The synthetic rubber market in China is expected to experience steady growth over the next decade, fueled by rising demand. Market performance is forecast to expand with a CAGR of +0.5% in volume and +1.6% in value from 2024 to 2035, reaching 7.6M tons and $16.2B respectively by the end of 2035.
Synthetic rubber consumption in China shrank to 7.2M tons in 2024, waning by -9.6% against the previous year's figure. The total consumption volume increased at an average annual rate of +2.1% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years.
Synthetic rubber consumption peaked at 8.1M tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure. The value of the synthetic rubber market in China declined to $13.7B in 2024, leveling off at 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).
Overall, consumption continues to indicate a mild reduction. As a result, consumption reached the peak level of $15.7B. From 2017 to 2024, the growth of the market failed to regain momentum. Production China's Production of Synthetic Rubber In 2024, approx. 3.5M tons of synthetic rubber were produced in China; with a decrease of -3.8% against the previous year.
Overall, production saw a perceptible decline. The pace of growth appeared the most rapid in 2021 when the production volume increased by 34% against the previous year. Over the period under review, production hit record highs at 4.6M tons in 2016; however, from 2017 to 2024, production failed to regain momentum. In value terms, synthetic rubber production contracted modestly to $8.2B in 2024 estimated in export price.
Over the period under review, production showed a noticeable descent. The pace of growth appeared the most rapid in 2021 with an increase of 52%. Synthetic rubber production peaked at $11.2B in 2013; however, from 2014 to 2024, production failed to regain momentum.