South-Eastern Asia: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in South-Eastern Asia

In 2021, the Southeast Asian synthetic rubber (excluding latex) market increased by 36% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, continues to indicate a slight contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex) in South-Eastern Asia

In value terms, synthetic rubber (excluding latex) production declined modestly to $X in 2021 estimated in export price. In general, production, however, showed prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 45% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in South-Eastern Asia

After nine years of growth, shipments abroad of synthetic rubber (excluding latex) decreased by -8.9% to X tons in 2021. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 137% against the previous year. The volume of export peaked at X tons in 2020, and then fell in the following year.

In value terms, synthetic rubber (excluding latex) exports rose rapidly to $X in 2021. Over the period under review, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2016 when exports increased by 93% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Thailand (X tons) and Vietnam (X tons) represented roughly 75% of total exports in 2021. Singapore (X tons) held the next position in the ranking, followed by Malaysia (X tons). All these countries together held near 17% share of total exports. Indonesia (X tons) and Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Myanmar (with a CAGR of +94.8%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Vietnam ($X) and Singapore ($X) were the countries with the highest levels of exports in 2021, together accounting for 86% of total exports. These countries were followed by Malaysia, Indonesia and Myanmar, which together accounted for a further 13%.

Myanmar, with a CAGR of +74.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, jumping by 21% against the previous year. Over the period under review, the export price, however, recorded a noticeable setback. The pace of growth was the most pronounced in 2017 an increase of 29% against the previous year. The level of export 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 amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in South-Eastern Asia

In 2021, purchases abroad of synthetic rubber (excluding latex) was finally on the rise to reach X tons after three years of decline. Total imports indicated a noticeable expansion from 2012 to 2021: its volume 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. The growth pace was the most rapid in 2017 with an increase of 17% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports surged to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of synthetic rubber (excluding latex), namely Thailand, Vietnam and Indonesia, represented more than two-thirds of total import. Malaysia (X tons) took an 8.1% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (7.6%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +14.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) importing markets in South-Eastern Asia were Thailand ($X), Indonesia ($X) and Vietnam ($X), with a combined 80% share of total imports. These countries were followed by Malaysia, Singapore and the Philippines, which together accounted for a further 20%.

Among the main importing countries, the Philippines, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, jumping by 28% against the previous year. Over the period under review, the import price, however, saw a perceptible descent. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Malaysia ($X per ton) and Thailand ($X per ton), while the Philippines ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (-2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform