total imports.

From 2012 to 2021, average annual rates of growth with regard to synthetic rubber (excluding latex) imports into Turkey stood at +5.1%. At the same time, Algeria (+23.2%), the United Arab Emirates (+9.3%) and Israel (+1.9%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in MENA, with a CAGR of +23.2% from 2012-2021. By contrast, Saudi Arabia (-2.2%), Iran (-3.8%) and Egypt (-5.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey and the United Arab Emirates increased by +5.6 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in MENA, comprising 74% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7.4% share of total imports. It was followed by Israel, with a 3.7% share.

In Turkey, synthetic rubber (excluding latex) imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+6.0% per year) and Israel (-0.9% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, increasing by 29% against the previous year. Over the period under review, the import price, however, showed a perceptible curtailment. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Iran ($X per ton) and Egypt ($X per ton), while Saudi Arabia ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Algeria (-2.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform