Kuala Lumpur – The Association of Natural Rubber Producing Countries (ANRPC) has revised up the outlook for the global natural rubber (NR) demand due to ‘better-than-expected' post-pandemic recovery by several countries.
Demand is set to grow by 9.3% year-on-year to 14.166 million tonnes in 2021, up from an earlier estimate of 13,680 million tonnes in May, ANPRC reported 20 Sept.
In particular, consumption is expected to increase in China, India, Thailand and Vietnam which anticipate higher demand amid increased manufacturing activities.
The association also marginally revised up the annual outlook for NR production to 13.860 million tonnes, up from 13.782 million reported previously. The new estimate represents a 2.0% growth compared to the 13.594 million tonnes recorded in 2020.
According to ANRPC, production activities are “gradually recovering” as Covid-19 cases are easing in some major NR producing countries such as Thailand, Indonesia, Malaysia and more.