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

Market Size for Synthetic Rubber (Excluding Latex)

After two years of growth, the global synthetic rubber (excluding latex) market decreased by X% to $X in 2023. Overall, consumption showed a pronounced downturn. Global consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Production of Synthetic Rubber (Excluding Latex)

In value terms, synthetic rubber (excluding latex) production totaled $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Global production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports

In 2023, overseas shipments of synthetic rubber (excluding latex) decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. In general, total exports indicated a perceptible expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the global exports reached the peak figure at X tons in 2022, and then declined slightly in the following year.

In value terms, synthetic rubber (excluding latex) exports declined to $X in 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. The global exports peaked at $X in 2022, and then reduced in the following year.

Exports by Country

In 2023, Thailand (X tons), Vietnam (X tons), South Korea (X tons), Russia (X tons), China (X tons), the United States (X tons), Japan (X tons), Belgium (X tons), Malaysia (X tons), Germany (X tons), Taiwan (Chinese) (X tons) and France (X tons) represented the largest exporter of synthetic rubber (excluding latex) in the world, constituting X% of total export.

From 2012 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Thailand ($X), South Korea ($X) and the United States ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of global exports. Russia, Vietnam, Japan, China, Belgium, Germany, Taiwan (Chinese), France and Malaysia lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Malaysia, with a CAGR of X%, 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

The average synthetic rubber (excluding latex) export price stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the export price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other global leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports

In 2023, purchases abroad of synthetic rubber (excluding latex) decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Overall, total imports indicated a moderate expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X%. Global imports peaked at X tons in 2022, and then declined in the following year.

In value terms, synthetic rubber (excluding latex) imports dropped to $X in 2023. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, global imports attained the peak figure at $X in 2022, and then reduced in the following year.

Imports by Country

China represented the key importer of synthetic rubber (excluding latex) in the world, with the volume of imports resulting at X tons, which was near X% of total imports in 2023. The United States (X tons), Thailand (X tons), India (X tons), Belgium (X tons), Germany (X tons), Vietnam (X tons), Turkey (X tons), Indonesia (X tons), Poland (X tons), Brazil (X tons), Italy (X tons) and Mexico (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the synthetic rubber (excluding latex) imports, with a CAGR of X% from 2012 to 2023. At the same time, Vietnam (X%), Turkey (X%), Mexico (X%), Thailand (X%), Poland (X%), Indonesia (X%), Belgium (X%) and Brazil (X%) displayed positive paces of growth. Italy, India and the United States experienced a relatively flat trend pattern. By contrast, Germany (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the global imports from 2012-2023, the share of India (X p.p.), the United States (X p.p.) and Germany (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, synthetic rubber (excluding latex) imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: the United States (X% per year) and Belgium (X% per year).

Import Prices by Country

In 2023, the average synthetic rubber (excluding latex) import price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price saw a noticeable contraction. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Global import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the other global leaders experienced a decline in the import price figures.

Source: IndexBox Platform