Southern Asia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Southern Asia

The South Asian synthetic rubber market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, saw a noticeable slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in Southern Asia

In value terms, synthetic rubber production expanded remarkably to $X in 2021 estimated in export price. In general, production faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 60%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Synthetic Rubber Exports

Exports in Southern Asia

After four years of growth, shipments abroad of synthetic rubber decreased by -14.7% to X tons in 2021. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 71% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then shrank in the following year.

In value terms, synthetic rubber exports surged to $X in 2021. Overall, exports, however, recorded buoyant growth. The growth pace was the most rapid in 2017 when exports increased by 51% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Exports by Country

The shipments of the one major exporters of synthetic rubber, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the synthetic rubber exports, with a CAGR of +22.8% from 2012 to 2021. From 2012 to 2021, the share of India increased by +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to +16.7%.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, surging by 49% against the previous year. Overall, the export price, however, saw a abrupt shrinkage. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 -4.9% per year.

Synthetic Rubber Imports

Imports in Southern Asia

In 2021, synthetic rubber imports in Southern Asia skyrocketed to X tons, growing by 53% compared with 2020 figures. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber imports surged to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. 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, amounting to X tons, which was approx. 80% of total imports in 2021. Sri Lanka (X tons) ranks second in terms of the total imports with a 9.1% share, followed by Pakistan (8.4%). Bangladesh (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to synthetic rubber imports into India stood at +4.5%. At the same time, Sri Lanka (+10.0%), Bangladesh (+8.6%) and Pakistan (+8.2%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +10.0% from 2012-2021. From 2012 to 2021, the share of Sri Lanka and Pakistan increased by +3 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported synthetic rubber in Southern Asia, comprising 77% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a 13% share of total imports. It was followed by Pakistan, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to -2.0%. The remaining importing countries recorded the following average annual rates of imports growth: Sri Lanka (+10.5% per year) and Pakistan (+3.9% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, growing by 12% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2017 when the import price increased by 19% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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