Synthetic Latex Rubber Market

The article discusses the increasing demand for synthetic latex rubber globally, with market performance forecasted to continue its upward trend. Consumption, production, imports, and exports of synthetic latex rubber are analyzed, with insights into key countries, trends, and growth rates. The market is projected to reach 12M tons by 2030, with a forecasted CAGR of +2.6%.

Market Forecast

Driven by increasing demand for synthetic latex rubber worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 12M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $21.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Synthetic Latex Rubber

In 2022, consumption of synthetic latex rubber decreased by -7.8% to 9.8M tons for the first time since 2011, thus ending a ten-year rising trend. The total consumption volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when the consumption volume increased by 9% against the previous year. As a result, consumption reached the peak volume of 11M tons, and then reduced in the following year.

The global synthetic latex rubber market size declined to $15.3B in 2022, falling by -4.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the market value increased by 9.1% against the previous year. Global consumption peaked at $16.1B in 2021, and then shrank modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.8M tons), the United States (1.2M tons) and India (713K tons), with a combined 38% share of global consumption. South Korea, Japan, Malaysia, Brazil, Nigeria, Taiwan (Chinese), Germany, Indonesia, Russia and the UK lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +15.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.6B), Japan ($1.7B) and the United States ($1.7B) constituted the countries with the highest levels of market value in 2022, with a combined 39% share of the global market. Nigeria, India, South Korea, Malaysia, Brazil, Germany, Russia, Taiwan (Chinese), Indonesia and the UK lagged somewhat behind, together accounting for a further 30%.

In terms of the main consuming countries, Taiwan (Chinese), with a CAGR of +14.5%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of synthetic latex rubber per capita consumption in 2022 were Malaysia (12 kg per person), Taiwan (Chinese) (12 kg per person) and South Korea (9 kg per person).

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +15.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Synthetic Latex Rubber

After seven years of growth, production of synthetic latex rubber decreased by -3.9% to 9.7M tons in 2022. The total output volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 6.2%. Over the period under review, global production reached the maximum volume at 10M tons in 2021, and then shrank slightly in the following year.

In value terms, synthetic latex rubber production amounted to $15.5B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 10%. Over the period under review, global production attained the maximum level in 2022 and is likely to see steady growth in years to come.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.7M tons), the United States (1.2M tons) and South Korea (998K tons), with a combined 40% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by South Korea (with a CAGR of +10.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Synthetic Latex Rubber

After ten years of growth, overseas purchases of synthetic latex rubber decreased by -44.4% to 2.1M tons in 2022. In general, imports, however, showed a temperate increase. The most prominent rate of growth was recorded in 2021 when imports increased by 55% against the previous year. As a result, imports attained the peak of 3.7M tons, and then reduced remarkably in the following year.

In value terms, synthetic latex rubber imports contracted rapidly to $3B in 2022. Overall, imports, however, showed a slight increase. The growth pace was the most rapid in 2021 with an increase of 82% against the previous year. As a result, imports attained the peak of $5.1B, and then fell dramatically in the following year.

Imports By Country

Malaysia was the main importer of synthetic latex rubber in the world, with the volume of imports reaching 517K tons, which was near 25% of total imports in 2022. China (205K tons) ranks second in terms of the total imports with a 9.8% share, followed by Thailand (8.1%). Italy (89K tons), Belgium (85K tons), Turkey (75K tons), Germany (70K tons), the United States (69K tons), Vietnam (67K tons), the Netherlands (61K tons), Spain (52K tons), Austria (50K tons) and Indonesia (40K tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to synthetic latex rubber imports into Malaysia stood at +5.3%. At the same time, Vietnam (+13.6%), Austria (+8.4%), the United States (+8.4%), Italy (+6.9%), Turkey (+5.2%), China (+4.3%), Germany (+3.7%), Thailand (+2.1%), Belgium (+1.5%) and Indonesia (+1.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +13.6% from 2012-2022. Spain experienced a relatively flat trend pattern. By contrast, the Netherlands (-2.2%) illustrated a downward trend over the same period. While the share of Malaysia (+4.9 p.p.) and Vietnam (+2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the Netherlands (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest synthetic latex rubber importing markets worldwide were Malaysia ($558M), China ($424M) and Thailand ($209M), together accounting for 40% of global imports. The United States, Belgium, Turkey, Germany, Vietnam, Indonesia, the Netherlands, Italy, Spain and Austria lagged somewhat behind, together comprising a further 31%.

Among the main importing countries, Vietnam, with a CAGR of +11.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average synthetic latex rubber import price stood at $1,428 per ton in 2022, surging by 5.5% against the previous year. Over the period under review, the import price, however, showed a slight setback. The growth pace was the most rapid in 2021 when the average import price increased by 17% against the previous year. Global import price peaked at $1,689 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 Indonesia ($2,167 per ton), while Italy ($905 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Synthetic Latex Rubber

In 2022, after two years of growth, there was significant decline in shipments abroad of synthetic latex rubber, when their volume decreased by -38.6% to 2M tons. In general, total exports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 26%. As a result, the exports reached the peak of 3.2M tons, and then shrank remarkably in the following year.

In value terms, synthetic latex rubber exports reduced markedly to $2.7B in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 64% against the previous year. As a result, the exports reached the peak of $4.8B, and then shrank remarkably in the following year.

Exports By Country

In 2022, South Korea (540K tons), distantly followed by Germany (350K tons), Taiwan (Chinese) (178K tons), the Netherlands (121K tons), Malaysia (112K tons), the United States (108K tons) and Belgium (90K tons) represented the main exporters of synthetic latex rubber, together creating 77% of total exports. The following exporters - Japan (74K tons), China (69K tons), Italy (56K tons), Thailand (51K tons), Indonesia (40K tons) and India (34K tons) - together made up 17% of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +17.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest synthetic latex rubber supplying countries worldwide were South Korea ($538M), Germany ($497M) and Japan ($368M), together accounting for 52% of global exports. Taiwan (Chinese), the United States, the Netherlands, Malaysia, Belgium, Italy, China, Thailand, India and Indonesia lagged somewhat behind, together accounting for a further 40%.

Among the main exporting countries, India, with a CAGR of +13.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average synthetic latex rubber export price stood at $1,374 per ton in 2022, falling by -9.1% against the previous year. Over the period under review, the export price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 31%. Over the period under review, the average export prices attained the peak figure at $1,640 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 Japan ($4,992 per ton), while Indonesia ($931 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.0%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform