The import of synthetic rubber to Thailand has seen significant fluctuations over the past decade, peaking and dipping as per global market conditions and domestic demands. From a value of $1.1484 billion in 2013, it dropped to $0.89311 billion in 2016, reflecting a phase of declining imports. However, from 2017 onwards, there has been a steady increase, reaching $1.382 billion in 2023. This indicates a resurgence and growing demand for synthetic rubber in the country. Notably, the year-on-year growth rate in 2023 was 2.78% with a CAGR of 2.84% over the last five years.
Future projections from 2024 to 2028 anticipate continued growth, with imports forecasted to rise to $1.5735 billion by 2028. The forecasted 5-year CAGR stands at 2.1%, showing a stable annual growth trajectory, with an estimated overall growth rate of 10.93%.
Future Trends to Watch:
- Efforts by industries to shift towards more sustainable and eco-friendly materials, impacting synthetic rubber demand.
- Potential influence of geopolitical factors and trade agreements on import dynamics.
- Technological advancements within industries relying heavily on synthetic rubber, potentially altering demand patterns.
