South-Eastern Asia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in South-Eastern Asia

In 2021, the Southeast Asian synthetic rubber market increased by 64% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Synthetic Rubber Production in South-Eastern Asia

In value terms, synthetic rubber production expanded notably to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a strong expansion. The growth pace was the most rapid in 2016 with an increase of 70%. Over the period under review, production hit record highs in 2021 and is likely to see steady growth in the near future.

Synthetic Rubber Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of synthetic rubber decreased by -13.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, showed a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 112%. The volume of export peaked at X tons in 2020, and then fell in the following year.

In value terms, synthetic rubber exports totaled $X in 2021. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 98%. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons) and Vietnam (X tons) represented roughly 70% of total exports in 2021. It was distantly followed by Malaysia (X tons) and Singapore (X tons), together creating a 23% share of total exports. The following exporters - Indonesia (X tons) and Myanmar (X tons) - together made up 7.3% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading 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, the largest synthetic rubber supplying countries in South-Eastern Asia were Thailand ($X), Vietnam ($X) and Malaysia ($X), with a combined 85% share of total exports. Singapore, Indonesia and Myanmar lagged somewhat behind, together comprising a further 15%.

Myanmar, with a CAGR of +74.1%, recorded the highest growth rate of 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, with an increase of 23% against the previous year. In general, the export price, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2017 an increase of 26% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 (+12.1%), while the other leaders experienced mixed trends in the export price figures.

Synthetic Rubber Imports

Imports in South-Eastern Asia

In 2021, approx. X tons of synthetic rubber were imported in South-Eastern Asia; surging by 3.7% compared with the year before. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +85.4% against 2012 indices. The pace of growth appeared the most rapid in 2015 with an increase of 15%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, synthetic rubber imports soared to $X in 2021. Total imports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia represented the key importer of synthetic rubber in South-Eastern Asia, with the volume of imports reaching X tons, which was approx. 44% of total imports in 2021. It was distantly followed by Thailand (X tons), Indonesia (X tons) and Vietnam (X tons), together making up a 51% share of total imports. The following importers - Singapore (X tons) and the Philippines (X tons) - together made up 4.3% of total imports.

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 +14.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber importing markets in South-Eastern Asia were Malaysia ($X), Thailand ($X) and Indonesia ($X), with a combined 86% share of total imports.

In terms of the main importing countries, Malaysia, with a CAGR of +12.3%, saw the highest growth rate of 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, with an increase of 50% against the previous year. Over the period under review, the import price, however, showed a pronounced decrease. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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