Asia-Pacific Synthetic Rubber Market Inches Forward Amid Flat Consumption
The Asia-Pacific region’s market for synthetic rubber (excluding latex) is moving forward slowly but steadily. According to a recent report by IndexBox, the market was valued at around US $24.5 billion in 2024 and is forecast to grow to about US $31.7 billion by 2035, representing a compound annual growth rate (CAGR) of about +2.4 % in value and +1.3 % in volume.
Despite this, consumption has been under pressure. Volume consumption in 2024 was approximately 12 million tons, after a five-year decline since its 2019 peak. Major consumers include China (about 48 % of regional volume at roughly 5.6 million tons), India (about 2.1 million tons), and Japan (about 1 million tons).
On the supply side, production in 2024 remained in the vicinity of 12 million tons. Key producing nations for the region are China (roughly 1.9 million tons), India (≈1.5 million), and Japan (≈1.5 million). IndexBox+1 In terms of trade, the Asia-Pacific is a net exporter of synthetic rubber. Export volumes hit about 7.0 million tons in 2024, with countries like Thailand (≈1.6 million tons), Vietnam (≈1.4 million), and South Korea (≈1.2 million) among the top senders. Meanwhile, import volume in 2024 fell slightly (-4.3 %) to about 7.0 million tons. China dominated imports, accounting for approximately 4.7 million tons or some two-thirds of the regional total.
Price trends show some rebound: the import price in the region reached roughly US $2,002 per ton in 2024, up about 12 % over the previous year, though still well below peaks seen earlier in the decade.
From a tyre-industry perspective, the key takeaway is that although demand for synthetic rubber is not growing rapidly, value growth remains modest, and supply-chain dynamics (especially trade flows) remain important in the Asia-Pacific. Manufacturers and suppliers in the tyre sector should monitor shifts in production location, import/export pricing, and country-level consumption patterns.
Tyre Times’ View
For the tyre industry, the trends in synthetic rubber (excluding latex) are instructive. With volume growth flat to sluggish in Asia-Pacific but value showing a modest increase, tyre makers may face a scenario of stable or slowly rising raw-material costs rather than dramatic declines. The region’s reliance on imports, especially China’s dominance, also means supply-chain risks (trade policy, freight, currency) could more readily impact availability or cost.
In addition, the fact that a sizeable portion of production is located outside tyre-manufacturing powerhouses suggests logistics and regional integration matter. For Indian tyre manufacturers and suppliers, keeping an eye on the Asia-Pacific synthetic rubber trade and pricing is smart strategic planning rather than reactive sourcing decisions.
