South Africa: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in South Africa

The South African synthetic rubber market totaled $X in 2023, surging by X% against the previous year. In general, consumption posted a strong increase. Synthetic rubber consumption peaked in 2023 and is likely to see gradual growth in the near future.

Synthetic Rubber Production in South Africa

In value terms, synthetic rubber production reached $X in 2023 estimated in export price. In general, production posted tangible growth. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Synthetic rubber production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Synthetic Rubber Exports

Exports from South Africa

In 2023, approx. X tons of synthetic rubber were exported from South Africa; with an increase of X% against 2022 figures. Overall, exports, however, faced a sharp decrease. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, synthetic rubber exports fell sharply to $X in 2023. In general, exports, however, continue to indicate a sharp contraction. The pace of growth was the most pronounced in 2022 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Namibia (X tons), Luxembourg (X tons) and Zimbabwe (X tons) were the main destinations of synthetic rubber exports from South Africa, together accounting for X% of total exports. Zambia, the UK, Australia, Singapore, Mauritius, Poland, Vietnam, Mozambique, Kenya and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic rubber exported from South Africa were Singapore ($X), Namibia ($X) and Zimbabwe ($X), together comprising X% of total exports. Luxembourg, the UK, Zambia, Mozambique, Kenya, Poland, Australia, Mauritius, Vietnam and the United States lagged somewhat behind, together accounting for a further X%.

The UK, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average synthetic rubber export price amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price saw a perceptible slump. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports

Imports into South Africa

In 2023, imports of synthetic rubber into South Africa declined to X tons, dropping by X% compared with 2022. Overall, total imports indicated a resilient expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2021 indices. The growth pace was the most rapid in 2022 when imports increased by X%. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, synthetic rubber imports fell remarkably to $X in 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then plummeted in the following year.

Imports by Country

In 2023, Poland (X tons) constituted the largest synthetic rubber supplier to South Africa, accounting for a X% share of total imports. Moreover, synthetic rubber imports from Poland exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Poland amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and China (X% per year).

In value terms, the largest synthetic rubber suppliers to South Africa were China ($X), Poland ($X) and Italy ($X), with a combined X% share of total imports. South Korea, the Czech Republic, the UK, Japan, Germany, Saudi Arabia, Singapore, the United States, Taiwan (Chinese) and Thailand lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to 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

The average synthetic rubber import price stood at $X per ton in 2023, dropping by X% against the previous year. Over the period under review, the import price showed a deep setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform