Saudi Arabia: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Saudi Arabia

After two years of decline, the Saudi synthetic rubber (excluding latex) market increased by 2.1% to $X in 2021. In general, consumption continues to indicate a resilient increase. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Synthetic Rubber (Excluding Latex) in Saudi Arabia

In value terms, synthetic rubber (excluding latex) production rose markedly to $X in 2021 estimated in export price. In general, production continues to indicate a strong increase. The growth pace was the most rapid in 2015 with an increase of 61%. Synthetic rubber (excluding latex) production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Saudi Arabia

Synthetic rubber (excluding latex) exports from Saudi Arabia soared to X tons in 2021, rising by 15% compared with the previous year. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 371%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) exports surged to $X in 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 461%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Exports by Country

China (X tons), Malaysia (X tons) and Belgium (X tons) were the main destinations of synthetic rubber (excluding latex) exports from Saudi Arabia, together accounting for 84% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +275.4%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Belgium ($X) and Malaysia ($X) constituted the largest markets for synthetic rubber (excluding latex) exported from Saudi Arabia worldwide, together accounting for 71% of total exports.

In terms of the main countries of destination, Malaysia, with a CAGR of +243.8%, saw the highest rates of growth with regard to the value of exports, 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, increasing by 41% against the previous year. Over the period under review, the export price, however, recorded a perceptible decline. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Malaysia ($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 Belgium (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Saudi Arabia

In 2021, the amount of synthetic rubber (excluding latex) imported into Saudi Arabia rose notably to X tons, picking up by 10% against the year before. Overall, imports, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2015 when imports increased by 18%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a drastic downturn. 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

Russia (X tons), South Korea (X tons) and the United States (X tons) were the main suppliers of synthetic rubber (excluding latex) imports to Saudi Arabia, with a combined 72% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +30.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), the United States ($X) and South Korea ($X) constituted the largest synthetic rubber (excluding latex) suppliers to Saudi Arabia, with a combined 70% share of total imports. These countries were followed by France, China, Taiwan (Chinese), Italy, Japan and the Netherlands, which together accounted for a further 24%.

China, with a CAGR of +26.4%, recorded 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

The average synthetic rubber (excluding latex) import price stood at $X per ton in 2021, surging by 35% against the previous year. Overall, the import price, however, saw a abrupt decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 China (+0.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform