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

Market Size for Isoprene Rubber (IR) in Primary Forms in Thailand

In 2021, the Thai market for isoprene rubber (IR) in primary forms increased by 12% to $X, rising for the third year in a row after two years of decline. Overall, consumption, however, continues to indicate a mild slump. Consumption of peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports from Thailand

In 2021, the amount of isoprene rubber (IR) in primary forms exported from Thailand surged to X tons, with an increase of 35% against 2020. Overall, exports recorded a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 164%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of isoprene rubber (IR) in primary forms soared to $X in 2021. In general, exports posted significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 120% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main destinations of exports of isoprene rubber (IR) in primary forms from Thailand, together comprising 66% of total exports. These countries were followed by Austria, Germany, Turkey, Taiwan (Chinese) and Vietnam, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Austria (with a CAGR of +140.3%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Austria ($X) were the largest markets for isoprene rubber (IR) in primary form exported from Thailand worldwide, with a combined 72% share of total exports.

In terms of the main countries of destination, Austria, with a CAGR of +182.9%, recorded 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, rising by 20% against the previous year. In general, the export price showed a prominent expansion. The pace of growth appeared the most rapid in 2019 when the average export price increased by 59%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Austria ($X per ton), while the average price for exports to Turkey ($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 Austria (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports into Thailand

In 2021, approx. X tons of isoprene rubber (IR) in primary forms were imported into Thailand; growing by 19% against 2020 figures. In general, imports, however, showed a noticeable contraction. The pace of growth appeared the most rapid in 2019 with an increase of 22%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms expanded markedly to $X in 2021. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern 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, Japan (X tons) constituted the largest supplier of isoprene rubber (IR) in primary form to Thailand, accounting for a 70% share of total imports. Moreover, imports of isoprene rubber (IR) in primary forms from Japan exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fivefold. The third position in this ranking was held by Russia (X tons), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+7.6% per year) and Russia (+3.6% per year).

In value terms, Japan ($X) constituted the largest supplier of isoprene rubber (IR) in primary forms to Thailand, comprising 74% of total imports. The second position in the ranking was held by Brazil ($X), with a 20% share of total imports. It was followed by Russia, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+6.7% per year) and Russia (-4.0% per year).

Import Prices by Country

In 2021, the average import price for isoprene rubber (IR) in primary forms amounted to $X per ton, shrinking by -3.3% against the previous year. Overall, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for isoprene rubber (IR) in primary forms increased by +19.4% against 2019 indices. The growth pace was the most rapid in 2020 when the average import price increased by 23% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Brazil ($X per ton), while the price for India ($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 (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform