ASEAN: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in ASEAN

The ASEAN synthetic rubber market declined significantly to $X in 2022, shrinking by X% against the previous year. Over the period under review, consumption saw a abrupt shrinkage. As a result, consumption attained the peak level of $X, and then shrank rapidly in the following year.

Synthetic Rubber Production in ASEAN

In value terms, synthetic rubber production contracted to $X in 2022 estimated in export price. In general, production, however, showed strong growth. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2021, and then fell in the following year.

Synthetic Rubber Exports

Exports in ASEAN

In 2022, the amount of synthetic rubber exported in ASEAN skyrocketed to X tons, rising by X% compared with the year before. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, synthetic rubber exports surged to $X in 2022. Over the period under review, exports recorded significant growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Thailand (X tons) and Vietnam (X tons) represented the major exporters of synthetic rubber in 2022, resulting at approx. X% and X% of total exports, respectively. Malaysia (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (X%). The following exporters - Indonesia (X tons) and Myanmar (X tons) - each accounted for a X% share of total exports.

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

In value terms, Thailand ($X), Vietnam ($X) and Singapore ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Malaysia, Indonesia and Myanmar lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Myanmar, with a CAGR of X%, saw the highest rates of growth with regard to 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 ASEAN stood at $X per ton in 2022, remaining stable against the previous year. In general, the export price, however, continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2017 when the export price increased by 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 failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

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

Synthetic Rubber Imports

Imports in ASEAN

In 2022, after ten years of growth, there was significant decline in overseas purchases of synthetic rubber, when their volume decreased by X% to X tons. Total imports indicated a noticeable expansion from 2012 to 2022: its volume 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. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, synthetic rubber imports contracted notably to $X in 2022. Total imports indicated a mild 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 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then dropped remarkably in the following year.

Imports by Country

In 2022, Malaysia (X tons), Thailand (X tons), Vietnam (X tons) and Indonesia (X tons) was the key importer of synthetic rubber in ASEAN, constituting X% of total import. Singapore (X tons), Cambodia (X tons) and the Philippines (X tons) followed a long way behind the leaders.

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

In value terms, Thailand ($X), Vietnam ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Indonesia, Singapore, Cambodia and the Philippines lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Cambodia, with a CAGR of X%, recorded 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

In 2022, the import price in ASEAN amounted to $X per ton, jumping by X% against the previous year. Overall, the import price, however, recorded a pronounced decline. 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 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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