Portugal: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Portugal

In 2021, the Portuguese synthetic rubber market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, saw a relatively flat trend pattern. Synthetic rubber consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Synthetic Rubber Exports

Exports from Portugal

In 2021, synthetic rubber exports from Portugal skyrocketed to X tons, rising by 24% against 2020. Overall, total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -3.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 86%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, synthetic rubber exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a noticeable increase. The pace of growth appeared the most rapid in 2019 with an increase of 96%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Spain (X tons), Lithuania (X tons) and Russia (X tons) were the main destinations of synthetic rubber exports from Portugal, with a combined 46% share of total exports. These countries were followed by Belgium, the Czech Republic, Morocco, France, Brazil, Mexico, Latvia, Germany and Italy, which together accounted for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Latvia (with a CAGR of +594.9%), while the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Russia ($X) and Lithuania ($X) were the largest markets for synthetic rubber exported from Portugal worldwide, with a combined 45% share of total exports. These countries were followed by the Czech Republic, Morocco, Mexico, Brazil, Belgium, Latvia, France, Italy and Germany, which together accounted for a further 43%.

Latvia, with a CAGR of +503.7%, saw the highest rates of growth with regard to the value of exports, among 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

In 2021, the average synthetic rubber export price amounted to $X per ton, rising by 11% against the previous year. In general, the export price, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in 2018 an increase of 28% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a 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 (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Portugal

After three years of decline, supplies from abroad of synthetic rubber increased by 30% to X tons in 2021. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic rubber imports skyrocketed to $X in 2021. In general, imports, however, showed a slight reduction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X tons), Spain (X tons) and Russia (X tons) were the main suppliers of synthetic rubber imports to Portugal, together comprising 53% of total imports. Italy, South Korea, Belgium, Malaysia, Singapore, the Czech Republic, Japan, France, Taiwan (Chinese) and the Netherlands lagged somewhat behind, together comprising a further 40%.

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 suppliers to Portugal were Germany ($X), Spain ($X) and Russia ($X), together comprising 49% of total imports. These countries were followed by Belgium, Italy, South Korea, Japan, France, Malaysia, Singapore, the Czech Republic, Taiwan (Chinese) and the Netherlands, which together accounted for a further 44%.

Malaysia, with a CAGR of +188.6%, 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

The average synthetic rubber import price stood at $X per ton in 2021, with an increase of 27% against the previous year. In general, the import price, however, recorded a perceptible slump. 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 Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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