Singapore: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in Singapore

After two years of decline, the Singaporean market for isoprene rubber (IR) in primary forms increased by 1,215% to $X in 2021. In general, consumption, however, recorded a noticeable reduction. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Isoprene Rubber (IR) in Primary Forms in Singapore

In value terms, production of isoprene rubber (IR) in primary forms expanded sharply to $X in 2021 estimated in export price. Over the period under review, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.7% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 45% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production of growth failed to regain momentum.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports from Singapore

For the third consecutive year, Singapore recorded growth in overseas shipments of isoprene rubber (IR) in primary forms, which increased by 6.4% to X tons in 2021. In general, exports saw a pronounced expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 167% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, exports of isoprene rubber (IR) in primary forms expanded remarkably to $X in 2021. Over the period under review, exports enjoyed strong growth. The growth pace was the most rapid in 2019 with an increase of 388%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for exports of isoprene rubber (IR) in primary forms from Singapore, with a 55% share of total exports. Moreover, exports of isoprene rubber (IR) in primary forms to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +42.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-0.1% per year) and the United States (+95.0% per year).

In value terms, Malaysia ($X) remains the key foreign market for isoprene rubber (IR) in primary forms exports from Singapore, comprising 61% of total exports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +46.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-0.1% per year) and Japan (+118.7% per year).

Export Prices by Country

In 2021, the average export price for isoprene rubber (IR) in primary forms amounted to $X per ton, rising by 4.3% against the previous year. Over the period under review, the export price enjoyed resilient growth. The pace of growth was the most pronounced in 2019 an increase of 83%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to the United States ($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 Malaysia (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports into Singapore

In 2021, purchases abroad of isoprene rubber (IR) in primary forms was finally on the rise to reach X tons after three years of decline. Over the period under review, imports showed notable growth. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms surged to $X in 2021. Overall, imports posted a slight expansion. Over the period under review, imports of reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of isoprene rubber (IR) in primary form to Singapore, accounting for a 79% share of total imports. Moreover, imports of isoprene rubber (IR) in primary forms from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), eightfold. The third position in this ranking was taken by Japan (X tons), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +57.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-62.9% per year) and Japan (+2.2% per year).

In value terms, China ($X) constituted the largest supplier of isoprene rubber (IR) in primary forms to Singapore, comprising 61% of total imports. The second position in the ranking was held by Brazil ($X), with an 18% share of total imports. It was followed by the United States, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +59.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-66.9% per year) and the United States (-19.9% per year).

Import Prices by Country

In 2021, the average import price for isoprene rubber (IR) in primary forms amounted to $X per ton, which is down by -32% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 67%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform