Pakistan: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Pakistan

The Pakistani synthetic rubber market soared to $X in 2021, picking up by 30% 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, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +42.1% against 2019 indices. Synthetic rubber consumption peaked in 2021 and is likely to see steady growth in the near future.

Synthetic Rubber Exports

Exports from Pakistan

In 2021, after four years of growth, there was significant decline in overseas shipments of synthetic rubber, when their volume decreased by -7.5% to X tons. Overall, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 3,027% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then reduced in the following year.

In value terms, synthetic rubber exports dropped remarkably to $X in 2021. Over the period under review, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 2,549% against the previous year. The exports peaked at $X in 2020, and then reduced notably in the following year.

Exports by Country

Oman (X tons) was the main destination for synthetic rubber exports from Pakistan, with a 74% share of total exports. Moreover, synthetic rubber exports to Oman exceeded the volume sent to the second major destination, Afghanistan (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Oman totaled +18.4%.

In value terms, Oman ($X) emerged as the key foreign market for synthetic rubber exports from Pakistan, comprising 86% of total exports. The second position in the ranking was taken by Afghanistan ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Oman amounted to -7.7%.

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to $X per ton, falling by -54.7% against the previous year. Over the period under review, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 an increase of 703%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

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 Oman ($X per ton), while the average price for exports to Afghanistan stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Pakistan

In 2021, synthetic rubber imports into Pakistan skyrocketed to X tons, rising by 19% compared with the previous year's figure. Over the period under review, imports showed prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 64% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, synthetic rubber imports soared to $X in 2021. In general, total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +39.0% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of synthetic rubber imports to Pakistan, with a combined 55% share of total imports. The Netherlands, South Korea, the United Arab Emirates, Iran, Italy, Japan, Belgium, Indonesia, Saudi Arabia and Germany lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +38.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), China ($X) and Taiwan (Chinese) ($X) were the largest synthetic rubber suppliers to Pakistan, with a combined 56% share of total imports.

China, with a CAGR of +25.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average synthetic rubber import price amounted to $X per ton, picking up by 11% against the previous year. In general, the import price, however, recorded a perceptible curtailment. The growth pace was the most rapid in 2015 an increase of 29% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 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 Japan ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :