Uruguay: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Uruguay

In 2021, the Uruguayan synthetic rubber (excluding latex) market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, continues to indicate a precipitous curtailment. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Uruguay

In 2021, approx. X tons of synthetic rubber (excluding latex) were exported from Uruguay; increasing by 31% compared with the year before. Over the period under review, total exports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +80.9% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 67%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, synthetic rubber (excluding latex) exports expanded rapidly to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 69% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Chile (X tons) was the main destination for synthetic rubber (excluding latex) exports from Uruguay, with a 75% share of total exports. Moreover, synthetic rubber (excluding latex) exports to Chile exceeded the volume sent to the second major destination, Brazil (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Chile amounted to +3.0%.

In value terms, Chile ($X) and Brazil ($X) appeared to be the largest markets for synthetic rubber (excluding latex) exported from Uruguay worldwide.

In terms of the main countries of destination, Brazil, with a CAGR of +6.9%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the average synthetic rubber (excluding latex) export price amounted to $X per ton, waning by -16.1% against the previous year. Overall, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2016 an increase of 24% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Chile amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+25.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Uruguay

After seven years of decline, overseas purchases of synthetic rubber (excluding latex) increased by 30% to X tons in 2021. In general, imports, however, continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2013 when imports increased by 45%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, synthetic rubber (excluding latex) imports soared to $X in 2021. Overall, imports, however, saw a sharp reduction. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X tons), China (X tons) and Japan (X tons) were the main suppliers of synthetic rubber (excluding latex) imports to Uruguay, with a combined 71% share of total imports. These countries were followed by Mexico, Singapore, South Korea and the United States, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +17.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Taiwan (Chinese) ($X), China ($X) and Japan ($X) constituted the largest synthetic rubber (excluding latex) suppliers to Uruguay, with a combined 73% share of total imports. These countries were followed by Singapore, Mexico, South Korea and the United States, which together accounted for a further 13%.

Mexico, with a CAGR of +10.5%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average synthetic rubber (excluding latex) import price amounted to $X per ton, increasing by 11% against the previous year. Over the period under review, the import price, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2017 an increase of 22% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform