Between 2013 and 2023, the import value of synthetic rubber to Saudi Arabia exhibited fluctuations. After a high in 2013, the subsequent years saw declines until 2015 when it increased again. Significant declines in 2017 and 2018 were followed by an increase and a slight drop in 2019. The year 2020 saw another notable decrease, but the value then rose steadily through 2021 to 2023, where it stood at approximately $52.769 million.
From 2022 to 2023, the year-on-year growth was minimal at 0.76%. In contrast, the compound annual growth rate (CAGR) from 2018 to 2023 stands at about 1.49%, indicating modest growth.
Looking forward to 2028, the forecasted CAGR is projected to be around 0.63%, with a total growth rate of 3.17% over the five years from 2024 as the base year.
Future trends to watch for include:
- Economic policies impacting import rates
- Global demand and production shifts in synthetic rubber
- Technological advancements in synthetic rubber manufacturing
- Changes in environmental regulations that might affect the market
