Synthetic Rubber (Excluding Latex) Market

The global synthetic rubber market is projected to experience steady growth, with consumption volume and market value on the rise. Market performance is forecasted to accelerate, with an expected increase in consumption volume to 31M tons by 2030. China remains the largest consumer of synthetic rubber, while Thailand and Vietnam are major exporters. Import and export prices have shown fluctuations over the years, with Vietnam experiencing significant growth in export value.

Market Forecast

Driven by increasing demand for synthetic rubber (excluding latex) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 31M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $79.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Synthetic Rubber (Excluding Latex)

In 2022, global consumption of synthetic rubber (excluding latex) reduced modestly to 26M tons, dropping by -3% against the year before. In general, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the consumption volume increased by 6.2% against the previous year. As a result, consumption attained the peak volume of 30M tons. From 2018 to 2022, the growth of the global consumption failed to regain momentum.

The global synthetic rubber (excluding latex) market revenue declined to $56.5B in 2022, dropping by -1.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a perceptible decrease. Over the period under review, the global market attained the maximum level at $74.2B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

China (6.4M tons) remains the largest synthetic rubber (excluding latex) consuming country worldwide, comprising approx. 25% of total volume. Moreover, synthetic rubber (excluding latex) consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.9M tons), twofold. The third position in this ranking was held by India (2.6M tons), with a 10% share.

In China, synthetic rubber (excluding latex) consumption expanded at an average annual rate of +3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-2.2% per year) and India (+2.7% per year).

In value terms, China ($12.9B), the United States ($6.8B) and India ($5B) constituted the countries with the highest levels of market value in 2022, together accounting for 44% of the global market.

In terms of the main consuming countries, India, with a CAGR of +0.8%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced a decline in the market figures.

The countries with the highest levels of synthetic rubber (excluding latex) per capita consumption in 2022 were Canada (13 kg per person), South Korea (10 kg per person) and Japan (10 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by China (with a CAGR of +3.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Synthetic Rubber (Excluding Latex)

Global synthetic rubber (excluding latex) production shrank to 26M tons in 2022, waning by -2.2% on the year before. In general, production, however, showed modest growth. The growth pace was the most rapid in 2021 with an increase of 6.2% against the previous year. Over the period under review, global production attained the maximum volume at 30M tons in 2017; however, from 2018 to 2022, production remained at a lower figure.

In value terms, synthetic rubber (excluding latex) production fell slightly to $53.5B in 2022 estimated in export price. Overall, production recorded a perceptible reduction. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. Over the period under review, global production reached the maximum level at $71.5B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (3.1M tons), China (2.5M tons) and Russia (2.3M tons), with a combined 30% share of global production. India, Japan, Thailand, South Korea, Vietnam, Indonesia, Brazil, Mexico, Saudi Arabia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Thailand (with a CAGR of +30.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Synthetic Rubber (Excluding Latex)

For the third consecutive year, the global market recorded growth in overseas purchases of synthetic rubber (excluding latex), which increased by 0.1% to 12M tons in 2022. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +8.4% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 30%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, synthetic rubber (excluding latex) imports rose notably to $28.9B in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 35% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (4.5M tons) represented the largest importer of synthetic rubber (excluding latex), comprising 38% of total imports. It was distantly followed by the United States (609K tons), comprising a 5.1% share of total imports. The following importers - India (517K tons), Germany (441K tons), Belgium (440K tons), Thailand (429K tons), Vietnam (383K tons), Turkey (370K tons), Brazil (308K tons), Indonesia (303K tons), Poland (274K tons), Italy (246K tons) and France (182K tons) - together made up 33% of total imports.

China was also the fastest-growing in terms of the synthetic rubber (excluding latex) imports, with a CAGR of +13.4% from 2012 to 2022. At the same time, Vietnam (+9.8%), Turkey (+6.1%), Brazil (+4.3%), Thailand (+3.3%), Belgium (+2.9%), Poland (+2.5%), Italy (+1.8%), Indonesia (+1.5%), the United States (+1.4%) and India (+1.2%) displayed positive paces of growth. Germany experienced a relatively flat trend pattern. By contrast, France (-1.3%) illustrated a downward trend over the same period. While the share of China (+21 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of India (-1.7 p.p.), the United States (-1.9 p.p.) and Germany (-2.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($8.5B) constitutes the largest market for imported synthetic rubber (excluding latex) worldwide, comprising 29% of global imports. The second position in the ranking was taken by the United States ($1.7B), with a 5.9% share of global imports. It was followed by India, with a 4.8% share.

In China, synthetic rubber (excluding latex) imports expanded at an average annual rate of +5.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United States (-1.5% per year) and India (-0.6% per year).

Import Prices By Country

In 2022, the average synthetic rubber (excluding latex) import price amounted to $2,442 per ton, growing by 13% against the previous year. In general, the import price, however, recorded a pronounced reduction. The growth pace was the most rapid in 2021 an increase of 28%. Global import price peaked at $3,562 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Italy ($3,186 per ton), while China ($1,881 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (-1.3%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Synthetic Rubber (Excluding Latex)

In 2022, global synthetic rubber (excluding latex) exports was estimated at 12M tons, surging by 1.9% compared with 2021 figures. Overall, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +13.4% against 2017 indices. The pace of growth appeared the most rapid in 2016 when exports increased by 18% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) exports totaled $28B in 2022. Over the period under review, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 37% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, Thailand (1,774K tons), Vietnam (1,371K tons), Russia (1,357K tons), South Korea (1,147K tons), the United States (840K tons), China (653K tons), Japan (612K tons), Belgium (457K tons), Germany (427K tons), Malaysia (422K tons), Taiwan (Chinese) (408K tons) and Singapore (386K tons) was the major exporter of synthetic rubber (excluding latex) in the world, constituting 82% of total export.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +47.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber (excluding latex) supplying countries worldwide were Thailand ($3B), Russia ($2.8B) and the United States ($2.8B), with a combined 30% share of global exports. South Korea, Vietnam, Japan, China, Belgium, Germany, Singapore, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 50%.

Vietnam, with a CAGR of +71.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average synthetic rubber (excluding latex) export price stood at $2,325 per ton in 2022, rising by 9.8% against the previous year. Overall, the export price, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by 27%. Over the period under review, the average export prices attained the maximum at $3,436 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($3,370 per ton), while Vietnam ($1,573 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+16.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform