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

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

In 2021, after two years of decline, there was significant growth in the Turkish market for isoprene rubber (IR) in primary forms, when its value increased by 148% to $X. In general, consumption continues to indicate a buoyant expansion. 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 Turkey

In 2021, exports of isoprene rubber (ir) in primary forms from Turkey dropped to X tons, reducing by -5.6% compared with 2020 figures. Overall, exports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 1,140% against the previous year. Over the period under review, the exports of reached the peak figure at X tons in 2020, and then contracted in the following year.

In value terms, exports of isoprene rubber (IR) in primary forms totaled $X in 2021. In general, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2017 when exports increased by 496% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Egypt (X tons) was the main destination for exports of isoprene rubber (IR) in primary forms from Turkey, accounting for a 50% share of total exports. Moreover, exports of isoprene rubber (IR) in primary forms to Egypt exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by Mexico (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Egypt stood at +47.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-17.0% per year) and Mexico (-3.3% per year).

In value terms, Egypt ($X) remains the key foreign market for isoprene rubber (IR) in primary forms exports from Turkey, comprising 50% of total exports. The second position in the ranking was held by China ($X), with a 12% share of total exports. It was followed by Mexico, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Egypt amounted to +34.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-15.9% per year) and Mexico (-4.4% per year).

Export Prices by Country

In 2021, the average export price for isoprene rubber (IR) in primary forms amounted to $X per ton, growing by 16% against the previous year. In general, the export price, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2016 when the average export price increased by 97%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to Lebanon ($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 Germany (+7.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports into Turkey

In 2021, after two years of decline, there was significant growth in overseas purchases of isoprene rubber (IR) in primary forms, when their volume increased by 106% to X tons. In general, imports saw a resilient expansion. 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 soared to $X in 2021. Over the period under review, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Russia (X tons) constituted the largest supplier of isoprene rubber (IR) in primary form to Turkey, with a 60% share of total imports. Moreover, imports of isoprene rubber (IR) in primary forms from Russia exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. France (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia amounted to +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+27.8% per year) and France (+2.8% per year).

In value terms, Russia ($X) constituted the largest supplier of isoprene rubber (IR) in primary forms to Turkey, comprising 61% of total imports. The second position in the ranking was held by Italy ($X), with a 26% share of total imports. It was followed by France, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from Russia totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+28.3% per year) and France (-2.1% per year).

Import Prices by Country

In 2021, the average import price for isoprene rubber (IR) in primary forms amounted to $X per ton, picking up by 29% against the previous year. In general, the import price, however, saw a abrupt decline. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Italy ($X per ton) and Russia ($X per ton), while the price for the United States ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform