Puerto Rico: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Puerto Rico

In 2021, the Puerto Rican synthetic rubber (excluding latex) market was finally on the rise to reach $X after four years of decline. Over the period under review, consumption, however, continues to indicate a deep slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Synthetic Rubber (Excluding Latex) in Puerto Rico

In value terms, synthetic rubber (excluding latex) production skyrocketed to $X in 2021 estimated in export price. In general, production, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the production volume increased by 24%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Puerto Rico

In 2021, exports of synthetic rubber (excluding latex) from Puerto Rico amounted to less than X kg, almost unchanged from the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern.

In value terms, synthetic rubber (excluding latex) exports stood at less than $X in 2021. Overall, exports saw a relatively flat trend pattern.

Exports by Country

Thailand (X tons), South Korea (X tons), Vietnam (X tons), Russia (X tons), the United States (X tons), Japan (X tons), Belgium (X tons), China (X tons), Germany (X tons), Taiwan (Chinese) (X tons), Singapore (X tons) and France (X tons) represented roughly 80% of total exports in 2021. Poland (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +36.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) supplying countries from Puerto Rico were South Korea ($X), the United States ($X) and Thailand ($X), with a combined 30% share of total exports. These countries were followed by Japan, Vietnam, Russia, Belgium, Germany, China, France, Taiwan (Chinese), Singapore and Poland, which together accounted for a further 53%.

Vietnam, with a CAGR of +27.5%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, approximately equating the previous year. Over the period under review, the export price recorded a relatively flat trend pattern.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Puerto Rico

In 2021, imports of synthetic rubber (excluding latex) into Puerto Rico totaled less than X kg, leveling off at the previous year's figure. Overall, imports continue to indicate a relatively flat trend pattern.

In value terms, synthetic rubber (excluding latex) imports totaled less than $X in 2021. In general, imports saw a relatively flat trend pattern.

Imports by Country

China was the main importing country with an import of around X tons, which reached 35% of total imports. India (X tons) held the second position in the ranking, followed by the United States (X tons). All these countries together held near 11% share of total imports. Thailand (X tons), Germany (X tons), Belgium (X tons), Brazil (X tons), Poland (X tons), Vietnam (X tons), Turkey (X tons), Indonesia (X tons), Italy (X tons) and France (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the synthetic rubber (excluding latex) imports, with a CAGR of +13.7% from 2012 to 2021. At the same time, Vietnam (+9.2%), Brazil (+5.6%), Turkey (+5.1%), Thailand (+4.7%), Poland (+4.6%), India (+4.5%), Italy (+2.4%), Indonesia (+2.2%), Belgium (+1.8%) and the United States (+1.2%) displayed positive paces of growth. Germany experienced a relatively flat trend pattern. By contrast, France (-1.1%) illustrated a downward trend over the same period. While the share of China (+18 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of the United States (-2 p.p.) and Germany (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber (excluding latex) into Puerto Rico, comprising 30% of global imports. The second position in the ranking was taken by the United States ($X), with a 5.3% share of global imports. It was followed by India, with a 4.8% share.

In China, synthetic rubber (excluding latex) imports expanded at an average annual rate of +5.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United States (-4.1% per year) and India (-2.1% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per ton in 2021, standing approx. at the previous year. In general, the import price showed a relatively flat trend pattern.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Italy ($X per ton) and Germany ($X per ton), while India ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-2.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform