Oman: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Oman

The Omani synthetic latex rubber market dropped modestly to $X in 2021, reducing by -3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a significant increase. Synthetic latex rubber consumption peaked at $X in 2020, and then fell modestly in the following year.

Synthetic Latex Rubber Exports

Exports from Oman

In 2021, the amount of synthetic latex rubber exported from Oman surged to X tons, picking up by 22% on 2020. In general, exports showed significant growth. The growth pace was the most rapid in 2013 when exports increased by 631%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, synthetic latex rubber exports soared to $X in 2021. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 823% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Qatar (X tons) was the main destination for synthetic latex rubber exports from Oman, with a 53% share of total exports. Moreover, synthetic latex rubber exports to Qatar exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Qatar totaled +119.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-45.4% per year) and the United Arab Emirates (+16.4% per year).

In value terms, Qatar ($X) remains the key foreign market for synthetic latex rubber exports from Oman, comprising 64% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 20% share of total exports. It was followed by Egypt, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value to Qatar stood at +118.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+95.7% per year) and Egypt (0.0% per year).

Export Prices by Country

The average synthetic latex rubber export price stood at $X per ton in 2021, surging by 55% against the previous year. Over the period under review, the export price continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2020 an increase of 562%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+258.7%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Oman

In 2021, synthetic latex rubber imports into Oman fell to X tons, with a decrease of -12.9% against the previous year's figure. Overall, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 197%. Imports peaked at X tons in 2020, and then shrank in the following year.

In value terms, synthetic latex rubber imports expanded modestly to $X in 2021. Over the period under review, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 335%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest synthetic latex rubber supplier to Oman, with a 56% share of total imports. Moreover, synthetic latex rubber imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+44.6% per year) and Germany (+29.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of synthetic latex rubber to Oman, comprising 59% of total imports. The second position in the ranking was taken by the United States ($X), with a 21% share of total imports. It was followed by Singapore, with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+45.5% per year) and Singapore (+53.1% per year).

Import Prices by Country

The average synthetic latex rubber import price stood at $X per ton in 2021, growing by 19% against the previous year. Over the period under review, the import price recorded a buoyant increase. The pace of growth was the most pronounced in 2015 an increase of 50%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

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 Singapore ($X per ton), while the price for Germany ($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 (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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