South Africa: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in South Africa

The South African synthetic rubber market surged to $X in 2021, with an increase of 16% against the previous year. In general, consumption saw a resilient expansion. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in years to come.

Synthetic Rubber Production in South Africa

In value terms, synthetic rubber production soared to $X in 2021 estimated in export price. Over the period under review, production posted a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 165% against the previous year. Over the period under review, production attained the peak level in 2021 and is likely to see steady growth in the immediate term.

Synthetic Rubber Exports

Exports from South Africa

In 2021, overseas shipments of synthetic rubber increased by 3.6% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, recorded a sharp reduction. The growth pace was the most rapid in 2020 when exports increased by 93% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, synthetic rubber exports declined to $X in 2021. In general, exports, however, faced a sharp downturn. The most prominent rate of growth was recorded in 2016 with an increase of 21%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), the United States (X tons) and Australia (X tons) were the main destinations of synthetic rubber exports from South Africa.

From 2012 to 2021, the biggest increases were recorded for Namibia (with a CAGR of +18.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) emerged as the key foreign market for synthetic rubber exports from South Africa, comprising 155% of total exports. The second position in the ranking was held by Australia ($X), with a 51% share of total exports. It was followed by Malaysia, with a 51% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled -19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-16.5% per year) and Malaysia (-24.5% per year).

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2021, declining by -10.2% against the previous year. Over the period under review, the export price showed a deep downturn. The most prominent rate of growth was recorded in 2017 an increase of 30% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Zimbabwe ($X per ton), while the average price for exports to Malaysia ($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 Zimbabwe (-3.8%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into South Africa

In 2021, overseas purchases of synthetic rubber decreased by -16.1% to X tons, falling for the second consecutive year after three years of growth. In general, total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -30.1% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 41%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber imports expanded sharply to $X in 2021. Over the period under review, imports showed a noticeable setback. The most prominent rate of growth was recorded in 2018 when imports increased by 40%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Poland (X tons), Italy (X tons) and Germany (X tons) were the main suppliers of synthetic rubber imports to South Africa, together comprising 38% of total imports. The Czech Republic, South Korea, Taiwan (Chinese), Russia, Japan, the UK, Thailand, Saudi Arabia, the Netherlands and the United States lagged somewhat behind, together accounting for a further 58%.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +260.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and South Korea ($X) appeared to be the largest synthetic rubber suppliers to South Africa, with a combined 33% share of total imports. Italy, Japan, Taiwan (Chinese), the Czech Republic, the UK, Russia, Thailand, the United States, Saudi Arabia and the Netherlands lagged somewhat behind, together comprising a further 57%.

Saudi Arabia, with a CAGR of +262.8%, 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, jumping by 30% against the previous year. In general, the import price, however, showed a abrupt curtailment. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 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 Saudi Arabia (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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