MENA: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in MENA

After two years of growth, the MENA's synthetic rubber market decreased by X% to $X in 2023. Overall, consumption continues to indicate a perceptible contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in MENA

In value terms, synthetic rubber production totaled $X in 2023 estimated in export price. The total production indicated a temperate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production reached the peak level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Synthetic Rubber Exports

Exports in MENA

In 2023, the amount of synthetic rubber exported in MENA expanded sharply to X tons, picking up by X% against the year before. Over the period under review, exports saw significant growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in the near future.

In value terms, synthetic rubber exports expanded notably to $X in 2023. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

Exports by Country

Saudi Arabia represented the main exporter of synthetic rubber in MENA, with the volume of exports recording X tons, which was near X% of total exports in 2023. Turkey (X tons) ranks second in terms of the total exports with a X% share, followed by the United Arab Emirates (X%). Iran (X tons) held a little 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, Turkey (X%) and the United Arab Emirates (X%) displayed positive paces of growth. By contrast, Iran (X%) illustrated a downward trend over the same period. Saudi Arabia (X p.p.) and Iran (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates and Turkey saw its share reduced by X% and X% from 2012 to 2023, respectively.

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

In Saudi Arabia, synthetic rubber exports expanded at an average annual rate of X% over the period from 2012-2023. 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 MENA stood at $X per ton in 2023, with an increase of X% against the previous year. In general, the export price, however, recorded a noticeable decline. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2023, 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 MENA

In 2023, after two years of growth, there was significant decline in purchases abroad of synthetic rubber, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2022, and then fell in the following year.

In value terms, synthetic rubber imports dropped significantly to $X in 2023. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then declined rapidly in the following year.

Imports by Country

Turkey prevails in imports structure, resulting at X tons, which was near X% of total imports in 2023. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total imports. The following importers - Egypt (X tons), Saudi Arabia (X tons), Israel (X tons), Morocco (X tons) and Iran (X tons) - together made up X% of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Morocco (X%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. The United Arab Emirates and Egypt experienced a relatively flat trend pattern. By contrast, Israel (X%), Saudi Arabia (X%) and Iran (X%) illustrated a downward trend over the same period. Turkey (X p.p.) significantly strengthened its position in terms of the total imports, while Egypt, Israel, the United Arab Emirates, Saudi Arabia and Iran saw its share reduced by 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, Turkey ($X) constitutes the largest market for imported synthetic rubber in MENA, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Egypt, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Egypt (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price showed a pronounced decline. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum 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 Morocco ($X per ton) and Israel ($X per ton), while Turkey ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform