Portugal: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Portugal

After two years of decline, the Portuguese synthetic rubber (excluding latex) market increased by 58% to $X in 2021. In general, consumption, however, recorded a mild decline. Synthetic rubber (excluding latex) consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Portugal

Synthetic rubber (excluding latex) exports from Portugal soared to X tons in 2021, rising by 24% against 2020 figures. Over the period under review, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.5% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 89%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic rubber (excluding latex) exports skyrocketed to $X in 2021. Overall, exports continue to indicate noticeable growth. The pace of growth was the most pronounced in 2019 with an increase of 100% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for synthetic rubber (excluding latex) exports from Portugal, with a 25% share of total exports. Moreover, synthetic rubber (excluding latex) exports to Spain exceeded the volume sent to the second major destination, Lithuania (X tons), twofold. The third position in this ranking was held by Russia (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Spain totaled +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+58.3% per year) and Russia (+126.8% per year).

In value terms, Spain ($X), Russia ($X) and Lithuania ($X) appeared to be the largest markets for synthetic rubber (excluding latex) exported from Portugal worldwide, with a combined 47% share of total exports. The Czech Republic, Morocco, Mexico, Brazil, Belgium, Latvia, France, Italy, Germany and Croatia lagged somewhat behind, together accounting for a further 43%.

Latvia, with a CAGR of +503.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

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. Overall, the export price, however, recorded a perceptible reduction. The pace of growth was the most pronounced in 2018 when the average export price increased by 31% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Belgium ($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 Mexico (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Portugal

In 2021, after three years of decline, there was significant growth in supplies from abroad of synthetic rubber (excluding latex), when their volume increased by 34% to X tons. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a slight slump. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Spain (X tons) and Russia (X tons) were the main suppliers of synthetic rubber (excluding latex) imports to Portugal, together comprising 54% of total imports. Belgium, Italy, Malaysia, South Korea, Singapore, the Czech Republic, Japan, Taiwan (Chinese), France and Poland lagged somewhat behind, together comprising a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +187.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) suppliers to Portugal were Germany ($X), Spain ($X) and Russia ($X), with a combined 51% share of total imports. These countries were followed by Belgium, Italy, Japan, France, South Korea, Malaysia, Singapore, the Czech Republic, Taiwan (Chinese) and Poland, which together accounted for a further 44%.

Malaysia, with a CAGR of +188.6%, saw the highest rates of growth with regard to 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 (excluding latex) import price amounted to $X per ton, growing by 24% against the previous year. In general, the import price, however, continues to indicate a noticeable descent. The import price peaked 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 France ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform