Morocco: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Morocco

In 2021, the Moroccan synthetic rubber market decreased by -0.7% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Synthetic Rubber Exports

Exports from Morocco

In 2020, overseas shipments of synthetic rubber decreased by -17.3% to X tons, falling for the second year in a row after two years of growth. Overall, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 1,858%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2020, the exports stood at a somewhat lower figure.

In value terms, synthetic rubber exports fell to $X in 2020. Over the period under review, exports, however, saw a significant expansion. The growth pace was the most rapid in 2015 when exports increased by 1,072%. The exports peaked at $X in 2018; however, from 2019 to 2020, the exports remained at a lower figure.

Exports by Country

France (X tons), Spain (X tons) and Senegal (X tons) were the main destinations of synthetic rubber exports from Morocco, together accounting for 75% of total exports. Moreover, synthetic rubber exports in France exceeded the figures recorded by the second-largest exporter, Spain, more than tenfold.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +76.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, France ($X), Spain ($X) and Senegal ($X) constituted the largest markets for synthetic rubber exported from Morocco worldwide, together comprising 75% of total exports. Moreover, synthetic rubber exports in France exceeded the figures recorded by the second-largest exporter, Spain, ninefold.

Among the main countries of destination, France, with a CAGR of +44.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to less than $X per ton, declining by 99.9% against the previous year. Overall, the export price, however, continues to indicate noticeable growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 56% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Germany ($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 the UK (+329.8%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Morocco

In 2021, purchases abroad of synthetic rubber decreased by -5.5% to X tons, falling for the second year in a row after six years of growth. Over the period under review, total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -22.9% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 17% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber imports fell to $X in 2021. In general, imports saw a slight downturn. The most prominent rate of growth was recorded in 2017 with an increase of 50% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Spain (X tons) constituted the largest supplier of synthetic rubber to Morocco, with a 29% share of total imports. Moreover, synthetic rubber imports from Spain exceeded the figures recorded by the second-largest supplier, Russia (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Spain amounted to +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+7.7% per year) and Germany (+1.1% per year).

In value terms, the largest synthetic rubber suppliers to Morocco were Russia ($X), Spain ($X) and Germany ($X), with a combined 60% share of total imports. These countries were followed by Italy, France, the United States, China and Belgium, which together accounted for a further 26%.

China, with a CAGR of +12.3%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic rubber import price stood at $X per ton in 2021, rising by 5.8% against the previous year. In general, the import price, however, saw a pronounced decline. The pace of growth appeared the most rapid in 2017 when the average import price increased by 32% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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