MENA: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in MENA

In 2022, the MENA's synthetic rubber (excluding latex) market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Synthetic Rubber (Excluding Latex) in MENA

In value terms, synthetic rubber (excluding latex) production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Synthetic Rubber (Excluding Latex)

Exports in MENA

After two years of growth, overseas shipments of synthetic rubber (excluding latex) decreased by X% to X tons in 2022. Over the period under review, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2017 when exports increased by X%. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, synthetic rubber (excluding latex) exports reduced notably to $X in 2022. In general, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons) was the major exporter of synthetic rubber (excluding latex), committing X% of total exports. Turkey (X tons) ranks second in terms of the total exports with a X% share, followed by the United Arab Emirates (X%). Iran (X tons) followed a long way behind the leaders.

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, Turkey (X%), the United Arab Emirates (X%) and Iran (X%) displayed positive paces of growth. From 2012 to 2022, the share of Saudi Arabia increased by X percentage points.

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

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price recorded a noticeable decrease. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Turkey ($X per ton) and Iran ($X per ton), while Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

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

Imports of Synthetic Rubber (Excluding Latex)

Imports in MENA

In 2022, supplies from abroad of synthetic rubber (excluding latex) increased by X% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X%. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, synthetic rubber (excluding latex) imports soared to $X in 2022. Total imports indicated a temperate 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 appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Turkey prevails in imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), achieving a X% share of total imports. The following importers - Iran (X tons), Saudi Arabia (X tons), Israel (X tons), Egypt (X tons) and Morocco (X tons) - together made up X% of total imports.

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

In value terms, Turkey ($X) constitutes the largest market for imported synthetic rubber (excluding latex) in MENA, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

In Turkey, 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: the United Arab Emirates (X% per year) and Iran (X% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, surging by X% against the previous year. Overall, the import price, however, continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure 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 Morocco ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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