India: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in India

In 2022, the Indian synthetic rubber market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a perceptible slump. Synthetic rubber consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Synthetic Rubber Production in India

In value terms, synthetic rubber production contracted to $X in 2022 estimated in export price. In general, production, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

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Synthetic Rubber Exports

Exports from India

In 2022, shipments abroad of synthetic rubber decreased by X% to X tons, falling for the second consecutive year after four years of growth. Overall, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure 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. In general, exports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Thailand (X tons), China (X tons) and the United States (X tons) were the main destinations of synthetic rubber exports from India, with a combined X% share of total exports. Vietnam, Sri Lanka, Bangladesh, the United Arab Emirates, Turkey, Indonesia, Egypt, Malaysia and Nepal lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and the United States ($X) appeared to be the largest markets for synthetic rubber exported from India worldwide, with a combined X% share of total exports. Bangladesh, Sri Lanka, Vietnam, the United Arab Emirates, Indonesia, Turkey, Nepal, Malaysia and Egypt lagged somewhat behind, together comprising a further X%.

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

Export Prices by Country

In 2022, the average synthetic rubber export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into India

In 2022, the amount of synthetic rubber imported into India dropped to X tons, reducing by X% compared with 2021 figures. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, synthetic rubber imports expanded markedly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest synthetic rubber supplier to India, with a X% share of total imports. Moreover, synthetic rubber imports from South Korea exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. The third position in this ranking was held by Japan (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and Japan (X% per year).

In value terms, South Korea ($X), Japan ($X) and Singapore ($X) constituted the largest synthetic rubber suppliers to India, together comprising X% of total imports. China, Russia, Poland, the United States, Saudi Arabia, Germany, Taiwan (Chinese), Thailand, Belgium and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic rubber import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, the import price, however, showed a slight reduction. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the United Arab Emirates ($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 States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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