Asia-Pacific: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Asia-Pacific

The Asia-Pacific synthetic rubber market reduced to $X in 2023, with a decrease of X% against the previous year. Overall, consumption, however, saw a slight downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Synthetic Rubber Production in Asia-Pacific

In value terms, synthetic rubber production stood at $X in 2023 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Synthetic Rubber Exports

Exports in Asia-Pacific

In 2023, the amount of synthetic rubber exported in Asia-Pacific stood at X tons, picking up by X% compared with the previous year's figure. Overall, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2020; afterwards, it flattened through to 2023.

In value terms, synthetic rubber exports declined to $X in 2023. Total exports indicated a pronounced 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 2019 indices. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2022, and then declined in the following year.

Exports by Country

Thailand (X tons), South Korea (X tons), Vietnam (X tons), China (X tons), Taiwan (Chinese) (X tons), Japan (X tons) and Malaysia (X tons) represented roughly X% of total exports in 2023.

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

In value terms, the largest synthetic rubber supplying countries in Asia-Pacific were South Korea ($X), Thailand ($X) and Vietnam ($X), together accounting for X% of total exports.

In terms of the main exporting countries, Vietnam, 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 Asia-Pacific stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price saw a pronounced downturn. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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.

Synthetic Rubber Imports

Imports in Asia-Pacific

In 2023, after two years of decline, there was growth in overseas purchases of synthetic rubber, when their volume increased by X% to X tons. Overall, imports recorded a strong increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, synthetic rubber imports reduced to $X in 2023. Total imports indicated slight growth 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, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, resulting at X tons, which was near X% of total imports in 2023. Thailand (X tons) held the second position in the ranking, followed by Malaysia (X tons) and India (X tons). All these countries together took approx. X% share of total imports. Indonesia (X tons), Vietnam (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 imports, with a CAGR of X% from 2012 to 2023. At the same time, Vietnam (X%), Thailand (X%), Malaysia (X%), Indonesia (X%) and India (X%) displayed positive paces of growth. Taiwan (Chinese) and South Korea experienced a relatively flat trend pattern. China (X p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea, Indonesia, Thailand, Malaysia and India saw its share reduced by X%, X%, X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in China totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (X% per year) and India (X% per year).

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, shrinking by X% against the previous year. In general, the import price showed a deep reduction. 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 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was South Korea ($X per ton), while Malaysia ($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 import price figures.

Source: IndexBox Platform