Middle East: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in the Middle East

In 2021, the Middle Eastern synthetic rubber market increased by 13% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, recorded a perceptible downturn. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Synthetic Rubber Production in the Middle East

In value terms, synthetic rubber production expanded markedly 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 +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 35%. The level of production peaked in 2021 and is likely to see gradual growth in the immediate term.

Synthetic Rubber Exports

Exports in the Middle East

In 2021, exports of synthetic rubber in the Middle East was estimated at X tons, surging by 8.3% against 2020. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 161%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, synthetic rubber exports skyrocketed to $X in 2021. Overall, exports saw a significant expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 233% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

Saudi Arabia represented the main exporter of synthetic rubber in the Middle East, with the volume of exports recording X tons, which was approx. 80% of total exports in 2021. Turkey (X tons) ranks second in terms of the total exports with a 10% share, followed by the United Arab Emirates (9.5%).

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber exports, with a CAGR of +54.2% from 2012 to 2021. At the same time, the United Arab Emirates (+10.7%) and Turkey (+5.6%) displayed positive paces of growth. While the share of Saudi Arabia (+67 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-22.4 p.p.) and Turkey (-42.4 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber supplier in the Middle East, comprising 76% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total exports.

In Saudi Arabia, synthetic rubber exports increased at an average annual rate of +59.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+6.3% per year) and Turkey (+4.6% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, picking up by 37% against the previous year. In general, the export price, however, showed a pronounced descent. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($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 (+3.6%), while the other leaders experienced a decline in the export price figures.

Synthetic Rubber Imports

Imports in the Middle East

In 2021, purchases abroad of synthetic rubber increased by 10% 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 +3.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by 11%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, synthetic rubber imports skyrocketed to $X in 2021. In general, imports, however, recorded a mild decline. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Turkey represented the key importing country with an import of around X tons, which amounted to 80% of total imports. It was distantly followed by the United Arab Emirates (X tons), constituting an 11% share of total imports. The following importers - Israel (X tons) and Saudi Arabia (X tons) - together made up 6.2% of total imports.

Turkey was also the fastest-growing in terms of the synthetic rubber imports, with a CAGR of +5.2% from 2012 to 2021. At the same time, Israel (+1.8%) and the United Arab Emirates (+1.4%) displayed positive paces of growth. By contrast, Saudi Arabia (-6.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported synthetic rubber in the Middle East, comprising 79% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 11% 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. In the other countries, the average annual rates were as follows: the United Arab Emirates (-3.1% per year) and Israel (-0.9% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, jumping by 29% against the previous year. Overall, the import price, however, saw a pronounced decline. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Israel ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Turkey ($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 (-2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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