GCC: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in GCC

The GCC synthetic rubber market contracted significantly to $X in 2023, shrinking by X% against the previous year. In general, consumption recorded a deep contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in GCC

In value terms, synthetic rubber production rose to $X in 2023 estimated in export price. In general, production, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Synthetic Rubber Exports

Exports in GCC

Synthetic rubber exports expanded slightly to X tons in 2023, with an increase of X% on the year before. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, synthetic rubber exports expanded markedly to $X in 2023. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

Saudi Arabia dominates exports structure, finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), achieving an X% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the synthetic rubber exports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Saudi Arabia ($X) remains the largest synthetic rubber supplier in GCC, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

In Saudi Arabia, synthetic rubber exports increased at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%).

Synthetic Rubber Imports

Imports in GCC

In 2023, imports of synthetic rubber in GCC contracted slightly to X tons, shrinking by X% compared with the previous year. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by X%. As a result, imports reached the peak of X tons. From 2018 to 2023, the growth of imports remained at a lower figure.

In value terms, synthetic rubber imports fell to $X in 2023. Overall, imports saw a perceptible descent. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the main importing country with an import of about X tons, which finished at X% of total imports. It was distantly followed by Saudi Arabia (X tons), creating a X% share of total imports. Kuwait (X tons), Qatar (X tons) and Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of synthetic rubber. At the same time, Kuwait (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Oman experienced a relatively flat trend pattern. By contrast, Saudi Arabia (X%) and Qatar (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported synthetic rubber in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Qatar ($X per ton) and the United Arab Emirates ($X per ton), while Kuwait ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform