Singapore: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Singapore

In 2021, the Singaporean synthetic rubber 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 slight setback. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Synthetic Rubber Production in Singapore

In value terms, synthetic rubber production surged to $X in 2021 estimated in export price. In general, production recorded buoyant growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 156%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Synthetic Rubber Exports

Exports from Singapore

In 2021, shipments abroad of synthetic rubber decreased by -26.2% to X tons, falling for the second consecutive year after eight years of growth. Over the period under review, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 208%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, synthetic rubber exports shrank to $X in 2021. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 215%. The exports peaked at $X in 2018; however, from 2019 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 exports from Singapore, together comprising 56% 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 Thailand (with a CAGR of +31.3%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and India ($X) were the largest markets for synthetic rubber exported from Singapore worldwide, together comprising 55% of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +26.5%, recorded the highest growth rate of 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 export price stood at $X per ton in 2021, rising by 23% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt decline. Over the period under review, the average export prices reached the peak figure 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 external markets. In 2021, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and India ($X per ton), while the average price for exports to Vietnam ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+0.2%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into Singapore

In 2021, supplies from abroad of synthetic rubber decreased by -20.2% to X tons, falling for the third consecutive year after four years of growth. Overall, imports, however, recorded slight growth. The most prominent rate of growth was recorded in 2015 when imports increased by 120%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber imports shrank to $X in 2021. Over the period under review, imports continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 127%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons), Saudi Arabia (X tons) and the UK (X tons) were the main suppliers of synthetic rubber imports to Singapore, with a combined 80% share of total imports. These countries were followed by Malaysia, China, Russia, Japan, Taiwan (Chinese), South Korea, Belgium, France and Germany, which together accounted for a further 19%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +17.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Saudi Arabia ($X) and the UK ($X) constituted the largest synthetic rubber suppliers to Singapore, together accounting for 78% of total imports. These countries were followed by Japan, Russia, China, Taiwan (Chinese), Malaysia, France, South Korea, Belgium and Germany, which together accounted for a further 18%.

China, with a CAGR of +10.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average synthetic rubber import price amounted to $X per ton, increasing by 12% against the previous year. Overall, the import price, however, continues to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2017 an increase of 17% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($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 more modest paces of growth.

Source: IndexBox Platform

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