Singapore - Global rubber demand is set to increase 1.8 percent to 29.1 million tonnes in 2015 and 4.1 percent in 2016 to reach 30.3 million tonnes, according to the International Rubber Study Group (IRSG).
The forecasts appear in the latest edition of the IRSG's biannual World Rubber Industry Outlook (WRIO), which notes that growth will be below the long-term growth rate of 3.7 percent under the IMF Scenario.
World NR demand is forecast to increase by 3.1 percent in 2015 under the IMF Scenario and by 4.4 percent in 2016. The world total NR consumption is expected to be 12.3 million tonnes in 2015, 12.9 million tonnes in 2016 and increasing to 16.5 million tonnes in 2023.
World SR demand is expected to increase to 16.8 million tonnes in 2015 and rise to 17.5 million tonnes in 2016 under the IMF Scenario. In 2023, the demand for SR will by 21.5 million tonnes.
"The outlook for NR supply is positive, with sufficient to meet the demand of the industry for all forecast years under all three scenarios," the IRSG said in a release to launch the December 2014 edition of the WRIO.