Middle East: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in the Middle East

The Middle Eastern synthetic rubber market surged to $X in 2022, increasing by X% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Synthetic Rubber Production in the Middle East

In value terms, synthetic rubber production expanded notably to $X in 2022 estimated in export price. The total production indicated buoyant growth 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, production increased by X% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, production hit record highs in 2022 and is expected to retain growth in years to come.

Synthetic Rubber Exports

Exports in the Middle East

In 2022, approx. X tons of synthetic rubber were exported in the Middle East; remaining relatively unchanged against the previous year's figure. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, synthetic rubber exports fell modestly to $X in 2022. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of export peaked at $X in 2021, and then reduced modestly in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons) was the main exporter of synthetic rubber, making up X% of total exports. Turkey (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (X%).

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber exports, with a CAGR of X% from 2012 to 2022. At the same time, Turkey (X%) and the United Arab Emirates (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 ($X) remains the largest synthetic rubber supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by Turkey ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms 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 the Middle East stood at $X per ton in 2022, falling by X% against the previous year. In general, the export price continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

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

Synthetic Rubber Imports

Imports in the Middle East

In 2022, supplies from abroad of synthetic rubber increased by X% to X tons, rising for the third year in a row 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 throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber imports skyrocketed to $X in 2022. Total imports indicated slight growth 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. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was near X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), making up an X% share of total imports. Saudi Arabia (X tons), Israel (X tons), Kuwait (X tons) and Iran (X tons) held a relatively small share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Kuwait (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. Israel and the United Arab Emirates experienced a relatively flat trend pattern. By contrast, Saudi Arabia (X%) and Iran (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Kuwait 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 ($X) constitutes the largest market for imported synthetic rubber in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an X% share of total imports. It was followed by Israel, with a X% share.

In Turkey, synthetic rubber imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Israel (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price, however, recorded a noticeable shrinkage. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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