Overview of the Global Market for Synthetic Rubber (Excluding Latex)

Market Size for Synthetic Rubber (Excluding Latex)

In 2021, the global synthetic rubber (excluding latex) market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, saw a perceptible reduction. Over the period under review, the global market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Synthetic Rubber (Excluding Latex)

In value terms, synthetic rubber (excluding latex) production rose remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a noticeable downturn. Over the period under review, global production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports

In 2021, the amount of synthetic rubber (excluding latex) exported worldwide amounted to X tons, surging by 4.1% on 2020. Over the period under review, total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.2% 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 +57.7% against 2012 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 18% against the previous year. Over the period under review, the global exports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, synthetic rubber (excluding latex) exports soared to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 35%. Over the period under review, the global exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The shipments of the twelve major exporters of synthetic rubber (excluding latex), namely Thailand, South Korea, Vietnam, Russia, the United States, Japan, Belgium, China, Germany, Taiwan (Chinese), Singapore and France, represented more than two-thirds of total export.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +36.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) supplying countries worldwide were South Korea ($X), the United States ($X) and Thailand ($X), with a combined 30% share of global exports. These countries were followed by Japan, Vietnam, Russia, Belgium, Germany, China, France, Taiwan (Chinese) and Singapore, which together accounted for a further 51%.

In terms of the main exporting countries, Vietnam, with a CAGR of +27.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global 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 29% against the previous year. In general, the export price, however, continues to indicate a noticeable reduction. The global 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 amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.4%), while the other global leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports

In 2021, approx. X tons of synthetic rubber (excluding latex) were imported worldwide; rising by 2.8% compared with 2020. In general, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +8.8% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 31%. Over the period under review, global imports attained the maximum in 2021 and are likely to see steady growth in years to come.

In value terms, synthetic rubber (excluding latex) imports surged to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 35% against the previous year. Global imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the largest importer of synthetic rubber (excluding latex), constituting 35% of total imports. It was distantly followed by India (X tons) and the United States (X tons), together making up an 11% share of total imports. The following importers - Thailand (X tons), Germany (X tons), Belgium (X tons), Brazil (X tons), Poland (X tons), Vietnam (X tons), Turkey (X tons), Indonesia (X tons), Italy (X tons) and France (X tons) - together made up 29% of total imports.

China was also the fastest-growing in terms of the synthetic rubber (excluding latex) imports, with a CAGR of +13.7% from 2012 to 2021. At the same time, Vietnam (+9.2%), Brazil (+5.6%), Turkey (+5.1%), Thailand (+4.7%), Poland (+4.6%), India (+4.5%), Italy (+2.4%), Indonesia (+2.2%), Belgium (+1.8%) and the United States (+1.2%) displayed positive paces of growth. Germany experienced a relatively flat trend pattern. By contrast, France (-1.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +18 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber (excluding latex) worldwide, comprising 30% of global imports. The second position in the ranking was held by the United States ($X), with a 5.3% share of global imports. It was followed by India, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +5.3%. The remaining importing countries recorded the following average annual rates of imports growth: the United States (-4.1% per year) and India (-2.1% per year).

Import Prices by Country

In 2021, the average synthetic rubber (excluding latex) import price amounted to $X per ton, increasing by 26% against the previous year. Over the period under review, the import price, however, saw a drastic downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Italy ($X per ton) and Germany ($X per ton), while India ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-2.8%), while the other global leaders experienced a decline in the import price figures.

Source: IndexBox Platform