The global production of natural rubber (NR) is estimated to expand by 3.9%, year-on-year, to 1.283 million tons; while the global demand is expected to grow faster at 8%, year-on-year, to 1.266 million tons during July 2022. During the same reference period, the prices in NR market have edged lower as compared to June 2022 amid a gloomy global economic outlook, as released by International Monetary Fund (IMF) at 3.2% for 2022, lower than 0.4% point in corresponding to its earlier forecast in April 2022.
Exports value of rubber processed products in 2020 amounted to about USD3.11 billion, or 39.6% of the total value. The export value of rubber wood was USD2.36 billion, accounting for 30.1%. China has become the largest market for Vietnam's rubber exports, accounting for more than half of the country's rubber exports. In 2021, Vietnam's rubber exports value had reached USD3.43 billion.
According to Fortune Business Insights, the global rubber market size is expected to reach USD 51.21 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The heavy demand from the automotive industry owing to its insulation property and will propel the growth of the market. In a report, titled “Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 40.77 billion in 2019.
According to the latest report by IMARC Group, titled "Global , Size, Industry Trends, Growth, Opportunity and Forecast 2022-2027", the global rubber gloves market reached a value of US$ 13.22 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 25.72 Billion by 2027, exhibiting a CAGR of 11.20% during 2022-2027.
Thailand's economy expanded at the fastest pace in a year in the second quarter as eased COVID-19 restrictions boosted activity and tourism, reinforcing views that more rate hikes will be needed to curb inflationary pressures.
Thailand is aiming for 2.2 trillion baht ($61.97 billion) of investment in the country's industrial east over the next five years, a government official said on Monday, as the country attempts to boost long-term economic growth.