Metallurgy / Chemicals / Rubber & Plastics

International trade is developing steadily! The International Rubber Research Group (IRSG) estimated in the "World Rubber Industry Outlook" report that the compound annual growth rate of world rubber demand from 2023 to 2031 will be 2.4%.

The report pointed out that following the decline in world rubber consumption in 2020, driven by emerging economies such as China and India, the total world rubber consumption in 2021 will reach 29.88 million tons, an increase of 11% year-on-year, exceeding the pre-epidemic level. In 2022, affected by factors such as the global economic slump, the total consumption of natural rubber and synthetic rubber is expected to increase by 1.8%. The growth rate of total world rubber consumption in 2023 is expected to be 2.8%, and the compound annual growth rate of total world rubber consumption from 2023 to 2031 is expected to be 2.4%. International trade is developing steadily!

International trade is developing steadily! In terms of natural rubber, due to the rapid recovery in the field of commercial replacement tires in developed countries and emerging economies, the world's natural rubber demand in 2021 will recover by 10.9% year-on-year, reaching 14.07 million tons. It is estimated that in 2022, affected by the decrease in Chinese market demand, the world demand for natural rubber will decrease by 1.9% year-on-year, and the growth rate is expected to be 2.8% in 2023.

International trade is developing steadily! In terms of synthetic rubber, the world demand for synthetic rubber in 2021 will reach 15.81 million tons, a year-on-year increase of 11.1%. The global demand for synthetic rubber is expected to grow by 1.7% in 2022 and 2.8% in 2023, which is in line with the trend of natural rubber demand.

International trade is developing steadily! According to IRSG data, world natural rubber production in 2021 will reach 13.77 million tons, a year-on-year increase of 5.4%, slightly lower than the peak output in 2018. In 2022, the world's natural rubber production is expected to reach 14.36 million tons, with an expected growth rate of 4.3%. The natural rubber production in the countries along the Mekong River (China, Malaysia, Thailand, Laos, Cambodia, Vietnam) has increased, and Côte d'Ivoire has become the fourth largest country in the world in natural rubber production. It is expected that the growth rate of world natural rubber consumption will reach 2.9% in 2023. From the perspective of medium and long-term development, the natural rubber planting rate is low and the demand continues to grow, and the global natural rubber market will tighten.