Myanmar: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Myanmar

The Myanmar's synthetic rubber (excluding latex) market dropped rapidly to $X in 2021, with a decrease of -24.3% against the previous year. In general, consumption continues to indicate a abrupt setback. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in Myanmar

In value terms, synthetic rubber (excluding latex) production reduced modestly to $X in 2021 estimated in export price. Overall, production recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 9.8%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Myanmar

In 2021, synthetic rubber (excluding latex) exports from Myanmar soared to X tons, jumping by 26% compared with 2020. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 579% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 392%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

China (X tons) was the main destination for synthetic rubber (excluding latex) exports from Myanmar, accounting for a 93% share of total exports. Moreover, synthetic rubber (excluding latex) exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold.

From 2013 to 2021, the average annual rate of growth in terms of volume to China amounted to +93.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+44.5% per year) and Thailand (+34.7% per year).

In value terms, China ($X) remains the key foreign market for synthetic rubber (excluding latex) exports from Myanmar, comprising 92% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 3.6% share of total exports.

From 2013 to 2021, the average annual rate of growth in terms of value to China stood at +72.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+42.9% per year) and Thailand (+44.5% per year).

Export Prices by Country

The average synthetic rubber (excluding latex) export price stood at $X per ton in 2021, picking up by 12% against the previous year. In general, the export price, however, recorded a deep reduction. The pace of growth was the most pronounced in 2017 an increase of 28%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+7.3%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Myanmar

In 2021, the amount of synthetic rubber (excluding latex) imported into Myanmar rose sharply to X tons, growing by 6.2% on 2020. Overall, imports continue to indicate significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 186%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic rubber (excluding latex) imports fell to $X in 2021. Over the period under review, imports saw a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 211% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Russia (X tons) and Thailand (X tons) were the main suppliers of synthetic rubber (excluding latex) imports to Myanmar, together accounting for 78% of total imports. These countries were followed by Taiwan (Chinese), South Korea and Japan, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +198.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) suppliers to Myanmar were China ($X), Russia ($X) and Thailand ($X), together accounting for 72% of total imports.

In terms of the main suppliers, Russia, with a CAGR of +160.8%, saw the highest growth rate of the value of imports, 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 (excluding latex) import price stood at $X per ton in 2021, with a decrease of -11.5% against the previous year. Overall, the import price recorded a abrupt downturn. The growth pace was the most rapid in 2016 when the average import price increased by 8.8%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform