Southern Asia: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Southern Asia

The South Asian synthetic rubber (excluding latex) market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Production of Synthetic Rubber (Excluding Latex) in Southern Asia

In value terms, synthetic rubber (excluding latex) production expanded markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 26%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports in Southern Asia

After four years of growth, overseas shipments of synthetic rubber (excluding latex) decreased by -29.2% to X tons in 2021. In general, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 137%. Over the period under review, the exports hit record highs at X tons in 2020, and then declined sharply in the following year.

In value terms, synthetic rubber (excluding latex) exports expanded markedly to $X in 2021. Overall, exports, however, enjoyed a strong increase. The growth pace was the most rapid in 2014 when exports increased by 75%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

In 2021, India (X tons) represented the largest exporter of synthetic rubber (excluding latex) in Southern Asia, committing 99% of total export.

India was also the fastest-growing in terms of the synthetic rubber (excluding latex) exports, with a CAGR of +26.9% from 2012 to 2021. While the share of India (+9.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest synthetic rubber (excluding latex) supplier in Southern Asia.

In India, synthetic rubber (excluding latex) exports expanded at an average annual rate of +19.1% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, growing by 61% against the previous year. Over the period under review, the export price, however, showed a deep reduction. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to -6.2% per year.

Imports of Synthetic Rubber (Excluding Latex)

Imports in Southern Asia

After two years of decline, supplies from abroad of synthetic rubber (excluding latex) increased by 58% to X tons in 2021. The total import volume increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports soared to $X in 2021. In general, imports, however, continue to indicate a slight reduction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

India dominates imports structure, reaching X tons, which was approx. 87% of total imports in 2021. Pakistan (X tons) held the second position in the ranking, followed by Sri Lanka (X tons). All these countries together took approx. 11% share of total imports. Bangladesh (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to synthetic rubber (excluding latex) imports into India stood at +4.5%. At the same time, Bangladesh (+12.6%), Sri Lanka (+8.9%) and Pakistan (+7.5%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +12.6% from 2012-2021. While the share of India (-3.7 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in Southern Asia, comprising 85% of total imports. The second position in the ranking was held by Pakistan ($X), with a 6.5% share of total imports. It was followed by Sri Lanka, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value in India amounted to -2.1%. In the other countries, the average annual rates were as follows: Pakistan (+2.6% per year) and Sri Lanka (+4.9% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, increasing by 6.8% against the previous year. Over the period under review, the import price, however, saw a deep slump. The pace of growth was the most pronounced in 2017 an increase of 20%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Bangladesh ($X per ton) and Sri Lanka ($X per ton), while India ($X per ton) and Pakistan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (-2.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform