Vulcanised Rubber Thread Market

The article discusses the forecasted growth of the global market for vulcanised rubber thread and cord, with consumption expected to increase steadily with a CAGR of +2.2% in volume and +3.0% in value from 2022 to 2030. China is the largest consumer and importer, while Thailand leads in production and export. The average import price per ton increased in 2022, while export volume and value decreased. India emerged as the fastest-growing exporter, while Malaysia showed a decline in production and export. Overall, the global market is expected to continue its upward trend over the next decade.

Market Forecast

Driven by increasing demand for vulcanised rubber thread and cord worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 363K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Vulcanised Rubber Thread And Cord

In 2022, approx. 305K tons of vulcanised rubber thread and cord were consumed worldwide; approximately equating the previous year's figure. The total consumption volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, global consumption hit record highs at 308K tons in 2021, and then dropped modestly in the following year.

The global vulcanised rubber thread market revenue declined modestly to $1.5B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level of $1.5B, leveling off in the following year.

Consumption By Country

China (77K tons) constituted the country with the largest volume of vulcanised rubber thread consumption, accounting for 25% of total volume. Moreover, vulcanised rubber thread consumption in China exceeded the figures recorded by the second-largest consumer, the United States (31K tons), twofold. India (24K tons) ranked third in terms of total consumption with a 7.9% share.

In China, vulcanised rubber thread consumption increased at an average annual rate of +4.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+5.0% per year) and India (+2.3% per year).

In value terms, Japan ($247M), China ($242M) and the United States ($222M) constituted the countries with the highest levels of market value in 2022, together comprising 46% of the global market. India, Bangladesh, Indonesia, Malaysia, Thailand, Brazil, Vietnam, Nigeria, Turkey and the UK lagged somewhat behind, together comprising a further 22%.

Among the main consuming countries, Malaysia, with a CAGR of +15.1%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vulcanised rubber thread per capita consumption was registered in Malaysia (320 kg per 1000 persons), followed by Thailand (138 kg per 1000 persons), Japan (108 kg per 1000 persons) and the United States (92 kg per 1000 persons), while the world average per capita consumption of vulcanised rubber thread was estimated at 39 kg per 1000 persons.

In Malaysia, vulcanised rubber thread per capita consumption increased at an average annual rate of +15.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+10.9% per year) and Japan (-1.3% per year).

Production

World Production of Vulcanised Rubber Thread And Cord

In 2022, approx. 311K tons of vulcanised rubber thread and cord were produced worldwide; shrinking by -4.5% against the year before. The total output volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 14% against the previous year. Global production peaked at 327K tons in 2016; however, from 2017 to 2022, production remained at a lower figure.

In value terms, vulcanised rubber thread production declined to $1.5B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 14%. Global production peaked at $1.6B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of vulcanised rubber thread production was Thailand (135K tons), accounting for 43% of total volume. Moreover, vulcanised rubber thread production in Thailand exceeded the figures recorded by the second-largest producer, Malaysia (59K tons), twofold. India (28K tons) ranked third in terms of total production with an 8.9% share.

In Thailand, vulcanised rubber thread production increased at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-0.4% per year) and India (+5.1% per year).

Imports

World Imports of Vulcanised Rubber Thread And Cord

In 2022, the amount of vulcanised rubber thread and cord imported worldwide reduced to 214K tons, declining by -6.7% on the year before. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.5% against 2013 indices. The most prominent rate of growth was recorded in 2015 with an increase of 22%. Over the period under review, global imports attained the maximum at 229K tons in 2021, and then shrank in the following year.

In value terms, vulcanised rubber thread imports reduced to $747M in 2022. Overall, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 45% against the previous year. As a result, imports attained the peak of $788M, and then fell in the following year.

Imports By Country

China was the largest importer of vulcanised rubber thread and cord in the world, with the volume of imports resulting at 102K tons, which was approx. 48% of total imports in 2022. It was distantly followed by Bangladesh (14K tons), generating a 6.7% share of total imports. The following importers - Vietnam (8.6K tons), Indonesia (8K tons), the UK (6.2K tons), Brazil (5.7K tons), Turkey (5.6K tons), Italy (5.5K tons), the United States (4.5K tons), South Korea (3.8K tons) and Iran (3.4K tons) - together made up 24% of total imports.

Imports into China increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, Bangladesh (+13.2%), Vietnam (+12.2%), Turkey (+4.2%), Italy (+3.6%), Iran (+2.6%), Indonesia (+2.3%), Brazil (+1.6%) and the United States (+1.2%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in the world, with a CAGR of +13.2% from 2012-2022. The UK experienced a relatively flat trend pattern. By contrast, South Korea (-2.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Bangladesh and Vietnam increased by +11, +3.8 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($333M) constitutes the largest market for imported vulcanised rubber thread and cord worldwide, comprising 45% of global imports. The second position in the ranking was held by Bangladesh ($45M), with a 6.1% share of global imports. It was followed by Vietnam, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +5.1%. In the other countries, the average annual rates were as follows: Bangladesh (+11.1% per year) and Vietnam (+10.3% per year).

Import Prices By Country

The average vulcanised rubber thread import price stood at $3,497 per ton in 2022, surging by 1.5% against the previous year. Overall, the import price, however, continues to indicate a slight downturn. The growth pace was the most rapid in 2021 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the maximum at $3,936 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($4,016 per ton), while the United States ($2,378 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Vulcanised Rubber Thread And Cord

In 2022, the amount of vulcanised rubber thread and cord exported worldwide declined to 219K tons, dropping by -11% compared with the previous year's figure. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 15% against the previous year. As a result, the exports attained the peak of 246K tons, and then fell in the following year.

In value terms, vulcanised rubber thread exports contracted to $772M in 2022. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 40% against the previous year. As a result, the exports reached the peak of $847M, and then fell in the following year.

Exports By Country

Thailand was the main exporting country with an export of about 125K tons, which resulted at 57% of total exports. Malaysia (50K tons) held a 23% share (based on physical terms) of total exports, which put it in second place, followed by China (12%). India (5.2K tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to vulcanised rubber thread exports from Thailand stood at +3.1%. At the same time, India (+22.4%) and China (+1.9%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +22.4% from 2012-2022. By contrast, Malaysia (-1.8%) illustrated a downward trend over the same period. While the share of Thailand (+10 p.p.) and India (+2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Malaysia (-7.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($380M) remains the largest vulcanised rubber thread supplier worldwide, comprising 49% of global exports. The second position in the ranking was taken by Malaysia ($161M), with a 21% share of global exports. It was followed by China, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Thailand was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-2.8% per year) and China (+6.8% per year).

Export Prices By Country

In 2022, the average vulcanised rubber thread export price amounted to $3,520 per ton, picking up by 2.4% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 23% against the previous year. Over the period under review, the average export prices reached the maximum at $3,733 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($5,422 per ton), while Thailand ($3,039 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.8%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform