Sri Lanka: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in Sri Lanka

The Sri Lankan market for isoprene rubber (IR) in primary forms soared to $X in 2021, growing by 133% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded resilient growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports from Sri Lanka

In 2021, the amount of isoprene rubber (IR) in primary forms exported from Sri Lanka skyrocketed to X tons, growing by 46% against 2020 figures. Over the period under review, exports, however, saw a pronounced downturn. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, exports of isoprene rubber (IR) in primary forms soared to $X in 2021. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 186%. Over the period under review, the exports of reached the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons), Vietnam (X tons) and the UK (X tons) were the main destinations of exports of isoprene rubber (IR) in primary forms from Sri Lanka, with a combined 47% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +211.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for isoprene rubber (IR) in primary form exported from Sri Lanka were Malaysia ($X), the UK ($X) and Canada ($X), with a combined 76% share of total exports. These countries were followed by the United States, Vietnam, Pakistan and China, which together accounted for a further 17%.

Among the main countries of destination, Vietnam, with a CAGR of +284.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for isoprene rubber (IR) in primary forms stood at $X per ton in 2021, which is down by -3.5% against the previous year. Overall, the export price, however, recorded a noticeable expansion. The pace of growth was the most pronounced in 2019 when the average export price increased by 166% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while the average price for exports to Pakistan ($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 Vietnam (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports into Sri Lanka

In 2021, approx. X tons of isoprene rubber (IR) in primary forms were imported into Sri Lanka; jumping by 108% on the year before. Over the period under review, imports posted strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of isoprene rubber (IR) in primary forms surged to $X in 2021. In general, imports recorded a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Italy (X tons), Malaysia (X tons) and Brazil (X tons) were the main suppliers of imports of isoprene rubber (IR) in primary forms to Sri Lanka, together comprising 54% of total imports. These countries were followed by China, Germany, Japan, Thailand, the Netherlands and the United States, which together accounted for a further 7.5%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +55.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Italy ($X) and Malaysia ($X) constituted the largest isoprene rubber (IR) in primary form suppliers to Sri Lanka, with a combined 62% share of total imports. These countries were followed by China, Germany, Japan, the United States, Thailand and the Netherlands, which together accounted for a further 9.9%.

Japan, with a CAGR of +56.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for isoprene rubber (IR) in primary forms stood at $X per ton in 2021, surging by 17% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average import price increased by 27% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform