IRSG: World rubber demand is expected to rebound by 7.4% in 2021
2024-06-19
The International Rubber Research Group (IRSG) said in its July edition of the World Rubber Industry Outlook (WRIO) that with the strong recovery of the global economy, total rubber demand is expected to grow by 7.4% year-on-year (hereinafter the same) in 2021, and the growth rate will slow to 4.7% in 2022.
At the same time, IRSG expects world tire demand to rebound from a decline of 7.3% in 2020 to an increase of 7.2% in 2021.
Thanks to the continued surge in demand in the medical industry and mobile supply chain, the non-tire industry is expected to grow by 7.6%.
IRSG also expects global natural rubber (NR) demand to rebound by 7.1% this year, recovering from a decline of 6.8% in 2020 to 12.71 million tons; world synthetic rubber (SR) demand will rebound by 7.6%, recovering from a decline of 5.3% in 2020 to 14.36 million tons, thanks to strong growth in emerging markets in the United States, Europe and Asia.
In addition, IRSG said that lower total planting rates will have an impact on medium- and long-term supply. Total natural rubber production is expected to rebound 6.5% to 13.86 million tons this year, exceeding the pre-pandemic level in 2019, and the growth of natural rubber production will slow to 3.5% in 2022.
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