The synthetic rubber market in Spain has shown varying trends over the past decade. From 2013 to 2017, the production exhibited an overall upward trend, peaking in 2017 with a slight decrease in 2018. From 2019 to 2021, production fluctuated with a modest increase in 2021. The values for 2022 and 2023 showed minor decreases compared to the previous years. In 2023, production stood at 105.36 million kilograms. Over the past five years, the Compound Annual Growth Rate (CAGR) shows a small growth of 0.41%, indicating a relatively stable market.
Key year-on-year variations:
- 2022 to 2023: -0.44%
- 2021 to 2022: -2.98%
Future trends to watch for:
Forecasts show a slight decline in production with a projected 5-year CAGR of -0.35%. This indicates a period of market stabilization or potential slight contraction, which could be influenced by global economic conditions, technological advancements, and shifts in demand for synthetic rubber.
