Asia-Pacific: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Asia-Pacific

The Asia-Pacific synthetic rubber (excluding latex) market declined modestly to $X in 2023, waning by X% against the previous year. In general, consumption, however, recorded a noticeable shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Production of Synthetic Rubber (Excluding Latex) in Asia-Pacific

In value terms, synthetic rubber (excluding latex) production rose to $X in 2023 estimated in export price. Over the period under review, production, however, recorded a mild descent. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports in Asia-Pacific

In 2023, approx. X tons of synthetic rubber (excluding latex) were exported in Asia-Pacific; stabilizing at the previous year. In general, exports saw strong growth. The growth pace was the most rapid in 2016 with an increase of X%. The volume of export peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, synthetic rubber (excluding latex) exports declined to $X in 2023. Total exports indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2022, and then fell in the following year.

Exports by Country

The shipments of the seven major exporters of synthetic rubber (excluding latex), namely Thailand, Vietnam, South Korea, China, Japan, Malaysia and Taiwan (Chinese), represented more than two-thirds of total export.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Malaysia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), South Korea ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports. Japan, China, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, waning by X% against the previous year. Overall, the export price saw a perceptible contraction. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Rubber (Excluding Latex)

Imports in Asia-Pacific

In 2023, synthetic rubber (excluding latex) imports in Asia-Pacific expanded sharply to X tons, with an increase of X% on 2022 figures. In general, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, synthetic rubber (excluding latex) imports declined to $X in 2023. Total imports indicated a mild increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by X%. The level of import peaked at $X in 2022, and then declined in the following year.

Imports by Country

China prevails in imports structure, finishing at X tons, which was near X% of total imports in 2023. Thailand (X tons) took the second position in the ranking, followed by India (X tons) and Vietnam (X tons). All these countries together took approx. X% share of total imports. Indonesia (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the synthetic rubber (excluding latex) imports, with a CAGR of X% from 2012 to 2023. At the same time, Vietnam (X%), Thailand (X%) and Indonesia (X%) displayed positive paces of growth. South Korea, India and Taiwan (Chinese) experienced a relatively flat trend pattern. While the share of China (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Taiwan (Chinese) (X p.p.), South Korea (X p.p.), Thailand (X p.p.), Indonesia (X p.p.) and India (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, synthetic rubber (excluding latex) imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: India (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, dropping by X% against the previous year. In general, the import price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform