Middle East: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in the Middle East

In 2021, the Middle Eastern synthetic latex rubber market was finally on the rise to reach $X after two years of decline. In general, consumption, however, recorded a slight setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Synthetic Latex Rubber Production in the Middle East

In value terms, synthetic latex rubber production shrank to $X in 2021 estimated in export price. The total production indicated a prominent 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 pace of growth appeared the most rapid in 2016 with an increase of 25%. Over the period under review, production hit record highs at $X in 2020, and then declined slightly in the following year.

Synthetic Latex Rubber Exports

Exports in the Middle East

Synthetic latex rubber exports expanded slightly to X tons in 2021, growing by 4.6% compared with the year before. Overall, exports saw a prominent increase. The pace of growth was the most pronounced in 2013 when exports increased by 91% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.2% 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 -9.9% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 61%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the key exporter of synthetic latex rubber in the Middle East, with the volume of exports finishing at X tons, which was near 55% of total exports in 2021. Iran (X tons) took the second position in the ranking, distantly followed by Turkey (X tons) and the United Arab Emirates (X tons). All these countries together took approx. 44% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to synthetic latex rubber exports from Saudi Arabia stood at +14.7%. 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 the Middle East, 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. From 2012 to 2021, the share of Iran and Saudi Arabia increased by +20 and +8 percentage points, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic latex rubber supplier in the Middle East, comprising 51% of total exports. The second position in the ranking was held by Iran ($X), with a 20% share of total exports. It was followed by the United Arab Emirates, with a 16% share.

In Saudi Arabia, synthetic latex rubber exports expanded at an average annual rate of +11.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Iran (+18.6% per year) and the United Arab Emirates (-2.4% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, growing by 19% against the previous year. In general, the export price, however, continues to indicate a noticeable descent. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 the Middle East

In 2021, the amount of synthetic latex rubber imported in the Middle East rose modestly to X tons, increasing by 5% compared with the year before. The total import volume increased at an average annual rate of +3.9% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 7.1% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

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

Imports by Country

Turkey dominates imports structure, finishing at X tons, which was approx. 70% of total imports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 9.8% share, followed by Saudi Arabia (7.6%). Jordan (X tons), Kuwait (X tons) and Israel (X tons) held a little share of total imports.

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, Saudi Arabia (+6.5%), Kuwait (+5.7%) and Jordan (+4.7%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +6.5% from 2012-2021. Israel experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-2.1%) illustrated a downward trend over the same period. Turkey (+11 p.p.) and Saudi Arabia (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -6.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported synthetic latex rubber in the Middle East, comprising 59% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with an 8.1% 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 the United Arab Emirates (-6.3% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, rising by 27% against the previous year. Overall, the import price, however, continues to indicate a noticeable reduction. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($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

Frequently Asked Questions (FAQ) :