Thailand: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Thailand

The Thai synthetic rubber market reduced rapidly to $X in 2022, waning by X% against the previous year. Over the period under review, consumption continues to indicate a abrupt shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in Thailand

In value terms, synthetic rubber production reached $X in 2022 estimated in export price. Overall, production posted a significant expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by X%. Synthetic rubber production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

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Synthetic Rubber Exports

Exports from Thailand

In 2022, approx. X tons of synthetic rubber were exported from Thailand; jumping by X% against 2021 figures. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, synthetic rubber exports skyrocketed to $X in 2022. Overall, exports recorded significant growth. The pace of growth was the most pronounced in 2016 when exports increased by X%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for synthetic rubber exports from Thailand, with a X% share of total exports. It was followed by Malaysia (X tons), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to China totaled X%.

In value terms, China ($X) remains the key foreign market for synthetic rubber exports from Thailand, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at X%.

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price saw a abrupt curtailment. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%).

Synthetic Rubber Imports

Imports into Thailand

In 2022, supplies from abroad of synthetic rubber decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. 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 2020 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, synthetic rubber imports reduced to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

South Korea (X tons), China (X tons) and Japan (X tons) were the main suppliers of synthetic rubber imports to Thailand, with a combined X% share of total imports. Taiwan (Chinese), the United States, Singapore, Malaysia, Indonesia, Russia and Belgium lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and China ($X) appeared to be the largest synthetic rubber suppliers to Thailand, together comprising X% of total imports. The United States, Taiwan (Chinese), Singapore, Indonesia, Russia, Malaysia and Belgium lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Singapore, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the average synthetic rubber import price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price recorded a pronounced decline. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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