Middle East: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in the Middle East

After two years of decline, the Middle Eastern synthetic rubber (excluding latex) market increased by 18% to $X in 2021. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in the Middle East

In value terms, synthetic rubber (excluding latex) production rose modestly to $X in 2021 estimated in export price. The total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. 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 was the most pronounced in 2017 with an increase of 37% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in the Middle East

In 2021, approx. X tons of synthetic rubber (excluding latex) were exported in the Middle East; growing by 10% on the previous year. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 136%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, synthetic rubber (excluding latex) exports soared to $X in 2021. In general, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 152% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in years to come.

Exports by Country

In 2021, Saudi Arabia (X tons) was the main exporter of synthetic rubber (excluding latex), making up 74% of total exports. Turkey (X tons) took the second position in the ranking, followed by the United Arab Emirates (X tons) and Iran (X tons). All these countries together held approx. 26% share of total exports.

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 -14%, -14.5% and -29.6% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber (excluding latex) supplier in the Middle East, comprising 72% of total exports. The second position in the ranking was held by Turkey ($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 totaled +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

The export price in the Middle East stood at $X per ton in 2021, picking up by 35% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced slump. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 the Middle East

In 2021, overseas purchases of synthetic rubber (excluding latex) increased by 17% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded 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 surged to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Turkey prevails in imports structure, accounting for X tons, which was approx. 80% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing a 7.8% share of total imports. Saudi Arabia (X tons), Israel (X tons) and Iran (X tons) held a relatively small share 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, the United Arab Emirates (+9.3%) and Israel (+1.9%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +9.3% from 2012-2021. By contrast, Saudi Arabia (-2.2%) and Iran (-3.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey and the United Arab Emirates increased by +4.5 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in the Middle East, comprising 79% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8% share of total imports. It was followed by Israel, with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey was relatively modest. 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 the Middle East amounted to $X per ton, with an increase of 30% against the previous year. Over the period under review, the import price, however, showed a pronounced downturn. Over the period under review, import prices hit record highs 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 ($X per ton) and Israel ($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 Israel (-2.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform