Singapore: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Singapore

The Singaporean synthetic rubber (excluding latex) market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption saw a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Synthetic Rubber (Excluding Latex) in Singapore

In value terms, synthetic rubber (excluding latex) production rose markedly to $X in 2021 estimated in export price. In general, production saw a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 171%. Synthetic rubber (excluding latex) production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Singapore

In 2021, shipments abroad of synthetic rubber (excluding latex) decreased by -8.5% to X tons, falling for the fifth year in a row after five years of growth. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 105%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber (excluding latex) exports amounted to $X in 2021. Overall, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 84% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Thailand (X tons) and India (X tons) were the main destinations of synthetic rubber (excluding latex) exports from Singapore, with a combined 55% share of total exports. These countries were followed by Japan, Indonesia, South Korea, Vietnam, Taiwan (Chinese), Germany, Brazil, Malaysia and the United States, which together accounted for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +364.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic rubber (excluding latex) exported from Singapore were China ($X), Thailand ($X) and India ($X), together comprising 54% of total exports. These countries were followed by South Korea, Japan, Indonesia, Vietnam, Germany, Taiwan (Chinese), Malaysia, Brazil and the United States, which together accounted for a further 39%.

Brazil, with a CAGR of +329.8%, recorded 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 more modest paces of growth.

Export Prices by Country

The average synthetic rubber (excluding latex) export price stood at $X per ton in 2021, surging by 23% against the previous year. Overall, the export price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2017 an increase of 48% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to South Korea ($X per ton) and Malaysia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-2.0%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Singapore

In 2021, overseas purchases of synthetic rubber (excluding latex) were finally on the rise to reach X tons after three years of decline. Overall, imports enjoyed a buoyant increase. The growth pace was the most rapid in 2015 when imports increased by 128% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber (excluding latex) imports surged to $X in 2021. In general, imports showed a modest expansion. The growth pace was the most rapid in 2015 when imports increased by 135% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of synthetic rubber (excluding latex) to Singapore, with a 57% share of total imports. Moreover, synthetic rubber (excluding latex) imports from the United States exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+37.2% per year) and China (+6.1% per year).

In value terms, the United States ($X) constituted the largest supplier of synthetic rubber (excluding latex) to Singapore, comprising 54% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 19% share of total imports. It was followed by China, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+39.3% per year) and China (-0.2% per year).

Import Prices by Country

The average synthetic rubber (excluding latex) import price stood at $X per ton in 2021, with an increase of 5.3% against the previous year. Overall, the import price, however, saw a deep setback. The pace of growth appeared the most rapid in 2019 when the average import price increased by 11%. Over the period under review, average import prices reached the maximum 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 Malaysia (+1.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform