Turkey: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Turkey

In 2021, after three years of decline, there was significant growth in the Turkish synthetic rubber market, when its value increased by 47% to $X. The market value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Synthetic Rubber Production in Turkey

In value terms, synthetic rubber production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +81.9% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 22%. Over the period under review, production hit record highs in 2021 and is likely to continue growth in the near future.

Synthetic Rubber Exports

Exports from Turkey

In 2021, approx. X tons of synthetic rubber were exported from Turkey; which is down by -12.3% on the year before. In general, total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +64.6% against 2015 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 39% against the previous year. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, synthetic rubber exports rose notably to $X in 2021. Over the period under review, total exports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +120.8% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 46%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Germany (X tons), Poland (X tons) and Italy (X tons) were the main destinations of synthetic rubber exports from Turkey, with a combined 26% share of total exports. These countries were followed by Ukraine, Iran, Belgium, Bulgaria, Israel, the UK, Iraq, Uzbekistan, Russia and China, which together accounted for a further 42%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +33.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and Italy ($X) constituted the largest markets for synthetic rubber exported from Turkey worldwide, together accounting for 29% of total exports. These countries were followed by Belgium, Ukraine, Iran, the UK, Bulgaria, Russia, Israel, Iraq, China and Uzbekistan, which together accounted for a further 43%.

Among the main countries of destination, China, with a CAGR of +34.8%, saw the highest rates of growth with regard to 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 synthetic rubber export price stood at $X per ton in 2021, increasing by 30% against the previous year. In general, the export price, however, continues to indicate a slight curtailment. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Uzbekistan ($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 Iraq (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into Turkey

In 2021, supplies from abroad of synthetic rubber increased by 19% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +5.2% 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.

In value terms, synthetic rubber imports surged to $X in 2021. In general, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), the Netherlands (X tons) and South Korea (X tons) were the main suppliers of synthetic rubber imports to Turkey, together accounting for 38% of total imports. These countries were followed by Italy, the United States, Germany, Taiwan (Chinese), China, Japan, Saudi Arabia, Iran, Poland and France, which together accounted for a further 48%.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +251.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), South Korea ($X) and Italy ($X) were the largest synthetic rubber suppliers to Turkey, together comprising 34% of total imports. These countries were followed by the Netherlands, the United States, Germany, China, Japan, Taiwan (Chinese), France, Saudi Arabia, Poland and Iran, which together accounted for a further 50%.

Among the main suppliers, Saudi Arabia, with a CAGR of +233.9%, 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 import price amounted to $X per ton, jumping by 34% against the previous year. In general, the import price, however, recorded a pronounced curtailment. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 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 Japan ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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