Unvulcanised Rubber Market

The article delves into the current state and future projections of the global unvulcanised rubber market. It highlights an expected upward trend in consumption over the next eight years, with a forecasted increase in market volume and value. Key insights include the performance of major consuming countries such as China, the United States, and Russia, as well as trends in production and trade. The analysis provides valuable information for industry professionals and stakeholders looking to understand market dynamics and opportunities in the unvulcanised rubber sector.

Market Forecast

Driven by increasing demand for unvulcanised rubber worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 11M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $38.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Unvulcanised Rubber

Global unvulcanised rubber consumption fell to 9.6M tons in 2022, reducing by -2.2% on the year before. In general, consumption, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 9.4%. Over the period under review, global consumption attained the maximum volume at 11M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global unvulcanised rubber market revenue dropped slightly to $28.2B in 2022, declining by -2.4% 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). Over the period under review, consumption recorded a mild downturn. Over the period under review, the global market reached the maximum level at $33.3B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

China (2.6M tons) remains the largest unvulcanised rubber consuming country worldwide, accounting for 27% of total volume. Moreover, unvulcanised rubber consumption in China exceeded the figures recorded by the second-largest consumer, the United States (995K tons), threefold. The third position in this ranking was held by Russia (468K tons), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +2.3%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-0.4% per year) and Russia (+0.0% per year).

In value terms, China ($8B) led the market, alone. The second position in the ranking was held by the United States ($3.3B). It was followed by Nigeria.

From 2012 to 2022, the average annual growth rate of value in China amounted to -1.1%. In the other countries, the average annual rates were as follows: the United States (-1.6% per year) and Nigeria (+8.4% per year).

The countries with the highest levels of unvulcanised rubber per capita consumption in 2022 were the UK (3.8 kg per person), Italy (3.7 kg per person) and South Korea (3.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +2.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Unvulcanised Rubber

Global unvulcanised rubber production contracted modestly to 9.7M tons in 2022, falling by -2.3% against 2021. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 9% against the previous year. Global production peaked at 11M tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, unvulcanised rubber production reduced modestly to $28.5B in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 12% against the previous year. Global production peaked at $31.5B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of unvulcanised rubber production was China (2.6M tons), comprising approx. 26% of total volume. Moreover, unvulcanised rubber production in China exceeded the figures recorded by the second-largest producer, the United States (979K tons), threefold. The third position in this ranking was held by Russia (463K tons), with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +3.0%. In the other countries, the average annual rates were as follows: the United States (-0.4% per year) and Russia (+0.1% per year).

Imports

World Imports of Unvulcanised Rubber

In 2022, supplies from abroad of unvulcanised rubber increased by 1.8% to 1.2M tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 13% against the previous year. Over the period under review, global imports attained the maximum at 1.3M tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, unvulcanised rubber imports rose notably to $3.9B in 2022. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 23% against the previous year. Global imports peaked at $3.9B in 2012; afterwards, it flattened through to 2022.

Imports By Country

In 2022, the United States (171K tons), followed by Poland (95K tons), India (83K tons), Spain (75K tons), Mexico (74K tons), Germany (64K tons), France (64K tons) and Romania (60K tons) represented the major importers of unvulcanised rubber, together constituting 57% of total imports. Canada (54K tons), China (51K tons), Italy (40K tons), Turkey (38K tons) and Serbia (31K tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +30.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest unvulcanised rubber importing markets worldwide were the United States ($592M), Poland ($302M) and Mexico ($283M), together comprising 30% of global imports. China, Germany, Spain, France, India, Canada, Romania, Italy, Turkey and Serbia lagged somewhat behind, together comprising a further 44%.

India, with a CAGR of +25.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average unvulcanised rubber import price stood at $3,258 per ton in 2022, picking up by 6% against the previous year. Over the period under review, the import price, however, showed a slight slump. The most prominent rate of growth was recorded in 2021 when the average import price increased by 8.4% against the previous year. Global import price peaked at $3,689 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($4,786 per ton), while Turkey ($1,989 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Unvulcanised Rubber

In 2022, overseas shipments of unvulcanised rubber increased by 0.9% to 1.3M tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 17%. The global exports peaked at 1.3M tons in 2018; afterwards, it flattened through to 2022.

In value terms, unvulcanised rubber exports expanded notably to $4.1B in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 24% against the previous year. Over the period under review, the global exports attained the maximum at $4.3B in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

Germany (174K tons), the United States (155K tons), Canada (118K tons), Thailand (98K tons), Italy (94K tons), Poland (69K tons), Spain (66K tons), France (59K tons), Romania (48K tons), the UK (44K tons), Malaysia (40K tons) and Belgium (35K tons) represented roughly 78% of total exports in 2022. Japan (34K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Malaysia (with a CAGR of +11.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest unvulcanised rubber supplying countries worldwide were Germany ($611M), the United States ($544M) and Canada ($403M), with a combined 38% share of global exports. Italy, Thailand, France, Spain, Poland, Japan, the UK, Romania, Belgium and Malaysia lagged somewhat behind, together comprising a further 43%.

Italy, with a CAGR of +4.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average unvulcanised rubber export price stood at $3,195 per ton in 2022, with an increase of 7.6% against the previous year. Over the period under review, the export price, however, continues to indicate a mild decrease. Over the period under review, the average export prices hit record highs at $3,643 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($4,218 per ton), while Malaysia ($2,092 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+0.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform