Report Update: May 1, 2024

Latvia - Synthetic Rubber - Market Analysis, Forecast, Size, Trends And Insights

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Synthetic Rubber Price in Latvia - 2023

Synthetic Rubber Price in Latvia (CIF) - 2022

In 2022, the average synthetic rubber import price amounted to $2,045 per ton, picking up by 20% against the previous year. In general, the import price, however, recorded a mild descent. The growth pace was the most rapid in 2017 when the average import price increased by 28% against the previous year. Over the period under review, average import prices hit record highs at $2,272 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($4,291 per ton), while the price for Sweden ($1,103 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Synthetic Rubber Price in Latvia (FOB) - 2023

The average synthetic rubber export price stood at $1,467 per ton in October 2023, falling by -33.1% against the previous month. Overall, the export price continues to indicate a noticeable reduction. The pace of growth appeared the most rapid in April 2023 an increase of 51% m-o-m. Over the period under review, the average export prices reached the maximum at $3,498 per ton in January 2023; however, from February 2023 to October 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In October 2023, the country with the highest price was Lithuania ($3,132 per ton), while the average price for exports to Germany ($1,067 per ton) was amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Rubber Imports in Latvia

In 2022, synthetic rubber imports into Latvia soared to 9.7K tons, growing by 23% on the previous year. Overall, total imports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +10.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.7% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 25% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, synthetic rubber imports surged to $20M in 2022. In general, imports enjoyed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Synthetic Rubber in Latvia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Germany	5.9	5.3	7.1	11.1	23.4%
Belgium	0.3	0.9	1.1	2.7	108.0%
Japan	1.7	1.9	3.0	2.6	15.2%
Russia	0.1	0.1	0.3	1.8	162.1%
Lithuania	0.1	0.2	0.1	0.4	58.7%
Estonia	0.3	0.3	0.4	0.3	0.0%
Sweden	0.1	0.3	0.5	0.3	44.2%
Poland	0.3	0.2	0.2	0.1	-30.7%
Others	0.5	0.4	0.7	0.5	0.0%
Total	9.3	9.6	13.4	19.8	28.6%

Top Suppliers of Synthetic Rubber to Latvia in 2022:

Germany (6.5K tons)
Belgium (0.9K tons)
Russia (0.8K tons)
Japan (0.6K tons)
Sweden (0.3K tons)
Estonia (0.2K tons)
Lithuania (0.2K tons)
Poland (0.1K tons)

Synthetic Rubber Exports in Latvia

In 2022, synthetic rubber exports from Latvia soared to 1.4K tons, rising by 476% against the previous year. Over the period under review, exports posted a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 1,098% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, synthetic rubber exports surged to $3.7M in 2022. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 1,132%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Export of Synthetic Rubber in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Poland	N/A	N/A	N/A	1,799	0%
Lithuania	1.1	214	197	558	697.5%
Belarus	N/A	N/A	21.7	498	2194.9%
Russia	N/A	66.7	4.6	490	171.0%
Estonia	43.2	22.9	38.1	92.6	28.9%
Germany	0.4	N/A	1.1	78.5	481.1%
Ukraine	0.5	79.8	55.8	27.4	279.8%
Uzbekistan	N/A	200	309	N/A	54.5%
Others	2.6	6.1	9.8	127	265.5%
Total	47.8	589	638	3,672	325.1%

Top Export Markets for Synthetic Rubber from Latvia in 2022:

Poland (727.2 tons)
Lithuania (200.4 tons)
Belarus (180.0 tons)
Russia (120.6 tons)
Estonia (50.6 tons)
Germany (40.0 tons)
Ukraine (9.0 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the synthetic rubber market in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20171050 - Synthetic latex rubber
Prodcom 20171090 - Synthetic rubber (excluding latex)

Country coverage:

Latvia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Latvia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023