Singapore: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Singapore

The Singaporean synthetic latex rubber market rose markedly to $X in 2021, surging by 9.4% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Synthetic Latex Rubber Production in Singapore

In value terms, synthetic latex rubber production rose markedly to $X in 2021 estimated in export price. Over the period under review, the total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.3% 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 -8.0% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 31%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Synthetic Latex Rubber Exports

Exports from Singapore

After two years of decline, overseas shipments of synthetic latex rubber increased by 75% to X tons in 2021. In general, exports, however, showed a abrupt decrease. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons), Malaysia (X tons) and Qatar (X tons) were the main destinations of synthetic latex rubber exports from Singapore, together comprising 64% 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 Qatar (with a CAGR of +32.1%), while the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X), Vietnam ($X) and Qatar ($X) constituted the largest markets for synthetic latex rubber exported from Singapore worldwide, together accounting for 54% of total exports.

Qatar, with a CAGR of +37.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average synthetic latex rubber export price amounted to $X per ton, increasing by 39% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Australia ($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 India (+25.2%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Singapore

In 2021, overseas purchases of synthetic latex rubber increased by 52% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, imports, however, showed a abrupt contraction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic latex rubber imports skyrocketed to $X in 2021. Over the period under review, imports, however, faced a deep downturn. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Germany (X tons) and Malaysia (X tons) were the main suppliers of synthetic latex rubber imports to Singapore, together comprising 62% of total imports. India, Indonesia, Belgium, Spain, the United States, Italy and Thailand lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +56.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of synthetic latex rubber to Singapore, comprising 32% of total imports. The second position in the ranking was held by Malaysia ($X), with a 16% share of total imports. It was followed by Germany, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +43.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-12.3% per year) and Germany (-17.4% per year).

Import Prices by Country

The average synthetic latex rubber import price stood at $X per ton in 2021, jumping by 44% against the previous year. In general, import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber import price increased by +36.1% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($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 (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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