Asia: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Asia

The Asian synthetic rubber market fell to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption recorded a slight slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in Asia

In value terms, synthetic rubber production reduced to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Synthetic Rubber Exports

Exports in Asia

Synthetic rubber exports rose to X tons in 2022, surging by X% compared with the year before. In general, exports posted a strong increase. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, synthetic rubber exports expanded markedly to $X in 2022. Overall, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

In 2022, Thailand (X tons), South Korea (X tons) and Vietnam (X tons) represented the key exporter of synthetic rubber in Asia, mixing up X% of total export. China (X tons) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Japan (X%), Taiwan (Chinese) (X%) and Malaysia (X%).

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 were South Korea ($X), Thailand ($X) and Japan ($X), together comprising X% of total exports. Vietnam, China, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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 amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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

In 2022, purchases abroad of synthetic rubber decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted in the following year.

In value terms, synthetic rubber imports reached $X in 2022. Total imports indicated pronounced 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 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

China dominates imports structure, amounting to X tons, which was approx. X% of total imports in 2022. Malaysia (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (X%), India (X%), Vietnam (X%) and Turkey (X%). Indonesia (X tons) followed a long way behind the leaders.

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%), Turkey (X%), Malaysia (X%), Thailand (X%), Indonesia (X%) and India (X%) displayed positive paces of growth. From 2012 to 2022, the share of China and Vietnam increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, synthetic rubber imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (X% per year) and Thailand (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, picking up by X% against the previous year. In general, the import price, however, continues to indicate a noticeable shrinkage. The growth pace was the most rapid in 2021 when the import price increased by X%. The level of import peaked at $X 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 India ($X per ton), while Malaysia ($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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