Asia-Pacific: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Asia-Pacific

The Asia-Pacific synthetic rubber market contracted to $X in 2022, waning by X% against the previous year. Overall, consumption recorded a mild slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in Asia-Pacific

In value terms, synthetic rubber production declined to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

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Synthetic Rubber Exports

Exports in Asia-Pacific

In 2022, exports of synthetic rubber in Asia-Pacific expanded remarkably to X tons, increasing by X% against 2021 figures. In general, exports showed a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, synthetic rubber exports rose sharply to $X in 2022. Total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Thailand (X tons), South Korea (X tons) and Vietnam (X tons) represented roughly X% of total exports in 2022. China (X tons) took the next position in the ranking, followed by Japan (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons) and Singapore (X tons). All these countries together took near X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber supplying countries in Asia-Pacific were South Korea ($X), Thailand ($X) and Japan ($X), with a combined X% share of total exports. Vietnam, China, Taiwan (Chinese), Singapore and Malaysia lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, showed a pronounced setback. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Japan ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

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

Synthetic Rubber Imports

Imports in Asia-Pacific

In 2022, after two years of growth, there was significant decline in supplies from abroad of synthetic rubber, when their volume decreased by X% to X tons. Over the period under review, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, synthetic rubber imports fell slightly to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then declined in the following year.

Imports by Country

China prevails in imports structure, amounting to X tons, which was near X% of total imports in 2022. Malaysia (X tons) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (X%), India (X%) and Vietnam (X%). Indonesia (X tons) and Japan (X tons) held a little share of total imports.

China was also the fastest-growing in terms of the synthetic rubber imports, with a CAGR of X% from 2012 to 2022. At the same time, Vietnam (X%), Malaysia (X%), Thailand (X%), Indonesia (X%) and India (X%) displayed positive paces of growth. By contrast, Japan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) and Vietnam (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (X p.p.), Japan (X p.p.), Indonesia (X p.p.), Thailand (X p.p.) and India (X p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported synthetic rubber in Asia-Pacific, comprising X% of total imports. The second position in the ranking was taken by India ($X), with an X% share of total imports. It was followed by Thailand, with an X% share.

From 2012 to 2022, the average annual growth rate of value in China stood at X%. In the other countries, the average annual rates were as follows: India (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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