In its latest semi-annual World Rubber Industry Outlook report, the International Rubber Study Group (IRSG) expects world rubber demand to grow at a CAGR of 2.4% from 2023-2031.
The report points out that following a sharp contraction in world rubber consumption going down in 2020, driven by markets in emerging economies such as China and India, total world rubber consumption in 2021 reached 29.88 million tons, up 11% year-on-year, exceeding the pre-epidemic level. in 2022, total natural rubber and synthetic rubber consumption is expected to grow by 1.8% due to the global economic downturn and other factors. in 2023, world The growth rate of total rubber consumption 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%.
Natural rubber demand is expected to grow at 2.8% in 2023
World natural rubber demand recovers by 10.9% year-on-year to reach 14.07 million tons in 2021 due to the rapid recovery in the commercial replacement tire sector in developed countries and emerging economies. In 2022, world natural rubber demand is expected to decrease by 1.9% year-on-year due to lower demand in China, with an expected growth rate of 2.8% in 2023.
Synthetic rubber demand is expected to grow at a rate of 2.8% in 2023
World synthetic rubber demand reaches 15.81 million tons in 2021, up 11.1% y-o-y. World synthetic rubber demand is expected to grow at a rate of 1.7% in 2022 and 2.8% in 2023, in line with the trend of natural rubber demand.