KUALA LUMPUR, Malaysia — World demand for rubber is expected to grow 2.6% in 2020 after falling an estimated 1.5% last year from 2018, new figures from the International Rubber Study Group (IRSG) show.
The rebound will be driven by predominantly by growth of 4.3% in the non-tire sector, according to the latest edition of the IRSG's World Rubber Industry Outlook, which sees tire sector demand rising 1.5% this year.
Demand fell in 2019 to 28.7 million metric tons, the IRSG said, but should rally this year to 29.5 million tons and 30.3 million tons in 2021.
According to the report, world demand for natural rubber (NR) in 2019 is expected to come up about 0.1% shy of 2018, or roughly 13.8 million tons, before recovering by 1.9% in 2020.
Global synthetic rubber (SR) demand in 2019 is expected to decline by 2.8% from 2018 to just shy of 15 million tons, but should rebound in 2020 by 3.4%.