Sri Lanka: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Sri Lanka

The Sri Lankan synthetic rubber (excluding latex) market skyrocketed to $X in 2021, increasing by 85% 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, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +86.4% against 2018 indices. Synthetic rubber (excluding latex) consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Sri Lanka

In 2021, the amount of synthetic rubber (excluding latex) exported from Sri Lanka dropped markedly to X tons, with a decrease of -27.2% compared with the previous year's figure. In general, exports continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2016 when exports increased by 48%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, synthetic rubber (excluding latex) exports reached $X in 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 71%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons), the United States (X tons) and the UK (X tons) were the main destinations of synthetic rubber (excluding latex) exports from Sri Lanka, together comprising 75% of total exports.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +246.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic rubber (excluding latex) exported from Sri Lanka were the UK ($X), Saudi Arabia ($X) and the United States ($X), with a combined 82% share of total exports.

The UK, with a CAGR of +259.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average synthetic rubber (excluding latex) export price amounted to $X per ton, surging by 40% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Canada ($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 (+30.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Sri Lanka

In 2021, approx. X tons of synthetic rubber (excluding latex) were imported into Sri Lanka; surging by 40% against 2020. Over the period under review, imports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2015 when imports increased by 71%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic rubber (excluding latex) imports skyrocketed to $X in 2021. Overall, total imports indicated a measured expansion from 2012 to 2021: its value 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. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) constituted the largest synthetic rubber (excluding latex) supplier to Sri Lanka, accounting for a 37% share of total imports. Moreover, synthetic rubber (excluding latex) imports from South Korea exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was held by Russia (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+30.3% per year) and Russia (+30.1% per year).

In value terms, South Korea ($X), Brazil ($X) and India ($X) appeared to be the largest synthetic rubber (excluding latex) suppliers to Sri Lanka, together comprising 68% of total imports.

In terms of the main suppliers, Brazil, with a CAGR of +34.7%, recorded 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 average synthetic rubber (excluding latex) import price amounted to $X per ton, rising by 53% against the previous year. In general, the import price, however, recorded a noticeable curtailment. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform