GCC: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in GCC

After three years of decline, the GCC synthetic rubber (excluding latex) market increased by X% to $X in 2022. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Synthetic Rubber (Excluding Latex) in GCC

In value terms, synthetic rubber (excluding latex) production shrank to $X in 2022 estimated in export price. The total production indicated a slight expansion 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, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of synthetic rubber (excluding latex), when their volume decreased by X% to X tons. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of X%. The volume of export peaked at X tons in 2021, and then contracted remarkably in the following year.

In value terms, synthetic rubber (excluding latex) exports fell remarkably to $X in 2022. In general, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank remarkably in the following year.

Exports by Country

Saudi Arabia prevails in exports structure, recording X tons, which was approx. X% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber (excluding latex) exports, with a CAGR of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber (excluding latex) supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

In Saudi Arabia, synthetic rubber (excluding latex) exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by X% against the previous year. Overall, the export price saw a abrupt decrease. The most prominent rate of growth was recorded 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.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%).

Imports of Synthetic Rubber (Excluding Latex)

Imports in GCC

After seven years of growth, overseas purchases of synthetic rubber (excluding latex) decreased by X% to X tons in 2022. Total imports indicated measured growth from 2012 to 2022: its volume 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 2013 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021, and then fell modestly in the following year.

In value terms, synthetic rubber (excluding latex) imports amounted to $X in 2022. Total imports indicated a slight expansion 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 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates represented the main importer of synthetic rubber (excluding latex) in GCC, with the volume of imports finishing at X tons, which was near X% of total imports in 2022. Saudi Arabia (X tons) ranks second in terms of the total imports with a X% share, followed by Kuwait (X%). Qatar (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to synthetic rubber (excluding latex) imports into the United Arab Emirates stood at X%. At the same time, Kuwait (X%), Qatar (X%) and Oman (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Kuwait and Qatar increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with an X% share.

In the United Arab Emirates, synthetic rubber (excluding latex) imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, showed a noticeable descent. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum 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 the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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